Doha: Syria's General Authority for Land and Maritime Ports signed on Thursday a 30-year investment contract with French shipping giant CMA CGM to develop and operate the Latakia Port. The deal was formalized in the presence of Syrian President Ahmad Al-Shara at the People's Palace in Damascus.

According to Qatar News Agency, the French company is committed to investing 230 million Euros into the project, beginning with 30 million Euros in the first year and an additional 200 million Euros over the subsequent four years. The project encompasses the construction of a 1.5-kilometer-long, 17-meter-deep quay, which will allow the port to accommodate large container ships and enhance its operational capacity. Additionally, the plan includes upgrading the port's infrastructure and equipping it with modern technology to meet international standards.

CMA CGM, headquartered in Marseille, is renowned as one of the largest shipping companies globally, managing container terminals in numerous ports around the world. The economic impact of this project is anticipated to become apparent after five years, once the development and expansion phase is complete.