Syria has signed a 30-year agreement with French shipping and logistics giant CMA CGM to develop and expand Latakia port, the country’s main maritime gateway.
The deal, announced on 1 May, includes the construction of a new berth and a planned investment of 230 million euros ($260 million) over the duration of the partnership, as reported by Reuters. CMA CGM has managed Latakia’s container terminal since 2009 under a concession granted during the rule of former President Bashar al-Assad. The contract was last renewed in October 2024, also under Assad, extending the arrangement for another 30 years.
However, following Assad’s ousting by rebel forces in December, Syria’s new leadership entered into negotiations with CMA CGM to revise the terms. The updated agreement was formally signed on Thursday by representatives from both the company and Syria’s port authority.
CMA CGM has signed today the concession of the port of Latakia for a 30-year contract. We are committed to modernizing and expanding the terminal to meet growing demand and strengthen supply chains in the region
CMA CGM has signed today the concession of the port of Latakia for a 30-year contract. We are committed to modernizing and expanding the terminal to meet growing demand and strengthen supply chains in the region
… said Joe Dakkak told Reuters.
A source familiar with the agreement said the company will invest 30 million euros in the first year, with the remainder to be spent over the following four years. The planned berth will measure 1.5 kilometers (0.9 miles) in length and 17 meters in depth, featuring advanced infrastructure.
A Syrian source involved in the negotiations previously told Reuters that the new authorities aimed to secure a greater share of revenues from the terminal and a shorter lease period compared to the original contract.
