Logistic behemoth DP World signs $800 million deal to develop Tartus port in Syria

The General Directorate of Land and Maritime Ports of Syria has signed a memorandum of understanding with Dubai-based logistics giant DP World for an $800 million investment to develop and operate a key terminal at the port of Tartus.

The agreement, described as a comprehensive investment memorandum, covers the development, management, and operation of a multipurpose terminal in Tartus, a report by Syria.tv says.

According to the Syrian authorities, the project aims to significantly improve the port’s efficiency, expand its operational capabilities, and strengthen its strategic position as a hub for both regional and international trade.

In addition to the Tartus terminal, the two parties agreed to collaborate on the development of industrial and free economic zones, as well as dry ports and transit cargo stations in various strategic locations throughout Syria, signalling a broader infrastructure cooperation between Damascus and the Emirati company.

This major deal follows a separate port agreement signed earlier this month. On May 1, the Syrian General Directorate of Land and Maritime Ports finalised a contract with the French shipping and logistics firm CMA CGM for the development and operation of the port of Latakia. That deal, worth €230 million, will see €30 million invested in the first year and an additional €200 million over the next four years.

The new Syrian government has annulled an earlier contract for Tartus port that was signed with Russia in 2019. According to Syrian sources, the terms of that previous deal were entirely different from the current arrangement with DP World, marking a shift in the country’s approach to foreign investment and port management.

By Tamilla Hasanova