Days after US President Donald Trump declared that the US would lift its sanctions on Syria, reports indicate that the Syrian government has inked a $800 million memorandum of understanding (MoU) with DP World to expand Syria's port of Tartous.
According to reports, the agreement is by far the largest Memorandum of Understanding for Syria's transitional administration led by temporary President Ahmed al-Sharaa. Cooperation in creating industrial and free trade zones is part of the agreement to build, run, and maintain a multipurpose terminal at Tartous.
In keeping with their commitment to promoting economic growth and easing commerce and transportation, the two sides also decided to work together to build free zones, industrial zones, dry ports, and freight transit terminals in several key locations around Syria.
DP World is a division of Dubai World, an investment firm based in the United Arab Emirates (UAE).
The deal was reached days after President Donald Trump announced plans to relax sanctions on Syria during a visit to Riyadh.
Syria is looking to attract international investments to improve its struggling economy.
President Bashar al-Assad imposed sanctions on Syria in an attempt to impede his regime, but the sanctions had a disastrous economic impact on Syrian citizens. Assad ruled the nation from 1971 to 2024.
Trump, who recently traveled to Saudi Arabia, Qatar, and the United Arab Emirates, stated that the sanctions had fulfilled a significant purpose and that Syria should now proceed.
A significant change in US policy may be seen in Trump's most recent decision to list sanctions. In 1979, the US imposed financial restrictions, including a ban on foreign aid, and a weapons embargo on Syria after declaring it a state supporter of terrorism.
By separating itself from recognised 'terrorist' organisations, the new Sharaa-led Syrian government has been positioning itself as a moderate force that the international community may find acceptable.
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The Sharaa regime has also pledged to defend minority rights and work with other nations on "counterterrorism" initiatives. This becomes important in the context of sectarian conflict between minority groups and pro-government forces following the overthrow of Al-Assad in Syria.