Turkey and Abu Dhabi Port's Joint Venture Negotiations Continue for Izmir Port

Turkey and Abu Dhabi Port are engaged in discussions to form a joint venture for the operating rights of Izmir Port. The $500 million deal has been delayed due to regional competition. However, negotiations are ongoing, with the Turkish Wealth Fund aiming to add value to the port.

Turkey is currently engaged in talks with state-controlled Abu Dhabi Port (ADP) to establish a joint venture that would secure operating rights for the Aegean port of Izmir, according to sources familiar with the discussions.

In December, Reuters revealed that Abu Dhabi was looking into acquiring a stake to operate Izmir Port, in a prospective deal valued at approximately $500 million. Changes in regional competition and capacity conditions have postponed the finalization of the agreement, sources said, while negotiations persist to finalize the deal.

The Turkish Wealth Fund (TWF), which holds Izmir Port in its portfolio, noted in a statement that it aims to generate added value for the country through the port. Izmir Port, one of Turkey's largest in terms of container volume and cargo tonnage, requires investment to bolster its strong logistic connections. ADP has yet to comment on the matter.

(With inputs from agencies.)