The United Arab Emirates' $500 million investment plan in the port of Izmir has sparked controversy among local investors. Sources told Reuters that negotiations are still ongoing.
The United Arab Emirates' $500 million share purchase plan for the Port of Izmir has sparked controversy among local investors and experts.
According to Reuters, the talks between the two sides cover the agreement for the operation rights of the port. The value of this deal is estimated at around $500 million.
Last December, there were reports that Abu Dhabi Port (ADP) was considering a share in Izmir Port and that this investment could reach $ 500 million. However, changes in regional competition and capacity conditions delayed the closing of the agreement. Two sources said the talks were still ongoing.
A source said Turkey has also met with other potential buyers, but has decided to move forward with the ADP. He stressed that the changing conditions of competition and capacity delayed the finalization of the agreement.
The second source stated that İzmir Port was put into operation in 1959 and that it had strong logistics connections but needed investment. The Port of Izmir is in the portfolio of the Turkish Wealth Fund (TVF) and is among the largest ports in Turkey in terms of container volume and cargo tonnage.
⁇ As the Turkish Wealth Fund, we continue to work in line with our goal of providing the highest added value for our country and the Port of Izmir and increasing the value of our assets. ⁇
from Economist.com
