Dubai-headquartered logistics giant DP World has agreed to invest US$800mn in developing Syria’s Port of Tartus, which officials hope will help rebuild the country’s strategic trade infrastructure.
DP World announced on July 13 it had signed a 30-year concession agreement with Syria’s General Authority for Land and Sea Ports. Under the agreement, the company will develop, operate and own the port, upgrade its infrastructure, introduce advanced equipment and digitise systems.
A decade of conflict and underinvestment in trade infrastructure means redeveloping Tartus “marks an important step in Syria’s economic reintegration”, DP World says.
“We see strong potential in Tartus to serve as a vital trade gateway and look forward to strengthening regional connectivity and economic opportunity through this investment,” says chairman and group chief executive Sultan Ahmed bin Sulayem.
“We believe in the power of trade to help drive long-term stability and prosperity for Syria and the region.”
Qutaiba Ahmed Badawi, chairman of the Syrian ports authority, says the partnership “will allow us to modernise and strengthen the efficiency of our trade infrastructure as we continue to rebuild key trade lanes, support the national economy and provide more opportunities for the Syrian people”.
“The agreement reflects our shared vision to transform Tartus into a strategic gateway linking Syria with regional and international markets and it will pave the way for sustainable growth for years to come,” he says.
Tartus is Syria’s second-largest port, and its location on the Mediterranean coast complements routes through the Bosphorus and Suez Canal, DP World says. As a result, it can serve as a “critical regional trade hub” connecting Southern Europe, the Middle East and North Africa.
However, during Bashar al-Assad’s rule, the port was used as a foreign base for Russia’s navy, with Russia signing a 49-year lease agreement with Syria’s then-leader in 2019. That agreement was terminated when his regime fell in December last year.
The country is also no longer subject to US sanctions, following an executive order signed by President Donald Trump in June, although targeted measures against Assad and certain associates remain in place.
DP World says that once complete, the redevelopment will allow Tartus to handle containerised and bulk cargo, as well as roll-on/roll-off traffic, expanding Syria’s trade potential and facilitating its rebuild.
The company will also explore the possibility of developing free zones, logistics hubs and transit corridors, in order to support “broader economic diversification and trade facilitation efforts”, it adds.
