Skip to content Skip to Search
Skip navigation

Turkey and AD Ports talks continue over port venture

By Pramod Kumar
Izmir Port is one of Turkey's largest in terms of container volume and cargo tonnage Creative Commons
Izmir Port is one of Turkey's largest in terms of container volume and cargo tonnage

Turkey is continuing negotiations with the UAE state-owned Abu Dhabi Ports (AD Ports) to establish a joint venture for the operational rights of the Aegean port of Izmir, a news report said.

Regional competition and changing capacity conditions have delayed the closure of the deal, Reuters reported, quoting two unnamed sources.

Although Ankara explored discussions with other potential buyers, it decided to move forward with AD Ports, a source said.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

Izmir Port, which commenced operations in 1959, needs new funds, another source said.

The port, a Turkish Wealth Fund portfolio company, is one of the country’s largest in terms of container volume and cargo tonnage.

In December 2023, Reuters reported that AD Ports Group intended to invest $500 million in a new company proposed by Turkey’s sovereign wealth fund to run the Aegean coast port of Izmir.

DP World Yarimca Port and Turkey’s Evyap Group signed an agreement in August 2023 to secure supply chain services in the critical Marmara gateway market.

The Turkish government signed a comprehensive economic partnership agreement (Cepa) with the UAE in March last year with bilateral trade, which was $10 billion in 2022, expected to quadruple to $40 billion by 2028.

Latest articles

Saudi hotel llicences. Hajj pilgrims from Indonesia at a hotel in Mecca. Pilgrimages form a large part of Saudi Arabia's tourism goals

Saudi Arabia scraps hotel licence fees to draw investment

Saudi Arabia has removed licensing fees for hotels and resorts in a further effort to increase tourism and improve the kingdom’s investment environment.  The Ministry of Tourism and Ministry of Municipalities and Housing said they would ask hotel establishments to reapply for operating licences online. The decision applies to hotels, hotel apartments and residential resorts.  […]

Mubadala Getir New York

Mubadala applies to take full control of Turkey’s Getir

The Abu Dhabi sovereign wealth fund Mubadala has formally applied to take full control of the Turkish grocery delivery startup Getir. Mubadala had taken a majority controlling stake in the company in June this year as part of a restructuring programme, with a capital injection of $250 million. The filing to take over Getir was […]

PIF spending Yasir Al-Rumayyan

PIF spending to hit $70bn a year early, says IMF

Saudi Arabia’s Public Investment Fund will raise its annual spending to $70 billion in 2025, a year earlier than previously announced, according to an International Monetary Fund official.  PIF’s governor Yasir Al-Rumayyan told a Saudi investment summit in February that the sovereign wealth fund would increase its annual capital spending from around $50 billion a […]