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Port operator DP World has signed a US$105mn agreement to buy a greenfield coastal site at Yarimca, Turkey, which the company will develop into a new container terminal.
The 48ha site, on the Sea of Marmara, will enable the Dubai-based operator to build and operate a 1m + TEU terminal with a planned quay length of more than 1,200m.
“This is our first investment in Turkey and I am delighted to announce the acquisition. The new terminal at Yarimca will give us an important platform to expand our operations in Eastern Europe,” says Mohammad Sharaf, CEO of DP World.
“The development is a strong fit with our strategy of investing in developing markets in Europe and Asia. We already have a successful operation at Constanta on the Black Sea and we will continue to identify opportunities in the region that will enable us to grow our network profitably and serve the needs of our customers,” Sharaf adds.
Subject to final approvals from local and national governments, DP World has agreed to acquire the existing site from Turkish steel producer Erdemir and expects to start development of the site in 2006.
The terminal should be up and running in early 2008 and will be the first in Turkey to be wholly owned by an international operator.
The move into Turkey is in accordance with DP World’s strategy of investing in growth markets such as Eastern Europe and China.
Turkey is a country of considerable economic growth and its infrastructure such as ports will play a crucial part in sustaining its development. Foreign trade with Turkey is growing at an annual rate of 30% with average annual GDP growth of 7.1% since 1999.