The Syrian government and DP World, the Dubai-based global ports operator, have signed an initial agreement worth $800 million to develop Syria's port of Tartus.
The agreement is aimed at strengthening port infrastructure and logistics services in the country transitioning after more than a decade of civil war, Syrian state news agency Sana reported on Friday.
It is among the first deals Damascus has announced after US President Donald Trump this week said America will lift sanctions against Syria.
The initial agreement includes a “comprehensive investment in the development, management, and operation of a multipurpose terminal at Tartus Port”, according to the Sana report.
When finished, the project will contribute to raising the port's efficiency, increasing its operational capacity, and will enhance its role as a hub for regional and international trade.
The two sides have also agreed to co-operate in establishing industrial zones and free zones, in addition to dry ports and freight transit stations in strategic areas in Syria.
The agreement “reflects both parties' commitment to supporting economic development and facilitating trade and transport”, the report added.
DP World confirmed the agreement in a statement later on Friday, saying it is “committed to responsible investment to make trade flow around the world … aligned with the evolving regulatory framework in the light of recent positive developments and signals of renewed international engagement with Syria”.
In March, Sultan bin Sulayem, DP World's group chairman and chief executive, said that the company plans to expand into new locations as part of its long-term strategy and maintains a “positive medium-term outlook.”
Its revenue for 2024 grew 9.7 per cent to a record $20 billion on improved ports and terminals performance as well as contributions from new acquisitions and concessions. However, profit for the year was down 2 per cent at $1.5 billion due to higher finance costs.
In January, DP World said it was considering additional investments in its port operations in Peru, after expanding the Port of Callao in the Andean country last year.
With port operations spanning from Canada to Australia, DP World has passed 100 million twenty-foot equivalent units (TEUs) of container-handling capacity across its global operations, it said earlier this year. Its global gross container handling capacity increased by 5 per cent in 2024.
“Despite global uncertainties, DP World is well-positioned for long-term growth, leveraging its integrated supply chain solutions and strategic investments,” it said in March.
US sanctions
Earlier this week, before his milestone meeting with Syrian leader Ahmad Al Shara in the Saudi capital, Mr Trump announced he would move to lift sanctions against Syria.
The removal of sanctions will pave the way for foreign investment to flow into the war-devastated country.
The civil war in Syria began after the suppression of a peaceful protest movement calling for the removal of Bashar Al Assad, president at the time in 2011.
That conflict, and subsequent fighting against opportunistic extremist groups such as ISIS, resulted in the devastation of infrastructure, displacement of skilled labour and the draining of domestic industry.
The Assad government was overthrown in December 2024 by militant groups led by Mr Al Shara.
Years of conflict took a toll on Syria's economy, with the UN Development Programme estimating cumulative losses – including physical damage and economic deprivation – at more than $923 billion by the end of last year.
Estimates of the cost of reconstruction, meanwhile, have ranged between $250 billion and $500 billion.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Scores
Day 2
New Zealand 153 & 56-1
Pakistan 227
New Zealand trail by 18 runs with nine wickets remaining
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
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RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
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The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now