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Syria signs an agreement worth $800 Million with DP World for port infrastructure

SANA, the Syrian state news agency, reported that Syria's General Authority for Land and Sea Ports signed a $800-million agreement on Sunday with UAE's DP World in order to improve port infrastructure and logistical support for Syria.

The agreement is a follow-up to a Memorandum of Understanding signed by the two parties in May.

The agreement with DP World (a subsidiary of United Arab Emirates' investment company Dubai World) focuses on the development of a multipurpose terminal in Tartous, on Syria’s Mediterranean coast, and on cooperation for setting up industrial zones and free trade areas.

At the signing ceremony, Syrian President Ahmed al-Sharaa was present.

Last month, U.S. president Donald Trump signed an Executive Order terminating the U.S. Sanctions Programme on Syria. This executive order paved the way to end the country's financial isolation and allow it to rebuild its economy, which was ravaged by the civil conflict.

As the country begins to rebuild, the removal of U.S. Sanctions will allow humanitarian organizations in Syria to engage more actively. This will ease foreign investment and trade.

(source: Reuters)