With the lifting of American sanctions (announced by Donald Trump during his Gulf visit), the Syrian government and DP World have now signed a memorandum of understanding (MoU) worth USD 800 million to develop the port of Tartous. The agreement to build, run, and maintain a multipurpose terminal at Tartous includes collaboration in the creation of free trade and industrial zones. With this move, Syria is now seeking to attract foreign investments to bolster its faltering economy.
The two sides also agreed to cooperate in establishing industrial zones and free zones, as well as dry ports and freight transit stations, in several strategic areas within Syria. This reflects both parties’ commitment to supporting economic development and facilitating trade and transportation. The initial agreement includes a comprehensive investment in the development, management, and operation of a multipurpose terminal at Tartus Port.
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. DP World confirmed the agreement in a statement, 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 2025, 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.” The venture’s revenue for 2024 grew 9.7% to a record USD 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% at USD 1.5 billion due to higher finance costs.
In January 2025, DP World said it was considering additional investments in its port operations in Peru, after expanding the Port of Callao in the Andean country in 2024. 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. Its global gross container handling capacity increased by 5% 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 2025.
The Syrian sanctions were put during the reign of President Bashar al-Assad to harass his regime but ended up delivering devastating economic fallout for Syrian civilians. Assad governed the country from 1971 to 2024.
Donald Trump claimed that after consulting with Turkish President Tayyip Erdogan and Saudi Crown Prince Mohammed bin Salman, whose administrations have both adamantly supported the lifting of sanctions, he decided to lift the sanctions. He also said that the sanctions had served an important function and that it was time for the Middle East country to move forward.
Ahead of the GCC summit in Riyadh, Donald Trump also had a meeting with Syrian President Ahmed Al-Sharaa. According to US Secretary of State Marco Rubio, Trump plans to grant waivers under the “Caesar Syria Civilian Protection Act,” which Washington used to impose severe sanctions on the government of former President Bashar al-Assad and secondary sanctions on foreign governments or corporations that collaborated with it. Rubio made this announcement.
In addition to facilitating increased involvement by humanitarian organisations operating in Syria, lifting American sanctions that isolate the country from the international financial system will facilitate international trade and investment as it recovers.
Meanwhile, Syrians hoped for relief after years of poverty brought on by civil war and restrictions, and celebrations broke out in the capital, Damascus, as Donald Trump announced from Saudi Arabia that the US would be lifting broad sanctions on Syria. Ahmed al-Sharaa, the interim president of Syria, praised Trump’s “brave” action and declared that his administration can now “start the real work, with which modern Syria will be reborn.”