Syria signs 30-year port deal with shipping giant

Syria signed a 30-year contract with French shipping giant CMA CGM to develop and run the port of Latakia, during a ceremony in Damascus. "Operational revenues will be divided between CMA CGM and the Syrian state, with 60 percent for the Syrian state and 40 percent for the company," said port director Ahmed Mustafa. Latakia port is Syria's main maritime gateway. CMA CGM began managing Latakia's container terminal in 2009.