Türkiye's talks with state-controlled Abu Dhabi Port (ADP) to establish a joint venture for operating rights of the Aegean port of Izmir are continuing, according to two sources familiar with the matter.
In December, Reuters reported that Abu Dhabi was interested in buying a stake in operating Izmir Port in a possible deal that could be valued at about $500 million.
Changes in regional competition and capacity conditions delayed the closing of the deal, two sources said, adding that negotiations continued to try to finalize it.
"Türkiye 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.
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 Türkiye Wealth Fund (TWF), is among the largest ports in the country 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 Türkiye 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.
