The former ally of Russia of Syria found a new investor in the strategic seaport of Tartus. The Land and Sea Port Syrian office signed an agreement with the DP World of the UAE for $ 800 million – they will be invested in the modernization of the port previously rented.
Reuters writes about this. It is noted that in accordance with the World agreement DP, a multifunctional terminal will develop in Taurus.
The parties also agreed with the creation of industrial areas and free trade zones.
The agreement was a continuation of the Memorandum of Understanding, which was completed between Syria and the UAE in May of this year.
The signing of the agreement was signed after US President Donald Trump signed a decree of the abolition of sanctions on Syria. This opened the way to put an end to the country’s isolation from the international financial system and restore the economy destroyed by the civil war.
“The removal of US sanctions will also open the way to the greater participation of humanitarian organizations working in Syria, which promotes foreign investment and trade in the restoration of the country,” the newspaper says.
It should be noted that earlier in the port of Tartus there was one foreign base of the Military Fleet of the Russian Federation. Russia rented a port in Syria since April 2019, signing an agreement for 49 years. But this was torn after the fall of Bashar al -Assad.
In January of this year, the new Syrian authorities also terminated the agreement with the Russian company Stytrangaz, which was supposed to invest in the modernization of the port for more than $ 500 million in the next four years.
The military base of Tartus was very important for Russia, because it gave it direct access to the Mediterranean Sea.
As reported, oboz.ua:
The EU canceled economic sanctions against Syria. German Foreign Minister Johann Vadiful called this a chance for the new leadership of the country, which came to power after overthrowing the regime of Bashar Assad.
The United States announced the immediate weakening of sanctions against Syria. The US Department of Finance has issued a license that allows you to invest in Syria and the private sector.
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Source: Obozrevatel
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