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Turkey’s Iskenderun will get a facelift: Oman’s sovereign wealth fund Oman Investment Authority (OIA) and Turkey’s largest private fund Oyak will launch a USD 500 mn investment fund for strategic investments including port development, according to a statement published on Friday. The first investment earmarked by the joint investment fund will be the development of a container terminal in Turkey’s Iskenderun — dubbed Guney Koyteyner Port. The exact investment figure and timeline for the project have not been disclosed.
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About the port: Iskenderun port — located in the southern province of Hatay — halted operations in February last year after severe earthquakes hit the region and caused a fire to break out at the port, engulfing hundreds of shipping containers. Shipping firms relaunched regular service calls from the port in March 2023, and quays were reopened for service in April, with 80% of the port’s pre-earthquake capacity reached by last December, Iskenderun Port general manager Gunduz Arisoy told Anadolu Agency at the time. Repairs on the port will continue into next year, as the port authority aims to exceed its “former capacity, even surpass it,” looking to boost its “capacity by approximately 30%” by 2026, Arisoy added.
Expect more logistics investments: “Increasing our revenue from abroad by seizing the [avenues] for growth and expanding into new markets and increasing our country’s ratio of exports are among our priorities,” Oyak general manager Süleyman Savaş Erdem said in the statement.
OIA’s been busy: The agreement is OIA’s ninth partnership with sovereign wealth funds, building on its work with Saudi Arabia, Qatar, Spain, Brunei, Vietnam, Uzbekistan, Pakistan and India. The OIA was also reportedly weighing plans for an IPO of logistics firm Asyad Group back in March.
Oyak is looking to capitalize on localized expertise from Oman, according to a statement. Under the agreement, the pair will look to invest into a range of key sectors, including manufacturing, logistics, chemicals, agriculture, metals, agriculture and energy.
