In a major move signaling Syria’s efforts to revive its economy, the Syrian transitional government has signed an $800 million memorandum of understanding (MoU) with global port operator DP World to develop the port of Tartous. The agreement, announced by Syria’s state news agency SANA on Friday, comes just days after U.S. President Donald Trump declared plans to lift longstanding U.S. sanctions on Syria.

This deal is reportedly the largest MoU to date for Syria’s interim administration, led by transitional president Ahmed al-Sharaa. It includes plans for DP World to develop, manage, and operate a multi-purpose terminal at the strategic Mediterranean port of Tartous. In addition, the partnership will extend to the creation of industrial zones, free trade areas, dry ports, and logistics hubs across Syria — all aimed at facilitating trade and rebuilding the country’s war-torn economy.

DP World, a key subsidiary of the UAE’s Dubai World, is known for its extensive global logistics network, and its entry into Syria is being viewed as a critical vote of confidence in the country’s potential recovery.

The agreement was finalized shortly after a landmark announcement by President Trump to ease sanctions on Syria, a move he made during a recent visit to Riyadh. On May 14, Trump became the first U.S. president in a quarter-century to meet with a Syrian leader, sitting down with President al-Sharaa in Saudi Arabia. The sanctions relief decision followed discussions with Saudi Crown Prince Mohammed bin Salman and Turkish President Recep Tayyip Erdoğan — both of whom have advocated for reintegrating Syria into regional economic frameworks.

The lifting of sanctions and the new port deal together mark a significant turning point for Syria, which is eager to attract foreign investment to jumpstart reconstruction and economic growth after years of devastating conflict.