Syria Signs $800M Tartous Port Deal With Dubai-Based Company

Via The Cradle

Syria has signed an $800-million agreement with Dubai-based DP World to redevelop the Tartous Port, state media reported on Sunday. The deal was signed in Damascus in the presence of self-appointed Syrian interim President Ahmad al-Sharaa.

The agreement grants DP World a 30-year term to operate and upgrade Tartous, one of Syria’s most strategic coastal hubs. Syrian officials say the deal is part of a wider push to modernize the country’s logistics infrastructure.

“This strategic move will bolster our port operations and logistics services,” an unnamed Syrian official told SANA. Qutaiba Badawi, chairman of the General Authority for Land and Sea Ports, called the deal “a new phase of field and maritime work in Syria.”

DP World chairman Sultan Ahmed bin Sulayem said the agreement would position Tartous as a global transport node.  “Syria possesses valuable assets,” he said, adding, “The port of Tartous will be one of the best in the world, particularly in transport and cargo handling services.”

According to Badawi, the contract was the result of months of negotiations and was structured to be “tight, fair and transparent.”

The agreement includes infrastructure and technological upgrades to expand Tartous’s cargo capacity and support the recovery of Syria’s industrial and commercial sectors.

The Tartous contract follows a series of high-value agreements signed in recent months, including a 30-year deal with France’s CMA CGM to operate Latakia Port and a $7-billion energy contract with Qatari, Turkish, and US firms to restore the power grid.

The US lifted most of its sanctions on Syria last month, citing what it called “positive actions” by Sharaa’s administration.

US President Donald Trump has revoked the Foreign Terrorist Organization designation for the Nusra Front, later known as Hayat Tahrir al-Sham (HTS), according to a State Department memo filed on 7 July.

In December 2024, HTS – under the leadership of Ahmad al-Sharaa (who went by the name Abu Mohammad al-Julani when he was still an ISIS chief) – successfully ousted former Syrian president Bashar al-Assad and took power in Damascus. 

On June 7, Syria was reinstated to the SWIFT banking system, as Damascus began implementing financial reforms under Central Bank Governor Abdul Qader al-Husriya.

The Tartous Port deal comes seven months after HTS declared the ousting of the Assad government following its capture of Damascus and the flight of former president Bashar al-Assad.