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DP World + Evyap Group partner to boost port management in Turkey: DP World and Turkey’s Evyap Group have entered a strategic merger and formed a joint venture, DP World Evyap, for the management of two major ports in Turkey’s Marmara region, a statement said on Friday. Neither the investment ticket nor the timeline have been revealed.
The breakdown: Under the new venture, DP world will hold a 58% stake in Evyapport, and Evyap Group will absorb a 42% share of DP World Yarimca, according to the statement. The two maritime gateways will be rebranded to DP World Evyap Yarimca and DP World Evyap Körfez to reflect the transition.
What they said: “The new company will shorten operation times, increase service diversity and add value to our customers and Türkiye’s trade with efficiencies achieved across the two partnership terminals,” said Evyap Holding CEO Mehmed Evyap.
Background: Talk of the move between DP World and Evyap first made ink nearly a year ago. The completion of the transaction was contingent upon regulatory approval, which the pair have now obtained from the Turkish Competition Authority.
The UAE ❤️ Turkey: AD Ports Group is also reportedly in talks to acquire a stake in the key Turkish port of Izmir in a USD 500 mn transaction. The agreement could see AD Ports shell out investments in an entity established by Turkey’s sovereign wealth fund to operate the facility. The UAE and Turkey inked a trade agreement last year, as the two countries looked to ramp up bilateral trade and investments.
