The Syrian government has entered into a memorandum of understanding with DP World to develop the port of Tartous, with the deal valued at $800 million. This agreement was reported by the Syrian state news agency SANA and follows the recent lifting of U.S. sanctions, which had previously hindered such developments.

The agreement encompasses the development, management, and operation of a multi-purpose terminal at Tartous. Additionally, it includes plans for cooperation in the establishment of industrial and free trade zones. DP World is a subsidiary of Dubai World, an investment company based in the United Arab Emirates.

Syria is actively seeking to attract foreign investments to rejuvenate its struggling economy. The timing of the agreement coincides with U.S. President Donald Trump’s announcement about plans to lift sanctions on Syria during his visit to Riyadh. Trump stated that the decision was made following discussions with Saudi Crown Prince Mohammed bin Salman and Turkish President Tayyip Erdogan, both of whom advocated for the lifting of these sanctions.

Prior to the Gulf Cooperation Council (GCC) summit in Riyadh, Trump had also met with Syrian President Ahmed Al-Sharaa. U.S. Secretary of State Marco Rubio indicated that Trump plans to issue waivers under the “Caesar Syria Civilian Protection Act,” which imposed strict sanctions on the previous Assad administration and on external entities that engaged with it.

The removal of U.S. sanctions is anticipated to facilitate greater engagement from humanitarian organizations operating in Syria. This change is expected to enhance foreign investments and trade, aiding in the reconstruction of the country.