Logistics Turkey and AD Ports talks continue over port venture By Pramod Kumar August 13, 2024, 5:13 AM 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. NewsletterGet 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. AD Ports JV buys 95% stake in Tanzania’s port operator AD Ports Q1 revenue doubles on robust business growth AD Ports to build and operate Red Sea ports 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.
