Damascus, July 13 /WAM/ DP World has signed a 30-year concession agreement with the Syrian General Authority for Land and Sea Ports aimed at developing and operating Tartous Port.

Under the agreement, DP World will invest $800 million over the concession period, aiming to comprehensively develop the port's infrastructure and cement its position as a vital regional trade hub linking Southern Europe, the Middle East, and North Africa.

The agreement was signed in the capital Damascus in the presence of His Excellency President Ahmed Al-Shara, President of the Syrian Arab Republic, by Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, and Qutaiba Ahmed Badawi, Head of the Syrian General Authority for Land and Sea Ports.

After more than a decade of developments and a lack of long-term investment in trade infrastructure, the redevelopment of Tartous Port represents a pivotal step in reintegrating the Syrian economy.

The project adopts a 'build, operate, and transfer' model, is wholly owned by DP World, and will include a comprehensive upgrade package featuring new, advanced infrastructure development, supply of modern cargo handling equipment, and integration of advanced digital systems.

These improvements aim to enhance operational efficiency at both container and general cargo terminals within the port.

Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, said: "This agreement reflects our long-term commitment to enabling global trade and building resilient supply chains. We see strong potential in Tartous Port as a vital trade gateway, and we look forward to enhancing regional connectivity and economic opportunities through this investment. At DP World, we believe in the power of trade to drive long-term stability and prosperity for Syria and the region."

For his part, Qutaiba Ahmed Badawi, Head of the Syrian General Authority for Land and Sea Ports, said: "This agreement represents an important step towards developing Tartous Port and enhancing the maritime transport sector in Syria. Our partnership with DP World will enable us to modernize trade infrastructure and improve its efficiency, in parallel with our ongoing efforts to re-establish vital trade routes, support the national economy, and provide more opportunities for the Syrian people."

He added: "This agreement embodies our shared vision to transform Tartous Port into a strategic gateway linking Syria to regional and international markets, and paves the way for sustainable growth over the coming years."

Tartous Port enjoys a vital geographical location on the Syrian coast overlooking the Mediterranean Sea, making it the second largest port in the country and a major maritime gateway linking trade routes between Europe, the Levant, and North Africa. This strategic location significantly enhances regional connections, complementing existing trade routes through the Bosphorus and the Suez Canal.

Through comprehensive redevelopment, Tartous Port will be capable of handling multiple types of cargo, including general cargo, containers, bulk cargo, and roll-on/roll-off traffic. This effective development will expand Syria's trade potential and support its ongoing reconstruction and development efforts.

DP World will explore new investment opportunities in close collaboration with local partners, aiming to develop free zones, advanced logistics centers, and strategic transit corridors.

These initiatives aim to support comprehensive economic diversification efforts and facilitate broader trade flows. DP World has a presence in over 75 countries, with its ports and terminals handling 9.2% of global container traffic. The Tartous project represents a strategic addition to its growing portfolio, complementing its existing operations in the Middle East region.