At a recent meeting between the General Authority for Land and Maritime Border Crossings and CMA CGM, both sides—represented by Qutaiba Badawi for Syria and Joseph Dakkak for the French firm—agreed to settle outstanding financial obligations and establish a new operational framework.

This follows an agreement signed in October 2024 between the now-deposed Assad-led Syrian government and the French company, in which CMA CGM secured a 30-year contract, according to sources speaking with us.

The new Syrian authorities and CMA CGM sought to eliminate a clause that would have granted Iran a share of the port's revenues.

With Karam Shaar Advidry Ltd, we were the first to report on this in Syria in Figures 

To give a bit of context, the Latakia Port serves as Syria’s main maritime gateway and has long been a point of contention.

Previously, Iran had sought control over the Latakia International Container Terminal (LICT) to expand its Mediterranean presence and secure financial returns on its support for the Assad regime. However, despite Assad’s close ties with Iran, the Syrian government consistently opted to maintain CMA CGM’s management.

This decision was influenced by:

• Concerns over potential Israeli airstrikes targeting Iranian-linked operations at the port.

• The risk of escalated Western sanctions if Iran took control.

• CMA CGM’s ability to operate under sanctions and maintain trade links despite the conflict.

At the time, leaked documents suggest that while Iran did not secure direct control, it may have been granted a share of port revenues as part of Syria’s debt repayment strategy—something that both sides (Syria and CMA-CGM) surely sought to erase during their negotiations today.

Despite a 75% decline in Latakia’s port activity since 2009, CMA-CGM's bet in Syria is a good one. The company’s close ties to the French government and the Saadé family’s origins in Latakia may also have contributed to its sustained interest throughout the conflict—despite the security and economic risks.

With Syria entering a new political phase following the fall of the Assad regime on December 8, 2024, CMA CGM’s renewed contract is a significant strategic move. The company is well-positioned to benefit from Syria’s reintegration into global trade and its economic recovery.