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UAE eyes Syria following lifting of sanctions: State-owned logistics giant DP World will develop and operate a multi-purpose terminal at Tartous Port under a USD 800 mn agreement inked with Syria’s General General Authority for Land and Sea Ports, according to a statement. The company will also set up industrial and freezones, as well as dry ports and freight transit stations, in strategic areas across Syria under the agreement.
The agreement will see DP World work to boost the port’s operational capacity, and 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.
The agreement comes only a couple of days after US President Donald Trump lifted long-standing sanctions in place against Syria during his first leg of his regional tour in Riyadh. The move is expected to finally bring in much-needed investments to the country, and help restore its infrastructure and revive its economy.
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.
More CEPAs ahead? Al Zeyoudi said the UAE is in talks with 17 countries on potential CEPAs, including Morocco, Tunisia, and Egypt. He previously told CNBC Arabia that four to six new agreements are expected to be finalized this year, with ones with Egypt, Ukraine, and the Eurasian Economic Union nearing completion. This comes after the UAE’s CEPA with Jordan — the first with an Arab country — came into effect yesterday.
