Syria, UAE's DP World Seal USD800M Agreement
(MENAFN) Syria’s General Authority for Land and Sea Ports (GALSP) has entered into a major agreement valued at $800 million with DP World, a leading global port operator based in the United Arab Emirates, according to a Syrian state news outlet on Sunday.
This strategic partnership aims to upgrade Syria’s port infrastructure and enhance logistics services, centering on the expansion of a multi-purpose terminal at the Mediterranean port of Tartous. The collaboration also includes plans to develop industrial zones and free trade areas, boosting Syria’s commercial capabilities.
GALSP chief Qutaiba Badawi emphasized the significance of the deal, stating it ushers in a new phase in Syrian maritime and logistics development and is projected to facilitate Syria’s reintegration into both regional and global economic systems.
DP World’s Chairman and CEO, Sultan Ahmed bin Sulayem, underscored the significant untapped potential within Syria’s economy, noting that the Tartous port presents key opportunities for the movement and export of a wide range of Syrian goods.
The deal follows a memorandum of understanding signed by both parties in May, reflecting an accelerating pace in their collaborative efforts.
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