moscow Is Overboard: Syria Changes Course to Dubai and Paris

Syria has signed a memorandum of understanding with port infrastructure operator DP World (UAE), envisaging investments of $800 million in the port of Tartus. The project covers the creation of a multifunctional terminal, development of free economic zones and transit logistics across the country.

The agreement became possible after the cancellation in January 2025 of an investment agreement with russia on joint management of the civilian part of the port of Tartus.

In parallel, Damascus has  signed an agreement with the French CMA CGM Group to manage and modernize the Latakia port. The agreement provides for investments of  EUR 230 million over five years (including  EUR 30 million in the first year).

Besides, Syria plans to stop printing its national currency in russia, which has been carried out at the gosznak enterprise since 2012. Following the partial lifting of EU sanctions in February 2025, the government began negotiations with companies from Germany and the UAE to issue newly designed banknotes without the image of Bashar al-Assad. Potential partners include the state-owned Bundesdruckerei, the private Giesecke+Devrient, and the Emirati company Oumolat.