DP World seals agreement for $800m Syrian port development
DP World plans to develop, manage and operate a new multipurpose facility at Syria’s second-largest port Tartus
UAE port and logistics giant follows CMA CGM in announcing intentions to invest in the Middle East country, after signing deal with newly installed Syrian government
DUBAI-based port operator DP World has signed a memorandum of understanding with the new Syrian government for an $800m investment at the port of Tartus.
According to Syrian state news agency SANA, the MOU includes investment in the development, management and operation of a multipurpose terminal in Tartus, as the government looks to strengthen port infrastructure and logistics services after years of conflict.
The agreement follows the lifting of US sanctions against the country earlier this week, and president Trump’s meeting with Syrian president Ahmed al-Sharaa in Saudi Arabia shortly after.
SANA said that under the MOU DP World and Syria’s General Authority for Land and Sea Ports will contribute to raising the port’s efficiency, increasing operational capacity and enhancing its role as a regional hub for international trade. In addition, the pair will co-operate to establish industrial zones and free zones, in addition to dry ports and freight transit stations within Syria.
A spokesperson for DP World said the group looks “forward to bringing this MOU to execution and we will work hard with colleagues in the government of Syria to explore all potential opportunities to provide end-to-end solutions in the country”.
“DP World is committed to responsible investment to make trade flow around the world and wherever we operate. Our work aligns with the evolving regulatory framework in light of recent positive developments and signals of renewed international engagement with Syria.”
News that DP World is planning significant investment at the port of Tartus follows news from earlier this month that CMA CGM had signed a new 30-year agreement with the new Syrian government to manage and expand the container terminal at the port of Latakia, which the Marseille-headquartered company has managed since 2009. Tartus is Syria’s second-largest port city after Latakia, which is around 100 km north.
On Wednesday, DP World also confirmed a further $760m pledge of investment under another MOU with the government of the Dominican Republic in the port of Caucedo, where it has maintained a presence since 2003. DP World plans to enhance the Caribbean container port’s box capacity from 2.5m teu to 3.1m teu and develop its free trade zone.
