Syria inks $800M port deal with UAE-based company

Following the toppling of longtime Syrian ruler Bashar al-Assad in December, the new Islamist authorities have worked to reconnect the country to global companies and kickstart reconstruction after 14 years of civil war.

"In the presence of President Ahmed Al-Sharaa, an agreement was signed between the General Authority for Land and Sea Ports and DP World, valued at $800 million, as a strategic step aimed at enhancing port infrastructure and logistics services in Syria," state-run news agency SANA said.

Following the signing of the deal, DP World CEO Sultan Bin Sulayem said Syria's economy had "significant assets, including the Port of Tartus, which represents an opportunity to transport and export many Syrian industries".

In a statement also shared by state media, he pledged to make Tartus "one of the best ports in the world".

DP World operates dozens of marine and inland ports and terminals globally, particularly in Asia, Africa and Europe

The Syrian civil war devastated the country's infrastructure, and the new authorities hope to use the lifting of Western sanctions to attract investments and fuel reconstruction efforts.

Qutaiba Badawi, head of the General Authority for Land and Sea Ports, said the parties were "not merely signing a technical agreement, but we are laying the foundation for a new phase of field and maritime work in Syria, repositioning ourselves on the regional and international economic map".

In May, Damascus signed a 30-year contract with French shipping giant CMA CGM to develop and run the port of Latakia.

That same month, Syria signed a $7 billion energy deal with a consortium of Qatari, Turkish and US companies as part of efforts to revive its crippled power sector, reports BSS.