Abu Dhabi Ports is expanding its international investments by acquiring a 20% stake in the container terminal in Latakia, Syria. This move is part of the UAE group’s strategy to enhance its presence in the maritime trade market and develop logistics transportation systems in the Middle East. In this article, we explore the details of the deal and its economic significance.
Details of the New Deal
Abu Dhabi Ports Group announced a shareholders’ agreement with the French group CMA CGM, in which it will acquire a 20% stake in the Latakia International Container Terminal for 81 million AED, equivalent to 22 million USD. This transaction is part of the Syrian government’s plans to modernize and develop the port’s infrastructure to accommodate larger vessels.
Development of Latakia Port
This agreement will enhance the position of the Latakia container terminal, which serves as Syria’s main maritime gateway, handling over 95% of the country’s container cargo. The terminal supports trade activities related to Syrian and regional markets, underscoring the importance of this step in improving the port’s operational capabilities.
Partners’ Vision and International Cooperation
The CEO of Abu Dhabi Ports Group, Mohamed Juma Al Shamisi, stated, “We are pleased to expand our collaboration with our strategic partner, CMA CGM.” Al Shamisi emphasized that the agreement reflects the group’s commitment to innovation and international cooperation. The partnership with CMA CGM aligns with Abu Dhabi Ports’ strategy to broaden its global operations and enhance its logistical capabilities.
Comprehensive Development Plans
The new partnership will contribute to the implementation of comprehensive development plans, including upgrading digital systems and improving operational efficiency at the port, which will drive sustainable economic growth. CMA Terminals has operated the terminal since 2009, and several contract renewals have taken place, demonstrating the seriousness of the investments in developing this commercial platform.
The collaboration with CMA CGM will undoubtedly enhance the capabilities of the Latakia container terminal, making it a pivotal point for trade in the Eastern Mediterranean. With this agreement, Abu Dhabi Ports is moving towards strengthening its role as a key enabler in the fields of trade and logistics services.