DP World has formally agreed on a long-term deal to develop and operate Tartus, Syria's second-largest port, which includes an $800 million commitment to upgrading infrastructure there.
The 30-year agreement was signed by DP World and Syria's port authority in Damascus in the presence of Ahmad Al Shara, Syria's President.
Sultan bin Sulayem, DP World's group chairman and chief executive, said that Tartus could become a "vital trade gateway" for the region.
"We believe in the power of trade to help drive long-term stability and prosperity for Syria and the region”, Mr bin Sulayem said, in comments reported by Wam news agency.
Qutaiba Badawi, chairman of Syria's General Authority for Land and Sea Ports, described the agreement as reflecting a "shared vision", adding that "it will pave the way for sustainable growth for years to come".
As part of the agreement, DP World will also explore opportunities to develop free zones and support economic diversification in Syria, as the country seeks to recover after years of conflict.
The Syrian government and DP World signed an initial agreement over Tartus earlier this year.
