AD Ports acquires minority stake at Latakia
CMA Terminals has been operating the Syrian port since 2009
GFS, a container feeder company which is majority-owned by AD Ports, is poised to begin services that call at the terminal
UAE-based logistics company AD Ports has acquired a 20% stake in Syria’s Latakia International Container Terminal.
AD Ports signed the deal with French container giant CMA CGM, whose subsidiary CMA Terminals has operated the Syrian port since 2009 and signed a 30-year concession agreement last May.
LICT handles more than 95% of Syria’s containerised trades and is a crucial gateway for agricultural and industrial goods.
Latakia’s current capacity is 250,000 teu, but there are plans to increase that to 625,000 by the end of 2026. CMA CGM announced in August this year that it would be investing €200m ($170m) to extend and modernise the port’s container terminal.
AD Ports said container feeder company GFS, of which it owns 51%, is poised to begin calling at Latakia in the future.
Chief executive Mohamed Juma Al Shamisi said his company was “pleased to broaden our long-standing partnership with our valued partner, CMA CGM Group”.
“This strategic agreement reflects the growing international collaboration between our organisations and reinforces AD Ports Group’s position as a global enabler of trade, logistics, and industry,” he said.
