Syria and UAE's DP World sign $800 million agreement for Tartus port development

16-05-2025

The Syrian government and DP World, the Dubai-based global ports operator, have signed an initial agreement worth $800 million to develop Syria's port of Tartus. The agreement is aimed at strengthening port infrastructure and logistics services in the country transitioning after more than a decade of civil war, Syrian state news agency Sana reported on Friday. It is among the first deals Damascus has announced after US President Donald Trump this week said America will lift sanctions against Syria. The initial agreement includes a 'comprehensive investment in the development, management, and operation of a multipurpose terminal at Tartus Port', according to the Sana report. When finished, the project will contribute to raising the port's efficiency, increasing its operational capacity, and will enhance its role as a hub for regional and international trade. The two sides have also agreed to co-operate in establishing industrial zones and free zones, in addition to dry ports and freight transit stations in strategic areas in Syria. The agreement 'reflects both parties' commitment to supporting economic development and facilitating trade and transport', the report added. DP World has yet to announce the deal. In March, Sultan bin Sulayem, DP World's group chairman and chief executive, said that the company plans to expand into new locations as part of its long-term strategy and maintains a 'positive medium-term outlook.' Its revenue for 2024 grew 9.7 per cent to a record $20 billion on improved ports and terminals performance as well as contributions from new acquisitions and concessions. However, profit for the year was down 2 per cent at $1.5 billion due to higher finance costs. In January, DP World said it was considering additional investments in its port operations in Peru, after expanding the Port of Callao in the Andean country last year. With port operations spanning from Canada to Australia, DP World has passed 100 million twenty-foot equivalent units (TEUs) of container-handling capacity across its global operations, it said earlier this year. Its global gross container handling capacity increased by 5 per cent in 2024. 'Despite global uncertainties, DP World is well-positioned for long-term growth, leveraging its integrated supply chain solutions and strategic investments,' it said in March. Earlier this week, before his milestone meeting with Syrian leader Ahmad Al Shara in the Saudi capital, Mr Trump announced he would move to lift sanctions against Syria. The removal of sanctions will pave the way for foreign investment to flow into the war-devastated country. The civil war in Syria began after the suppression of a peaceful protest movement calling for the removal of Bashar Al Assad, president at the time in 2011. That conflict, and subsequent fighting against opportunistic extremist groups such as ISIS, resulted in the devastation of infrastructure, displacement of skilled labour and the draining of domestic industry. The Assad government was overthrown in December 2024 by militant groups led by Mr Al Shara. Years of conflict took a toll on Syria's economy, with the UN Development Programme estimating cumulative losses – including physical damage and economic deprivation – at more than $923 billion by the end of last year. Estimates of the cost of reconstruction, meanwhile, have ranged between $250 billion and $500 billion.

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Lebanon: Explosion kills 6 soldiers in southern city; investigation underway

Khaleej Times

4 hours ago

Khaleej Times

Lebanon: Explosion kills 6 soldiers in southern city; investigation underway

The Lebanese army said on Saturday that six soldiers were killed and others wounded in an explosion while they were inspecting a weapons depot and dismantling its contents in the southern city of Tyre. An investigation was underway to determine the cause of the blast, the army added in a statement. Security sources told Reuters that the explosion was caused by "remnants of the Israeli war" in the coastal city. Israel dealt major blows to Lebanon's militant group Hezbollah in an offensive last year - the climax of a conflict that began in October 2023 when the group opened fire at Israeli positions on the frontier in support of its Palestinian ally Hamas at the start of the Gaza war. A US-brokered ceasefire between Lebanon and Israel in November ended that conflict, calling on Lebanon to confiscate all "unauthorised" weapons across the country and saying Israel would stop offensive operations against Lebanese targets.

