Syria signs 30-year port deal with French shipping giant CMA CGM Pledges over $260 million investment

Syria’s new authorities have signed a 30-year agreement with French shipping and logistics giant CMA CGM to develop Latakia port, the country’s principal maritime hub.

The contract includes the construction of a new berth and an overall investment of €230 million ($260 million) over the course of the partnership, Caliber.Az reports via foreign media.

CMA CGM, which has managed Latakia’s container terminal since 2009, last renewed its contract in October 2024 under the regime of former Syrian president Bashar al-Assad. Following Assad’s ousting in December, Syria’s new leadership entered negotiations with the company to revise the terms of the agreement. The updated deal was signed on May 1 by representatives from CMA CGM 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,” said Joe Dakkak, general manager at CMA CGM LEVANT.

In a separate interview with Syria TV, Dakkak said the agreement entailed a €230 million investment, including the development of a new, deeper berth at the port to boost capacity and throughput.

According to a source familiar with the terms, €30 million would be invested during the first year, with the remaining funds to be allocated over the following four years. The planned berth will span 1.5 kilometres and reach a depth of 17 metres, featuring modern infrastructure designed to enhance operational efficiency.

CMA CGM is led by Franco-Lebanese billionaire Rodolphe Saadé and members of his family, who have ancestral ties to Syria.

A Syrian source involved in the negotiations previously said that the new authorities had sought to secure a greater share of revenues from the terminal and a shorter lease term compared to the previous agreement.

By Aghakazim Guliyev