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Abu Dhabi buys a good part of the port of Izmir. The agreement with Turkey is worth 500 million dollars

2023-12-20 11:01:49Biznes SHKRUAR NGA REDAKSIA VOX

Abu Dhabi buys a good part of the port of Izmir. The agreement with Turkey is

Major shares in the Turkish port of Izmir are to be bought by Abu Dhabi, in another sign of rapprochement between the former geopolitical rivals. State-controlled AD Ports Group will invest in an entity set up by Turkey's Wealth Fund to manage the port. According to reports, the value of the deal could reach 500 million dollars, as Ankara is "starved" for investment after years of unorthodox economic policies, which sent inflation soaring and the local currency in free fall.

Ports play a key role in the strategic shift in global manufacturing. Weaknesses in supply chains recorded amid the pandemic and rising geopolitical tensions are changing the game as companies try to bring production closer to the point of sale.

Turkey, meanwhile, hopes an aggressive rate hike cycle that began in June will lure investors back after years of backsliding. In this context, Turkish President Erdoğan met again with the President of the United Arab Emirates, Sheikh Mohammed bin Zayed, within the framework of the UN climate summit held in

Turkey and the United Arab Emirates began improving relations two years ago after a bitter rivalry fueled largely by ideological differences that pushed the two regional powers to support opposing camps on the geopolitical chessboard of the Middle East and North Africa. UAE officials have since said they see huge investment opportunities in Turkey, from energy to logistics.

State-owned port giant DP World, which operates in 73 countries, bought a majority stake in a Turkish port earlier this year as the UAE and Turkey signed a free trade deal in May.

The two sides finally reached a series of deals worth more than $50 billion in July after Turkish President Erdogan visited the Gulf countries in a bid to revive the country's economy. Qatar, Saudi Arabia and the United Arab Emirates then breathed life into the faltering Turkish economy, with both sides deepening cooperation in energy, transport, infrastructure, the defense industry and artificial intelligence.

As Ankara seeks funding and investment from the energy-rich Gulf states, the oil-producing monarchies hope that Turkey's industrial might can help them diversify their economies away from the energy sector.


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