AD Ports Group is reportedly in talks to acquire a stake in Turkey’s Izmir Port

AD Ports to buy stake at Turkey’s Izmir Port:AD Ports Group is in talks to acquire a stake in the key Turkish port of Izmir in a USD 500 mn transaction, Reuters reports, citing sources with knowledge of the transaction.

What we know: The agreement will see AD Ports shell out investments in an entity established by Turkey’s sovereign wealth fund, the Turkish Wealth Fund (TWF) to operate the facility, sources told the newswire. Details of the arrangement are yet to be finalized, but TWF-owned Izmir Port is in need of investments and Turkey is looking for FDI to shore up its economy, Reuters said.

Background: UAE and Turkey inked a freetrade agreement in March, as the two countries look to ramp up bilateral trade and investments, Reuters reported. August also saw Dubai-based port operator DP World snap up a 58% stake in Turkey’s Evyap Port.