DP World is pushing ahead with an $800 million redevelopment of Syria’s Mediterranean port of Tartous, the latest evidence of the country attracting much-needed capital from the Gulf.
The Dubai-based port operator has delivered three mobile cranes that will increase Tartous’ cargo handling capacity by 40%.
In the past two months, Qatar’s Power International Holding has also begun work on revamping Damascus airport and has pledged $250 million for Syrian Airlines to acquire a fleet of Airbus A320 aircraft, while Dubai developer Mohamed Alabbar announced plans for real estate developments worth $20 billion, including homes, resorts, and schools.
The Iran war elevated Syria’s importance as a potential corridor for Gulf trade and data cables — regional countries are hoping their economic and diplomatic support will also weaken Iranian influence in the Levant.