UAE moves on Syria’s logistics sector: State-owned logistics giant DP World inked a USD 800 mn MoU to develop and operate a multi-purpose terminal at Tartus Port, according to a statement released on Friday. The agreement will also see DP World set up industrial and freezones, as well as dry ports and freight transit stations, in strategic areas across Syria under the agreement.

IN CONTEXT- The move comes only a couple of days after US President Donald Trump pledged to lift long-standing sanctions in place against Syria during his first leg of his regional tour in Riyadh. If the US follows through, the move is expected to finally bring in much-needed investments to the country, and help restore its infrastructure and revive its economy.

The agreement is the biggest investment agreement yet for the new Syrian government, after it signed a USD 260 mn new berth agreement for Latakia port with French shipping giant CMA CGM earlier this month.

More temporary sanctions relief on the way: Washington is set to relieve sanctions on Syria by issuing 180-day waivers for the "Caesar Syria Civilian Protection Act” — a restriction applied on Syria’s ousted government and any states or companies affiliated with it, Reuters reported last week, citing US Secretary of State Marco Rubio. “[W]e'd like to see the [the Caesar Act] repealed, because you're going to struggle to find people to invest in a country when in six months sanctions could come back," Rubio said (watch, runtime: 4:44). “We want to start with the initial waiver which will allow foreign partners who want to flow in aid to do so,” Rubio said.

REMEMBER- UAE officials have been warming up to the new Syrian administration for the past few months, with Vice President Sheikh Mansour bin Zayed Al Nahyan meeting with Syrian Transitional Government Finance Minister Mohammad Yisr Barnieh and Central Bank Governor Abd El Kader Al Husariah in Abu Dhabi only this month to discuss bilateral cooperation, particularly in finance and trade, and President Sheikh Mohamed bin Zayed Al Nahyan meeting with Syrian President Ahmad Al-Sharaa in April to discuss ways to strengthen bilateral relations.

UAE-Syria CEPA in the works? The UAE is open to launching comprehensive economic partnership agreement (CEPA) negotiations with Syria, Foreign Trade Minister Thani Al Zeyoudi told Asharq Business. Al Zeyoudi said there are investment windows in Syria’s manufacturing and energy sectors, noting that sanctions had previously blocked formal economic engagement.

Tags: