DP World has signed a 30-year concession settlement with Syria’s Normal Authority for Land and Sea Ports to develop and function the Port of Tartus.
As a part of the settlement, DP World will make investments $800 million over the period of the concession to improve the port’s infrastructure and place it as a important regional commerce hub connecting Southern Europe, the Center East and North Africa.
The settlement was signed in Damascus within the presence of His Excellency Ahmed Al-Sharaa, President of the Syrian Arab Republic, by Sultan Ahmed bin Sulayem, Chairman and Group CEO of DP World, and Qutaiba Ahmed Badawi, Chairman of Normal Authority for Land and Sea Ports.
Following over a decade of battle and long-standing underinvestment in commerce infrastructure, the redevelopment of Tartus marks an essential step in Syria’s financial reintegration. Structured as a Construct-Function-Switch (BOT) mannequin and absolutely owned by DP World, the undertaking will embody new infrastructure, superior cargo-handling gear, and digital programs to enhance effectivity throughout the port’s container and normal cargo terminals.
Sultan Ahmed bin Sulayem, Chairman and Group CEO of DP World, stated: “This settlement displays our long-term dedication to enabling world commerce and creating resilient provide chains. We see sturdy potential in Tartus to function an important commerce gateway and sit up for strengthening regional connectivity and financial alternative by this funding. We imagine within the energy of commerce to assist drive long-term stability and prosperity for Syria and the area.”
Qutaiba Ahmed Badawi, Chairman of Syria’s Normal Authority for Land and Sea Ports, stated: “This settlement marks an essential step ahead for the Port of Tartus and Syria’s maritime sector. Partnering with DP World will enable us to modernise and strengthen the effectivity of our commerce infrastructure as we proceed to rebuild key commerce lanes, assist the nationwide economic system and supply extra alternatives for the Syrian folks. The settlement displays our shared imaginative and prescient to remodel Tartus right into a strategic gateway linking Syria with regional and worldwide markets and it’ll pave the way in which for sustainable progress for years to come back.”
Positioned on Syria’s Mediterranean coast, Tartus is the nation’s second-largest port and a key maritime gateway to commerce routes throughout Europe, the Levant and North Africa. Its strategic place enhances regional connectivity, complementing current routes by the Bosporus and Suez. The redevelopment will allow Tartus to deal with normal cargo, containers, breakbulk, and roll-on/roll-off site visitors, increasing Syria’s commerce potential because the nation continues to rebuild.
DP World may also discover alternatives to develop free zones, inland logistics hubs, and transit corridors in partnership with native stakeholders, supporting broader financial diversification and commerce facilitation efforts.
With a presence in over 75 international locations and 9.2% of worldwide container site visitors flowing by its ports and terminals, DP World brings over 4 a long time of expertise in creating logistics infrastructure world wide. The Tartus undertaking provides to its rising portfolio and enhances current operations within the Center East.
Comply with Emirates 24|7 on Google News.