Syria is rebooting its shattered economy with a controversial gambit. It recently completed an $800 million deal with the UAE company DP World to redevelop the Tartous port. The agreement was signed in Damascus by DP World’s Chairman and Syria’s General Authority for Land and Sea Ports’ Chairman of Board of Directors. This pact represents a historic linchpin for Syria as it progresses toward ushering in a new logistics infrastructure. This deal comes amidst a backdrop of rapidly changing global dynamics. Beyond establishing and celebrating relations between nations, it underscores the need to urgently rebuild Syria’s shattered economy, ravaged by more than 10 years of civil war.
The Tartous port, even before the war, was critical to Syria’s commerce and exports. It’s a critical regional hub, carrying freight and transit. Meanwhile the country is isolated by punishing Western sanctions that make alternate routes to reconstruction nearly impossible. This new partnership with DP World represents a significant opportunity to spur growth and development. Syrian President Ahmed al-Sharaa, a longtime ally of Syrian President Bashar al-Assad, personally witnessed the signing. On the ground, his administration has been vigorously courting foreign companies.
Economic Resurgence and International Partnerships
Syria has numerous economic assets that can be utilized to benefit the country’s economic recovery. The recent agreement with DP World is a major component of a larger strategy to reconnect with growing global markets. The country has recently signed a headline-grabbing $7 billion energy agreement with a consortium of Qatari, Turkish and U.S. companies. On top of that, it has signed a 30-year lease with French shipping giant CMA CGM to operate Latakia port.
Sultan Ahmed bin Sulayem, CEO of DP World, put great faith in the transformative potential of Syria’s nascent economic landscape.
“Syria possesses valuable assets and Tartous is an essential hub for trade and exports. We aim to transform it into one of the world’s leading ports.” – Sultan Ahmed bin Sulayem
The redevelopment of Tartous is expected to bolster trade activities and create new job opportunities in a country that desperately needs economic revitalization.
Changes in International Relations
Recent shifts between powers within the realm of international relations have opened up possibilities for Syria’s economic return. Most recently, the United States reversed course by removing Hayat Tahrir al-Sham’s designation as a “foreign terrorist organization.” Beyond the proclamations, this move marks a profound and lasting change to U.S. policy toward the region. U.S. President Donald Trump, upon exiting office, issued an Executive Order lifting multiple longstanding sanctions on Syria. These sanctions had for years precluded the country’s full recovery efforts.
This easing of these humanitarian sanctions is important considering Syria’s leadership attempts to juggle multiple parties’ interests while heading the rebuild in a post-war country. The new administration has expressed interest in using those same international partnerships to help reinvigorate our economy and bring stability.
Vision for the Future
Qutaiba Badawi, head of Syria’s port authority, said he was ‘very optimistic’ about the future and of maritime development in Syria.
“We are laying the groundwork for a new era of maritime development, positioning Syria again on the international economic stage.” – Qutaiba Badawi
Syrian leaders have a developed and articulated vision. Through foreign investment and know-how, these countries hope to leapfrog the world in the quality of their infrastructure and logistics capabilities. The Tartous port’s redevelopment will be central to this grand plan’s implementation. Most importantly, it will financially enhance Syria’s role in regional trade patterns.
