DP World inks USD 800 mn agreement to develop Syrian port: State-owned logistics giant DP World inked a 30-year concession agreement with Syria's General Authority for Land and Sea Ports (GALSP) to develop and operate Tartous Port in Syria, according to a press release. Under the agreement, the port operator will invest USD 800 mn over the concession’s duration to boost the port’s infrastructure in a bid to facilitate trade across Europe, the Middle East, and North Africa, the statement reads.

The details: The agreement will see DP World develop the port under a build-operate-transfer (BOT) model, with DP World having full ownership, according to the Dubai Media Office. The UAE port operator will also explore the option of setting up industrial zones, freezones, dry ports, and freight transit stations in strategic areas across Syria under the agreement.

Background: The signing formalizes an MoU inked back in May, which had been a major investment milestone for the Syrian government following the lifting of long-standing sanctions.

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