The Syrian authorities and port and logistics firm DP World signed an $800 million memorandum of understanding to develop the port of Tartous, state news company SANA reported Friday, after the lifting of U.S sanctions cleared the best way for the deal.
The deal to develop, handle and function a multi-purpose terminal at Tartous consists of cooperation in establishing industrial and free commerce zones. DP World is a subsidiary of United Arab Emirates (UAE) funding firm Dubai World.
Syria is searching for to draw international investments to spice up its struggling economic system, and the deal was signed in the identical week that U.S. President Donald Trump introduced plans to elevate of sanctions on Syria throughout a go to to Riyadh.
Trump mentioned he made the choice to elevate sanctions after discussions with Turkish President Recep Tayyip Erdoğan and Saudi Crown Prince Mohammed bin Salman, whose governments have each strongly urged the lifting of sanctions.
Trump had additionally met with Syrian President Ahmed al-Sharaa forward of the Gulf Cooperation Council (GCC) summit in Riyadh on Wednesday.
U.S. Secretary of State Marco Rubio mentioned on Thursday that Trump intends to problem waivers underneath the “Caesar Syria Civilian Protection Act,” by which Washington imposed stiff sanctions on longtime dictator Bashar Assad and his regime and secondary sanctions on outdoors corporations or governments that labored with it.
Removing U.S. sanctions that reduce Syria off from the worldwide monetary system can even clear the best way for higher engagement by humanitarian organizations working in Syria, easing international funding and commerce because the nation rebuilds.
Source: www.dailysabah.com