UAE company inks $22 million deal for stake in Latakia container terminal

DUBAI - AD Ports Group of the United Arab Emirates (UAE) signed a $22 million agreement Thursday for a stake in the container terminal at Syria's port in Latakia -- as Damascus seeks investments to boost its war-ravaged economy.

Abu Dhabi-based firm inked the deal with French shipping giant CMA CGM for a 20 percentage stake in the Latakia International Container Terminal, AD Ports Group said in a statement.

The Syrian government signed a 30-year contract in May with the French firm to run the Mediterranean port and modernise it, including the development of infrastructure to allow the entry of larger vessels previously unable to access it.

"We are pleased to broaden our long-standing partnership with our valued partner, CMA CGM Group," AD Ports Group chief executive Mohamed Juma Al Shamisi said.

"This strategic agreement reflects the growing international collaboration between our organisations and reinforces AD Ports Group's position as a global enabler of trade."

CMA CGM had operated the port's container terminal since 2009, during the rule of former president Bashar al-Assad, under a previous contract that was renewed several times.