Syria and global logistics giant DP World have signed an $800 million agreement to redevelop the port of Tartous.
The memorandum of understanding (MoU), reported by Syria’s state news agency SANA, marks a key step in reviving the country’s economy.
The deal includes plans to develop, operate and manage a multi-purpose terminal, alongside creating industrial and free trade zones.
DP World, a Dubai World subsidiary, will take the lead in transforming Tartous into a strategic maritime hub in the Eastern Mediterranean.
This landmark agreement comes days after U.S. President Donald Trump announced the lifting of sanctions on Syria during his visit to Riyadh.
Trump said the decision followed talks with Saudi Crown Prince Mohammed bin Salman and Turkish President Tayyip Erdogan.
The two regional powers had reportedly urged Washington to ease pressure on Damascus to allow reconstruction efforts to begin.
Trump also met Syrian President Ahmed Al-Sharaa ahead of the GCC summit, underscoring a shift in U.S. policy toward engagement.
U.S. Secretary of State Marco Rubio confirmed the administration would use waivers under the Caesar Act to facilitate investment.
The Caesar Syria Civilian Protection Act had previously imposed sweeping sanctions on Syria and penalised companies doing business there.
Lifting sanctions opens the door to foreign investment, financial transactions and humanitarian operations long stalled by legal barriers.
Syria hopes this deal signals the beginning of broader international cooperation as it looks to recover from over a decade of war.
For the Assad-era economic isolation to fully end, however, much will depend on Syria’s ability to guarantee stability and reforms.
