Home UAE Abu Dhabi Abu Dhabi in talks with TWF for $500m Izmir Port deal: Reports Izmir Port, part of the the Turkish Wealth Fund portfolio, is among the largest ports in Turkey in terms of container volume by Reuters August 13, 2024 Image credit: Getty Images Turkey’s talks with state-controlled Abu Dhabi Port (ADP) to set up a joint venture for operating rights of the Aegean port of Izmir are continuing, two sources familiar with the matter told Reuters. In December, Reuters reported that Abu Dhabi was interested in buying a stake to operate Izmir Port, in a possible deal that could be valued at about $500m. Changes in regional competition and capacity conditions delayed the closing of the deal, two sources said, adding that negotiations continued to try to finalise it. “Turkey conducted talks with other potential buyers but decided to advance with ADP. Changing competition and capacity conditions delayed the final agreement. Negotiations continue,” the source said. Izmir The second source said Izmir Port, which launched its operations in 1959, had strong logistic connections but needed investment. Izmir Port, which is in the portfolio of the Turkish Wealth Fund (TWF), is among the largest ports in Turkey in terms of container volume and cargo tonnage. The TWF said in a written response to Reuters questions that it wanted to create added value for the country and the port. “As the Turkey Wealth Fund, we continue our work for the potential benefit of our country, in line with our goal of creating the highest added value for our country and Izmir Port and increasing the value of our assets,” it said. ADP was not immediately available for comment. Read: GCC countries to begin free trade pact negotiations with Turkey Tags Abu Dhabi Abu Dhabi Port (ADP) Izmir Turkey Turkish Wealth Fund (TWF) You might also like Taxi-sharing pilot service launches between Dubai, Abu Dhabi Path to Forward: ADGM reveals its new brand Covestro likely to recommend ADNOC takeover offer, trims profit target Abu Dhabi firm to launch tokenised US Treasuries fund