
Step to upgrade infrastructure, improving port's operational efficiency
Syria signed an agreement Thursday with the French company CMA CGM to manage and operate the container terminal at Latakia Port in western Syria for a period of 30 years.
The agreement was signed between the Syrian General Authority for Land and Sea Ports and CMA CGM at the People's Palace in Damascus, the state-run news agency SANA reported.
SANA quoted Mazen Alloush, director of relations at the General Authority for Land and Sea Ports, as saying that during this period, “the French company will begin pumping initial investments worth 30 million euros ($33.8 million) during the first year, allocated to developing the infrastructure and superstructure and maintaining the current equipment and sidewalks.”
“Furthermore, introducing modern operating systems and technology adopted by the company in other international ports, it will also pump additional investments amounting to 200 million euros in the following three years,” he added.
Alloush said the 30-year term of the agreement aligns with international standards for this type of investment “to ensure economic feasibility and achieve the desired development goals.”
The agreement guarantees Syria full oversight and the retention of national sovereignty. It also includes a progressive profit-sharing mechanism, under which the state's share could reach up to 70% depending on the volume of container handling. Meanwhile, the company will bear all operational expenses, according to the agency.
Alloush emphasized that the agreement will secure substantial investments in the early years, directly contributing to improvements in maritime infrastructure, enhancing port efficiency, and boosting Syria's competitiveness in the maritime transport sector.
The cooperation is also expected to create job opportunities, improve productivity and support export and import sectors, according to the same source.
Alloush noted that the agreement followed an evaluation of bids from several international companies, with CMA CGM submitting the most competitive offer in terms of technical and financial criteria.
He also stressed that the project will generate employment and support export and logistics sectors without granting exceptional privileges to the foreign operator.
Bashar al-Assad, Syria's leader for nearly 25 years, fled to Russia after anti-regime groups took control of Damascus on Dec. 8. The collapse of his government also ended the reign of the Baath Party, which began in 1963.
On Jan. 29, Ahmed al-Sharaa was appointed the country's president.
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