Syria has signed a significant 30-year concession agreement with French shipping giant CMA CGM to upgrade and expand operations at Latakia Port, the country’s primary maritime gateway. The deal includes a major investment of €230 million ($260 million) and plans to construct a new deep-water berth, aiming to boost the port’s capacity and strengthen regional supply chains.
A New Chapter at Latakia Port
The agreement, finalized on Thursday, marks a major shift following the recent political transition in Syria. Although CMA CGM has managed the Latakia container terminal since 2009 under President Bashar al-Assad, the fall of Assad in December brought a new administration and a renegotiation of the terms.
The amended contract was signed by CMA CGM officials and Syria’s port authority, reflecting a renewed commitment to modernize the terminal and support economic growth.
Investment Details: €230 Million Over Five Years
The deal involves a staggered investment plan:
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€30 million will be invested in the first year
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The remaining €200 million will follow over the next four years
Key infrastructure upgrades include:
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A new berth that is 1.5 kilometers long and 17 meters deep
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Advanced facilities and logistics systems to increase throughput and efficiency
These improvements are expected to significantly enhance the port’s capacity for larger vessels and growing cargo volumes.
Strategic and Political Significance
Latakia Port serves as Syria’s main international trade hub and holds strategic importance for both domestic recovery and regional connectivity. The deal also underscores CMA CGM’s longstanding ties to Syria, as the Saadé family, which controls the group, has Syrian roots.
According to sources familiar with the negotiations, the new Syrian government aimed to secure:
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A larger share of port revenues
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A shorter lease period compared to the previous agreement
Although the contract term remained at 30 years, the financial and operational terms were reportedly revised to better align with Syria’s post-conflict economic goals.
The CMA CGM-Latakia agreement signals a positive step towards Syria’s infrastructure recovery and reintegration into global trade networks. With a substantial investment and a long-term commitment from a global maritime leader, the Latakia port project could become a key enabler of economic revival and stability in the region.
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Source: Reuters
