Syria signs $800 million agreement with DP World to bolster ports infrastructure

Syria signs $800 million agreement with DP World to bolster ports infrastructure

Syria's General Authority for Land and Sea Ports on Sunday signed a $800 million agreement with UAE's DP World to bolster Syrian ports infrastructure and logistical services, Syrian state news agency SANA reported.

The agreement follows on from a memorandum of understanding signed between the two sides in May.

The deal with DP World, a subsidiary of United Arab Emirates investment company Dubai World, focuses on developing a multi-purpose terminal at Tartous on Syria's Mediterranean coast and cooperation in setting up industrial and free trade zones.

The signing ceremony was attended by Syrian President Ahmed al-Sharaa.

Last month, U.S. President Donald Trump signed an executive order terminating a U.S. sanctions programme on Syria, paving the way for an end to the country's isolation from the international financial system and for the rebuilding of its economy shattered by the civil war.

The removal of U.S. sanctions will also clear the way for greater engagement by humanitarian organisations working in Syria, easing foreign investment and trade as the country rebuilds.

(Reporting by Elwely Elwelly; Writing by Menna Alaa El-Din; Editing by Louise Heavens and Jane Merriman)