Dh2 million brew: Rare coffee coming to Dubai

The National

5 hours ago

The National

Dh2 million brew: Rare coffee coming to Dubai

The highest-rated coffee in the world will soon be available in the Dubai, complete with a sky-high price tag. Julith Coffee & Roastery, which opened its doors in Dubai last week, has paid more than Dh2 million at auction in Panama to secure an exceptionally rare variety. It placed the winning bid at the prestigious Best of Panama competition, claiming a 20kg lot for Dh2,218,785 ($604,080) − the highest price ever paid for auction coffee anywhere in the world. That works out at Dh110,938 ($30,204) per kg, shattering previous records and setting a new benchmark for rarity, quality and value. The beans, a Washed Geisha variety from a high-altitude family farm in Panama, will be roasted in 'extremely limited quantities' at Julith's new roastery brew lounge in Al Quoz. Tasting sessions are expected to be announced in the coming weeks. Julith is a new two-floor concept headed up by Turkish coffee roasting champion Serkan Sagsoz, who has described the rare record-breaking coffee as 'the absolute pinnacle of flavour, craftsmanship and terroir'. Grown in the mountains of Chiriqui, the coffee achieved an unprecedented 98/100 score in the annual competition, making it Panama's highest-scoring Washed Geisha. Harvested in April, the beans underwent a meticulous 48-hour cold-temperature fermentation followed by climate-controlled drying to preserve the flavour. In all, 549 bids were placed for the lot. When the final hammer fell, Julith came out on top, to back up its ambition to bring the world's rarest coffees to Dubai. 'We can't wait to share this once-in-a-lifetime coffee with those who truly value the artistry behind every cup,' Sagsoz added. Organised annually by the Specialty Coffee Association, the Best of Panama competition gathers the world's finest coffee growers. The top-scoring varieties, evaluated by an international jury, are then auctioned to an elite circle of buyers. Panama introduced the Geisha variety for the first time at the 2004 Best of Panama competition. Since then, it has established itself as the most recognised and expensive coffee in the world.

ACICO reports net profit of KD 8.3mln and operating profit of KD 3.5mln in Q2 2025

Zawya

6 hours ago

Zawya

ACICO reports net profit of KD 8.3mln and operating profit of KD 3.5mln in Q2 2025

Maintains stable prices and supports the local market amid operational developments Kuwait: ACICO Group announced its financial results for the second quarter of 2025, reporting a net profit of KD 8.3 million, marking a major turnaround from the net loss of KD 2.3 million recorded during the same period in 2024. The results reflect the company's stringent cost control policy, enhanced operational efficiency, continued progress in implementing its financial restructuring plan and its operational strength that positions it as a partner of choice in key infrastructure projects in Kuwait and the region. Commenting on the results, Chairman of the Board Mr. Emad Abdullah Al Essa stated: 'We are entering a new chapter that paves the way for strengthening our financial position in line with our solid operational track record and sector-wide achievements. We have built a strong foundation rooted in operational efficiency, prudent management and a clear commitment to sustainable growth, ensuring long-term value for our shareholders, customers and the community. With confidence, we are moving forward toward achieving financial and operational balance that reinforces ACICO's position as a leading national company aligned with Kuwait's and the region's development ambitions.' Sales from industrial operations grew by 7.9% to KD 35.6 million. Gross profit margin improved from 17% to 18%, and selling, general and administrative expenses remained flat year on year. Despite these improvements, the company recorded an operating profit of KD 3.5 million, compared to KD 5 million in Q2 2024. This variance is primarily due to the exclusion of real estate revenues following the divestment of certain assets as part of the company's restructuring efforts, which have significantly reduced total liabilities and interest expenses from KD 8 million to KD 3.7 million. Restructuring Enhances Financial Position During the quarter, ACICO finalized a major debt restructuring agreement with a creditor bank for a total liability of KD 128.5 million. The agreement, which aligns with the Group's approved financial restructuring plan, resulted in a non-recurring gain of KD 3.5 million and a corresponding increase in shareholders' equity. The agreement included a multi-phase implementation plan, comprising the transfer of a property worth KD 60 million, a partial cash repayment of KD 2 million, direct debt discounts, and the conversion of part of the debt into preferred shares. The Group reaffirmed that this agreement is a continuation of its comprehensive financial restructuring strategy endorsed by the Board of Directors, aimed at strengthening financial efficiency, fortifying the balance sheet, and reinforcing ACICO's position as a leading regional player.