Turkey is engaged in discussions with the state-controlled Abu Dhabi Port to set up a joint venture for operating rights of the Aegean port of Izmir, reports Reuters.
Izmir Port & Valuation
Abu Dhabi was interested in buying a stake to operate Izmir Port, in a possible deal that could be valued at about $500 million.
Changes in regional competition and capacity conditions have caused delays in finalizing the agreement.
“Turkey conducted talks with other potential buyers but decided to advance with ADP. Changing competition and capacity conditions delayed the final agreement. Negotiations continue,” the source said.
Izmir Port, operational since 1959, boasts strong logistic connections but requires investment to enhance its capabilities, according to a second source.
Turkey Wealth Fund & Investment
Izmir Port, which is in the portfolio of the Turkish Wealth Fund (TWF), is among the largest ports in Turkey in terms of container volume and cargo tonnage.
The Turkish Wealth Fund (TWF), which includes Izmir Port in its portfolio, aims to create added value for the country and the port.
“As the Turkey Wealth Fund, we continue our work for the potential benefit of our country, in line with our goal of creating the highest added value for our country and Izmir Port and increasing the value of our assets,” it said.
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Source: Reuters
