The Syrian government and DP World signed a memorandum of understanding (MoU) worth $800 million to develop Syria’s port of Tartous, Syrian state news agency SANA said, after the lifting of US sanctions cleared the way for the deal, Reuters reports.

The deal to develop, manage and operate a multi-purpose terminal at Tartous includes cooperation in establishing industrial and free trade zones. DP World is a subsidiary of United Arab Emirates investment company Dubai World.

Syria is seeking to attract foreign investments to boost its struggling economy, and the deal was signed in the same week that US President Donald Trump announced plans to lift sanctions off Syria during a visit to Riyadh.

Trump said he made the decision after discussions with Saudi Crown Prince Mohammed Bin Salman and Turkish President Tayyip Erdogan, whose governments have both strongly urged the lifting of sanctions.

Trump also met with Syrian President Ahmed Al-Sharaa ahead of the GCC summit in Riyadh on Wednesday.

US Secretary of State Marco Rubio said yesterday that Trump intends to issue waivers under the “Caesar Syria Civilian Protection Act“, through which Washington imposed stiff sanctions on former President Bashar Al-Assad’s government and secondary sanctions on outside companies or governments that worked with it.

Removing US sanctions that cut Syria off from the global financial system will also clear the way for greater engagement by humanitarian organisations working in Syria, easing foreign investment and trade as the country rebuilds.

Source: Reuters