Emirati Port Operators Expand Footprint in Lattakia and Tartous Ports

On November 6, AD Ports Group, a UAE-based logistics and port operator, announced that it had signed a shareholder agreement with France’s CMA CGM to acquire a 20 percent stake in the Lattakia International Container Terminal (LICT) for AED 81 million (around USD 22 million). The deal values LICT at some USD 110 million. The agreement was signed in Abu Dhabi by the CEO of AD Ports Group, Mohamed Juma Al Shamisi, and the CEO of CMA CGM, Rodolphe Saadé. This acquisition marks the second investment by an Emirati company in Syria’s port sector following the takeover of DP World in Tartous Port earlier this year.