AD Ports-Turkish wealth fund alliance targets logistics projects
UAE-based port operator Abu Dhabi Ports (AD Ports) has signed a strategic partnership agreement with Turkey’s sovereign wealth fund Türkiye Varlık Fonu (TVF) to collaborate on major investment projects within Turkey.
Under the agreement, AD Ports and TVF will join forces on major investment opportunities for port development and operations.
The partnership will also see the parties coordinate efforts to examine other logistics-related investment projects in Turkey.
Additionally, AD Ports and TVF will establish a joint steering committee to assess all investment opportunities and foster trade ties between the two parties.
With this agreement, AD Ports expects to strengthen its position as a leading integrated ports and logistics entity in the region as well as increase trade between the UAE and Turkey.
The agreement was signed in the presence of the Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan. CEOs of AD Ports Group and TVF signed the agreement during the ceremony held in Turkey.
“Turkey offers a broad range of important and attractive investments for AD Ports Group, and we believe Turkiye Varlik Fonu will be an ideal partner to help implement our ambitious plans”, said Mohamed Juma Al Shamsi, CEO of AD Ports Group.
“This long-term agreement factors into our global strategy to reimagine world trade and logistics, under the guidance of our wise leadership”.
“Turkey has a number of world-class port assets, and collaboration with AD Ports Group will help raise the range of services and quality of infrastructure to the next level”, added Salim Arda Ermut, CEO of TVF.
Apart from Turkey, AD Ports Group is expanding its global footprint by signing strategic collaboration agreements with leading organisations in Jordan, Iraq and Egypt.