Syria Signs a 30-Year Port Deal with the French Shipping Giant
Posted on May 06, 2025 at 10:05 PM
Syria and CMA CGM, a French shipping and logistics company, have inked a 30-year deal for the operation, development, and investment of Syria's main seaport in Latakia.
Remarkably, the agreement calls for the construction of a new berth to boost capacity and accommodate larger vessels, along with an investment of €230 million (roughly $260 million).
Official Endorsement & Presidential Presence
Representatives from Syria's General Ports Authority and CMA CGM signed the agreement in a ceremony at the presidential palace in Damascus.
Notably, Ahmed al-Sharaa, the president of Syria, attended the event.
The regional director of CMA CGM, Joseph Dakak, confirmed the signing and stated that the company wants to deepen the basin and modernise the terminal to make it accessible to larger ships. According to him, the port will be improved to accommodate anticipated future cargo volumes and improve regional logistics.
Moreover, CMA CGM will contribute €30 million during the
first year of the contract as part of the agreement. Over the following four years, it is anticipated that the remaining €200 million will be invested.
According to a source with knowledge of the agreement, the new berth will be 17 meters deep and 1.5 kilometres (0.9 miles) long. It will have state-of-the-art facilities that meet international standards.
In addition, CMA CGM has been managing the port's container terminal since 2009, when former president Bashar al-Assad was in charge. Latakia port is Syria's most significant maritime hub and a major entry point for goods.
In October 2024, the initial contract was extended for an additional 30 years. But when Assad was deposed in December, the new Syrian government started negotiating changes to the agreement.
New Revenue-Sharing Contract
The government wanted to shorten the lease period and secure a larger portion of the port's profits, according to a Syrian source who was involved in the negotiations.
The new agreement will divide port operations revenues between CMA CGM and the Syrian government, with CMA CGM receiving 40 per cent and Syria receiving 60 per cent.
The port director, Ahmed Mustafa, noted that if the volume of incoming containers increases in the future, Syria's revenue share may rise.
Besides, the planned improvements will allow Latakia port to
receive ships that are currently unable to dock because of depth restrictions, Mustafa explained, calling the new quay a major step in the direction of meeting international port standards.
Franco-Lebanese businessman Rodolphe Saade and his family, who have Syrian ancestry, are in charge of CMA CGM, which is still growing globally. Last month, CMA CGM took over Santos Brasil, the biggest container terminal operator in South America.
In short, now owning 51 percent of the business, the French group purchased 47.9% of the shares from Opportunity Funds, a fund manager based in Brazil. In Brazil, Santos Brasil runs three logistics facilities, a multiple container terminal, a vehicle terminal, and a liquid bulk terminal.
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