By: AGBI

Dubai’s DP World and the Syrian government have signed a memorandum of understanding worth $800 million to develop Syria’s port of Tartous, Syrian state news agency Sana said on Friday, after the lifting of US sanctions cleared the way for the deal.

The deal is to develop, manage and operate a multi-purpose terminal at Tartous and includes cooperation in establishing industrial and free trade zones.

Syria is seeking to attract foreign investments to boost its struggling economy, and the deal was signed in the same week that US President Donald Trump announced plans to lift of sanctions on Syria during a visit to Riyadh.

Trump said he made the decision after discussions with Saudi Crown Prince Mohammed bin Salman and Turkish President Tayyip Erdogan, whose governments have both strongly urged it.

Trump also met with Syrian President Ahmed Al-Sharaa ahead of the GCC summit in Riyadh on Wednesday.

US secretary of state Marco Rubio said on Thursday that Trump intends to issue waivers under the “Caesar Syria Civilian Protection Act”, through which Washington imposed stiff sanctions on former President Bashar Al-Assad’s government and secondary sanctions on outside companies or governments that worked with it.

Removing US sanctions that cut Syria off from the global financial system will also clear the way for greater engagement by humanitarian organisations working in Syria, easing foreign investment and trade as the country rebuilds.