AD Ports Group acquires a 20% stake in Syria’s Latakia International Container Terminal (LICT) in a transaction valued at AED 81 mn, according to a statement released on Thursday. The transaction will take place through a joint venture (JV) arrangement with the terminal’s operator France-based logistics giant CMA CGM.

Background: CMA CGM agreed to invest EUR 230 mn to upgrade the Syrian port earlier this year as part of a 30-year concession, committing EUR 30 mn for the first year. The agreement will see CMA CGM build a new 1.5-km-long, 17-meter-deep berth.

It’s been moving fast: The firm fast-tracked the launch of the EUR 200 mn second phase of its Latakia Port concession in August. The funds are going towards expanding the container terminal’s capacity to handle over 1 mn TEUs per year, digitizing port functions and revamping infrastructure.

DATA POINT- LICT stands out as Syria’s major maritime gateway, handling over 95% of the country’s container volumes – specifically for agricultural products and industrial goods. The terminal has a capacity of 250k TEUs, with plans to boost its handling capacity to 625k TEUs by the end of next year.

This is not their first partnership: CMA CGM acquired a minority stake in AD Port’s concession of the New East Mole multipurpose terminal in Pointe Noire, Congo, back in February through a similar JV arrangement. The pair also inaugurated a new terminal at Khalifa Port in December, a USD 845 mn project set to boost the port’s capacity by 33%.

REFRESHER- UAE majors are showing a lot of love to Syria’s ports: State-owned logistics giant DP World inked a USD 800 mn 30-year concession agreement with Syria’s General Authority for Land and Sea Ports to develop and operate Tartous port in Syria in July.

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