Turkey’s negotiations with state-controlled Abu Dhabi Port (ADP) to form a joint venture for managing Izmir Port are ongoing, as reported by two sources familiar with the matter to Reuters.
Reuters had previously reported in December that Abu Dhabi was interested in acquiring a stake to operate Izmir Port, with the potential deal valued at approximately $500M.
The finalization of the deal has been delayed due to shifts in regional competition and capacity conditions. Despite these delays, negotiations are continuing in an effort to complete the agreement.
“One source revealed that Turkey had considered other potential buyers but decided to move forward with ADP. Changes in competition and capacity have postponed the final deal, but talks are still in progress,” the source stated.
According to another source, Izmir Port, which has been operational since 1959, has strong logistical connections but requires investment.
Izmir Port, which is managed by the Turkish Wealth Fund (TWF), is among the largest ports in Turkey by container volume and cargo tonnage.
The TWF responded to Reuters, stating its aim to enhance value for both Turkey and Izmir Port.
“As the Turkey Wealth Fund, we are dedicated to maximising value for our country and Izmir Port while improving the value of our assets,” it said.
ADP was not available for immediate comment.
