By GMM News | 2025-05-07 | International Shipping News |

French shipping and logistics group CMA CGM has signed a 30-year agreement with Syria to operate, expand, and invest in the country’s main seaport in Latakia.

The deal includes an investment of €230 million (around $260 million) and plans to build a new berth to increase capacity and support larger vessels.

The agreement was signed by representatives from CMA CGM and Syria’s General Ports Authority during a ceremony held at the presidential palace in Damascus.

Syrian President Ahmed al-Sharaa was present at the event.

Joseph Dakak, CMA CGM’s regional director, confirmed the signing and mentioned that the company aims to modernise the terminal and deepen the basin to allow access for larger ships.

He stated that the port will be upgraded to handle expected future cargo volumes and strengthen logistics in the region.

As part of the agreement, CMA CGM will invest €30 million in the first year of the contract. The remaining €200 million is expected to be invested over the next four years.

A source familiar with the deal said that the new berth will be 1.5 kilometers (0.9 miles) in length and 17 meters deep. It will be equipped with modern infrastructure designed to international standards.

Latakia port is Syria’s most important maritime hub and a key entry point for goods. CMA CGM has managed the port’s container terminal since 2009, under the leadership of former president Bashar al-Assad.

The original contract was renewed in October 2024 for another 30 years.

However, after Assad was overthrown in December, the new Syrian authorities began negotiations to modify the terms of the agreement.

A Syrian source involved in the talks said the government was aiming to secure a greater share of the port’s revenues and shorten the lease duration.

Under the new deal, the revenues generated from port operations will be split between the Syrian government and CMA CGM. Syria will receive 60 percent, while CMA CGM will receive 40 percent.

Port director Ahmed Mustafa stated that this revenue share could increase for Syria if the number of incoming containers rises in the future.

Mustafa explained that the planned upgrades will enable Latakia port to welcome vessels that currently cannot dock due to depth limitations. He described the new quay as a significant step toward meeting global port standards.

CMA CGM is led by Franco-Lebanese businessman Rodolphe Saade and his family, who have historical roots in Syria. The company continues to expand internationally.

Just last month, CMA CGM acquired control of Santos Brasil, the largest container terminal operator in South America.

The French group bought 47.9% of shares from Brazilian fund manager Opportunity Funds and now holds 51% of the company. Santos Brasil operates multiple container terminals, a vehicle terminal, a liquid bulk terminal, and three logistics facilities in Brazil.

Reference: Reuters