AD Ports Group secured a $22 million deal on Thursday to acquire a stake in Syria’s Latakia container terminal, as Damascus aims to attract investments to revive its war-torn economy.
The Abu Dhabi-based company partnered with French shipping leader CMA CGM to obtain a 20% share in Latakia International Container Terminal, according to an AD Ports Group announcement.
In May, the Syrian government signed a 30-year agreement with the French company to manage and upgrade the Mediterranean port, which includes infrastructure enhancements to accommodate larger ships that previously couldn’t enter.
“We are delighted to expand our enduring collaboration with our esteemed partner, CMA CGM Group,” stated AD Ports Group CEO Mohamed Juma Al Shamisi.
“This key agreement underscores the strengthening international cooperation between our companies and bolsters AD Ports Group’s role as a global trade facilitator.”
CMA CGM has managed the port’s container terminal since 2009, during the era of former president Bashar al-Assad, under a contract that was extended multiple times.
