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March 1, 2024

Abu Dhabi to ‘buy’ stake in key Turkish port: Reuters

Abu Dhabi is set to buy a stake in a key Turkish port, according to four sources aware of the deal.

Under the potential agreement, state-controlled group ADPorts Group would invest in an entity to be established by the Turkey Wealth Fund to run the Aegean coast port of Izmir, said two of the sources.

The sources requested anonymity to discuss details of the deal that has yet to be finalised.

The size of the stake was not immediately clear but one of the sources said the deal could be valued at about $500m.

The port, owned by Turkey’s sovereign wealth fund, is an important gateway that is in need of new investment.

An official for the Turkey Wealth Fund declined to comment. AD Ports didn’t immediately respond to a request for comment while ADQ, the emirate’s sovereign wealth fund and majority owner of the ports group, wasn’t available for comment.

Ports play a key role in the strategic shift in global manufacturing. Weaknesses in supply chains exposed by the COVID 19 pandemic and heightened geopolitical tensions are spurring a shake-up as companies seek to bring production closer to the point of sales.