News - Middle East: Syria has formally handed over operations of Tartus port, the second largest port in the country, to the logistics company DP World from the United Arab Emirates under a 30-year, $800-million concession.

DP World officially commenced operations months after signing a 30-year $800-million concession agreement Syria’s General Authority for Land and Sea Ports.

“We are committed to applying DP World’s global expertise to build a modern and digitally enabled port that will grow trade, create opportunities and firmly position Tartus as a key trade hub in the Eastern Mediterranean,” said Fahad al-Banna, the newly appointed chief executive of DP World Tartus.

Under the agreement, DP World would upgrade the port’s infrastructure, expand handling and storage capacity, and invest in bulk-handling systems.

This comes as the Hay'at Tahrir al-Sham (HTS)-led regime in Syria in June decided to annul a 2019 agreement between former President Bashar al-Assad’s government and Russia’s Stroytransgaz, saying the company breached its contract by failing to invest a promised $500 million in modernizing Tartous.

Along with Tartus, a separate 30-year concession was also inked with French shipping company CMA CGM to run Latakia port, the largest port city in the country. 

The shift comes after US President Donald Trump announced in May that all US sanctions on Syria would be lifted.

Trump made the announcement in the Saudi capital, Riyadh, during his visit to the kingdom, where he met Abu Mohammed al-Jolani, the leader of the Hay'at Tahrir al-Sham (HTS)-led regime in Syria, who expressed readiness to normalize ties between Damascus and Israel.

Once affiliated with al-Qaeda and Daesh, al-Jolani seized power in Syria following a rapid onslaught by his militant group, Hay'at Tahrir al-Sham (HTS), which ousted the government of President Bashar al-Assad in December 2024.

Source: Press TV