Abu Dhabi is set to buy a stake in a key Turkish port, according to four sources aware of the deal, in a further sign of a rapprochement between the once bitter geopolitical rivals.
Under the potential agreement, state-controlled group AD Ports Group would invest in an entity to be established by the Turkiye 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 finalized.
The size of the stake was not immediately clear but one of the sources said the deal could be valued at about $500 million. The port, owned by Turkiye’s sovereign wealth fund, is an important gateway that is in need of new investment.—Agencies
