Syria Signs Strategic Shipbuilding Agreement with Turkish Company
Syria’s General Authority for Ports and Customs has inked a significant investment deal with Turkey’s Kuzey Star Shipyard Denizcilik Sanayi ve Ticaret A.S. This agreement aims to revolutionize the shipbuilding industry in Syria and enhance its economic infrastructure.
Syria and Turkey collaborate on a pioneering project to introduce shipbuilding of all sizes and types to the Syrian Arab Republic, in line with international standards. The agreement marks a pivotal moment in Syria’s industrial and economic development, with the establishment of a fully integrated shipyard at the Port of Tartus.
Kuzey Star Shipyard Denizcilik Sanayi ve Ticaret A.S pledges to invest $190 million within five years to construct and equip the shipyard. The project, following the Build, Operate, Transfer (BOT) model, aims to localize an advanced maritime industry in Syria, creating job opportunities and transferring technical expertise to Syrian workers.
The General Authority for Ports and Customs in Syria recently announced a strategic investment agreement with Kuzey Star Shipyard Denizcilik Sanayi ve Ticaret A.S, a Turkish company. The deal focuses on introducing shipbuilding activities of various sizes and types in Syria, adhering to global standards. The agreement, based on the Build, Operate, Transfer (BOT) model, grants the Turkish company the authority to build, operate, and manage a comprehensive shipyard at the Port of Tartus. This initiative is set to elevate Syria’s industrial and economic landscape by localizing a sophisticated maritime industry within the country.
The investment spans 30 years, with the Turkish company committing to investing a minimum of $190 million within five years for the construction and outfitting of the shipyard. Additionally, the agreement includes a 20% discount on services for vessels owned by the Syrian government, aiming to enhance operational efficiency and reduce financial burdens. Furthermore, the company plans to create 1,700 direct jobs and 3,500 indirect jobs, with a focus on training and qualifying Syrian staff to ensure at least 95% local workforce participation.
The project is expected to play a vital role in developing Syrian ports, enhancing the nation’s regional maritime industry presence, and boosting the economy. Ultimately, the Port of Tartus is positioned to become a comprehensive maritime industrial hub serving both local and neighboring markets.
Who is the Turkish investor company?
Kuzey Star Shipyard Denizcilik Sanayi ve Ticaret A.S, founded in Turkey in 2013, specializes in shipbuilding, construction, and maintenance. The company operates in a strategic industrial and commercial zone in Tuzla, Istanbul, with a strong focus on ship construction, repair, and maintenance, as well as mechanical and electrical engineering services related to maritime facilities. Kuzey Star Shipyard Denizcilik Sanayi ve Ticaret A.S boasts advanced infrastructure, including floating docks capable of handling large vessels and modern equipment for ship conversion and refurbishment projects. The company’s ISO 50001:2018 certification underscores its commitment to energy management standards, solidifying trust in its technical capabilities within the maritime industry.
