Latest news with #BOTagreement
Arabian Business
14-07-2025
- Business
- Arabian Business
DP World to invest $800m in Syria's Port of Tartus under 30-year concession deal
Dubai-based global trade giant DP World has signed a 30-year Build-Operate-Transfer (BOT) concession agreement to develop and operate the Port of Tartus in Syria, marking a major milestone in the country's post-conflict economic recovery. Under the deal with Syria's General Authority for Land and Sea Ports, DP World will invest $800m over the concession period to upgrade Tartus's infrastructure, transforming it into a strategic regional trade hub linking Southern Europe, the Middle East, and North Africa. The agreement was signed in Damascus in the presence of Syrian President Ahmed Al-Sharaa, DP World Chairman and Group CEO Sultan Ahmed bin Sulayem, and Syrian Ports Authority Chairman Qutaiba Ahmed Badawi. The deal is seen as a critical step in Syria's economic reintegration after years of conflict and underinvestment. Sultan Ahmed bin Sulayem, Chairman and Group CEO of DP World, said: 'This agreement reflects our long-term commitment to enabling global trade and creating resilient supply chains. We see strong potential in Tartus to serve as a vital trade gateway and look forward to strengthening regional connectivity and economic opportunity through this investment. 'We believe in the power of trade to help drive long-term stability and prosperity for Syria and the region.' DP World Syria development plans: Major infrastructure upgrades for container and general cargo terminals Installation of advanced cargo-handling equipment and digital systems Expansion into breakbulk, roll-on/roll-off traffic, and inland logistics services Potential development of free zones and transit corridors Located on Syria's Mediterranean coast, Tartus is the country's second-largest port, with a strategic location linking Europe, the Levant, and North Africa. The upgrade will boost Syria's capacity to handle diverse cargo types and improve its competitiveness in regional trade networks. Qutaiba Ahmed Badawi, Chairman of Syria's General Authority for Land and Sea Ports, said: 'This agreement marks an important step forward for the Port of Tartus and Syria's maritime sector. Partnering with DP World will allow us to modernise and strengthen the efficiency of our trade infrastructure as we continue to rebuild key trade lanes, support the national economy and provide more opportunities for the Syrian people. 'The agreement reflects our shared vision to transform Tartus into a strategic gateway linking Syria with regional and international markets, and it will pave the way for sustainable growth for years to come.' With operations in over 75 countries and 9.2 per cent of global container traffic, DP World is a leader in global logistics infrastructure. The Tartus project adds to its expanding portfolio in the Middle East and underscores its strategy to invest in long-term trade growth and resilient supply chains.
LBCI
19-05-2025
- Business
- LBCI
Master plan for Beirut Port: Grain silos' fate uncertain as reconstruction talks move forward
Report by Lara El Hachem, English adaptation by Yasmine Jaroudi The Beirut Port Authority is moving forward with plans to expand its public-private partnership model, proposing a Build-Operate-Transfer (BOT) agreement to manage the unloading and storage of vehicles at the port. The proposal is part of a broader master plan developed in cooperation with French experts to rehabilitate the port, which was heavily damaged in the 2020 explosion. Private sector collaboration is not new for the Beirut Port, which has already contracted international companies to operate the container terminal and manage cargo storage under the supervision of the temporary port management committee. The new BOT model would allow a private entity to build and operate the vehicle unloading facility for a set period before transferring control back to the state. The master plan is expected to be funded entirely by port revenues, which reached $150 million in 2024, up sharply from just $5 million in 2021 following the blast. The proposal also reserves a 25,000-square-meter plot for potential reconstruction of the grain silos, pending a final decision by the Ministries of Economy and Public Works. Economy Minister Amer Bisat confirmed that no decision has been made regarding whether the public or private sector would manage the silos. The ministry awaits the completion of a feasibility study that will determine the silos' location, size, and cost. In the short term, concerns over the deteriorating condition of the damaged silos persist. Fermented wheat inside the structure continues to emit hazardous fumes, creating an urgent environmental and public health risk. The Environment Ministry is awaiting the findings of a technical committee, while the Culture Minister remains in contact with families of port explosion victims, who view the silos as a site of profound symbolic value. The current government hopes to resolve the issue where its predecessor failed.
