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Syria signed a 30-year agreement Thursday with France-based global shipping company CMA CGM for the development and operation of the port of Latakia, including a €230 million ($260 million) investment to modernize the facility.
Speaking at the signing ceremony, Joseph Dakak, CMA CGM's regional director, told AFP that the company was “pleased today to announce the signing of an investment and management contract for the port of Latakia for the next 30 years.”
Port director Ahmed Mustafa noted that the investment will cover the construction of a new pier designed to meet “global standards.”
On Feb. 5, the Syrian port authority disclosed the agreement for the first time, stating that the new contract would include revised terms and address the settlement of all outstanding obligations from both parties.
Latakia port, Syria’s main maritime gateway, has been managed by CMA CGM since 2009, with the company overseeing operations at the container terminal.
The contract has been renewed several times, most recently in October 2024, for an additional 30 years under the now-ousted Assad regime.
Bashar al-Assad was removed from power on December 8 following a swift advance by opposition forces, after which a transitional government took control.
Founded in 1978, CMA CGM is a leading global shipping company operating in 160 countries, with 400 offices, 750 warehouses, a workforce of 155,000 employees, and a fleet of 593 vessels.
The company is owned by Franco-Lebanese billionaire Rodolphe Saadé and his family, who have ancestral ties to Syria.
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