The agreement, signed by the director of the Syrian Ports and Customs Authority, Qutaiba Ahmed Badawi, and representatives of the Turkish company, envisions the construction of a modern shipyard in the port of Tartus, with the goal of meeting the highest international technical standards and positioning Syria as an emerging player in the regional maritime industry.
The project will be executed under the Build-Operate-Transfer (BOT) model, whereby the company will assume the construction, equipping, operation, and management of the shipyard, in addition to carrying out shipbuilding, repair, and maintenance work.
As agreed, the investment period will be 30 years from the signing of the contract. Kuzey Star Shipyard has committed to investing a minimum of $190 million over the first five years to equip docks, warehouses, and operational facilities, without incurring any financial obligations for the Syrian side.
The agreement includes a 20% discount on construction, repair, and maintenance services for vessels belonging to the Syrian state, in support of the development of the national naval fleet.
Authorities highlighted the social and economic impact of the project, which is expected to create approximately 1,700 direct and 3,500 indirect jobs.
Furthermore, at least 95% of the workforce will be Syrian, with an emphasis on training and the transfer of technical and technological expertise.
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