2023-12-17 11:41:44
ISTANBUL, Dec 17 (Archyde.com) – Abu Dhabi is close to acquiring a stake in a major Turkish seaport, according to four sources familiar with the matter, in a further sign of rapprochement between the former geopolitical rivals .
Under the potential deal, state-owned AD Ports Group would invest in an entity created by the Turkey Wealth Fund to manage the coastal port of Izmir, two sources said.
The sources requested anonymity as the deal has not yet been finalized.
The amount of the stake was not immediately specified, but one of the sources said the deal might be worth around $500 million.
An official at the Turkey Wealth Fund declined to comment. AD Ports did not immediately respond to a request for comment and ADQ, the emirate’s sovereign wealth fund and majority owner of the port group, was not available for comment.
The planned transaction comes as the Turkish government seeks foreign investment following years of economic policies that resulted in higher inflation and a plunging currency.
Turkish President RecepTayyip Erdogan met with UAE President Sheikh Mohamed bin Zayed Al Nahyan on the sidelines of the UN COP28 climate summit held in Dubai earlier this month. The ADQ is chaired by the national security adviser, Sheikh Tahnoun bin Zayed Al Nahyan, brother of Sheikh Mohamed.
The United Arab Emirates and Turkey signed a free trade agreement in May aimed at facilitating investment.
The two countries concluded a series of deals worth more than $50 billion in July, which saw the Turkish president visit Gulf countries in a bid to revive the economy. (Additional reporting Birsen Altayli; French version Elizabeth Pineau)
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