Abu Dhabi Ports is continuing negotiations to buy a stake in the operation of Izmir Port in a deal worth around $500 million.
Türkiye continues talks with company Abu Dhabi Ports “Abu Dhabi Ports”, regarding a deal to establish a joint venture, which will manage and operate Izmir Port “Port of İzmir,” located on the Aegean Sea, Reuters reported, citing two sources familiar with the details.
The deal to operate and expand the port of Izmir, in cooperation with…Abu Dhabi Ports, part of a broader economic strategy by the Turkish government in an attempt to boost foreign investment, since President Erdogan’s election victory last year.
The deal was delayed due to changes in competitive conditions in the region.
The two sources confirmed on Monday that the deal was delayed due to changes in competitive conditions in the region, but negotiations are still ongoing with the aim of reaching a final agreement.
Last December, Reuters reported thatAbu Dhabi Ports, is interested in buying a stake in the operation of Izmir Port in a deal that could be worth around $500 million.
Türkiye prefers Abu Dhabi ports
One of the sources said that Turkey had opened talks with other potential buyers, but chose to continue with Abu Dhabi Ports.
The second source pointed out that Izmir Port, which began operations in 1959, has strong logistics capabilities, but needs investments.
Izmir Port is one of the largest ports in Türkiye.
Izmir Port, one of the largest ports in Turkey in terms of container volume and cargo tonnage, is part of the Turkish Wealth Fund portfolio and is managed by the national railway company.
According to the latest official data, Izmir Port handles up to 1.2 million twenty-foot equivalent units (TEU) of container cargo and 1.4 million tons of general dry and bulk cargo annually.
In response to Reuters inquiries, the Turkish Wealth Fund confirmed that it seeks to create added value for the country and the port.
“As the sovereign wealth fund of Turkey, we continue to work to achieve potential benefits for our country in line with our goal of increasing the value of our assets, and the Port of Izmir,” the fund said in a statement.
