It is reported that US sanctions had been lifted, paving the way for the signing of a memorandum of understanding (MoU) worth $800 million between the Syrian government and DP World to expand Syria’s port of Tartous. Cooperation in creating industrial and free trade zones is part of the agreement to build, run, and maintain a multipurpose terminal at Tartous. DP World is a division of Dubai World, an investment firm based in the United Arab Emirates.
The agreement was reached the same week that US President Donald Trump revealed plans to relax sanctions on Syria during a visit to Riyadh. Syria is looking to draw in international capital to help its faltering economy. Trump said that he made the decision to remove the sanctions following talks with Turkish President Tayyip Erdogan and Saudi Crown Prince Mohammed bin Salman, both of whose administrations have vehemently supported the move.
Prior to GCC summit in Riyadh, Trump also held a meeting with Syrian President Ahmed Al-Sharaa. 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 corporations or governments that collaborated with it, US Secretary of State Marco Rubio stated that Trump plans to grant waivers.
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