Abu Dhabi Ports Group has announced the signing of a shareholders’ agreement for a joint venture with French shipping and logistics company CMA CGM. As part of this agreement, the group will acquire a 20% stake in the International Container Terminal in Latakia, Syria, for a sum of 81 million dirhams (approximately 22 million dollars).
The International Container Terminal in Latakia serves as Syria’s primary maritime gateway, handling over 95% of the country’s containerized cargo, particularly agricultural and industrial products.
The agreement was signed in Abu Dhabi, with the presence of Captain Mohamed Juma Al Shamisi, Managing Director and CEO of Abu Dhabi Ports Group, and Rodolphe Saade, Chairman and CEO of CMA CGM.
Captain Mohamed Al Shamisi expressed his enthusiasm about expanding the collaboration with their strategic partner, CMA CGM, stating that this agreement reflects the growth momentum of their operations and demonstrates international cooperation with key partners. He emphasized the group’s commitment to enhancing its role as a leading global facilitator of trade, industry, and logistics services. Al Shamisi highlighted the intention to strengthen alliances and build robust partnerships with leading global entities like CMA CGM to achieve shared goals and expand their operational presence internationally. This new partnership aims to modernize the terminal’s infrastructure, upgrade its digital systems, and enhance operational efficiency, solidifying Latakia’s position as a major trade gateway for Syria and the Eastern Mediterranean region while contributing to sustainable economic growth in the area.
CMA Terminals has been operating the International Container Terminal in Latakia since 2009 and recently signed a revised 30-year concession agreement in May.
The terminal currently has a capacity of 250,000 standard containers, with plans to increase this to 625,000 standard containers by the end of 2026.
GFS, which is 51% owned by Abu Dhabi Ports Group and specializes in regional container shipping services, is preparing to offer container shipping services in the Eastern Mediterranean region, including at the port of Latakia.