Syria and the French "CMA CGM" sign a strategic agreement to operate the port of Latakia.

The General Authority for Syrian Land and Maritime Ports and the French company "CMA CGM" signed a new strategic partnership agreement today, Thursday, May 1, to operate the container terminal at the port of Latakia. The signing took place during an official ceremony held at the People's Palace in Damascus, in the presence of Prime Minister of the Transitional Government, Ahmed Al-Shar'a.

The signing of the agreement crowned the discussions held between the two parties since last February, where a updated legal and investment framework was agreed upon to ensure the continuity of operations and the development of logistic services.

A statement issued by the Authority confirmed that "both parties have settled all financial and administrative obligations resulting from the previous ten-year contract," paving the way for a new phase of cooperation.

The relationship between Syria and the French company dates back to 2009 when the Latakia International Container Terminal (LIST) was established in partnership with Terminal Link and the Syrian Holding company owned by businessman Tarif Al-Akhras.

CMA CGM has been managing the terminal since October 2009 for a full decade, investing $45.9 million, including $6.2 million for infrastructure maintenance, and a similar amount for supplying operational equipment that became the property of the Latakia port after the contract ended.

CMA CGM, headquartered in Marseille, is one of the leading global companies in the maritime shipping industry, with a wide network of container terminals.

It is expected that the new agreement will contribute to enhancing the port's technological and logistical efficiency, and strengthening its strategic position on the eastern coast of the Mediterranean Sea, especially given the current economic conditions.