Dubai World Ports on Tuesday announced its acquisition of a 58 percent stake in Turkey’s Evyap Port, situated in western Kocaeli province, the Al Bawaba news website reported.
The transaction follows an agreement between Dubai World Ports and Turkey’s Evyap group, leading to a mutual exchange of shares involving DP World’s Yarımca Port and Evyap’s port facilities. As part of the deal, Evyap will acquire a 42 percent stake in DP World Yarımca Port in Turkey. The merged entity resulting from the agreement will be named DP World Evyap.
Evyap Port in Kocaeli has an annual capacity for handling 855,000 twenty-foot equivalent units (TEUs), 1.12 million tons of liquid goods and 500,000 tons of general cargo. This acquisition is part of Dubai World Ports’ broader strategy to expand its global footprint, with investments reaching approximately $65 billion as of 2022, according to Sultan Ahmed bin Sulayem, the company’s chairman who spoke to Al Bawaba.
Additionally, Dubai World Ports has applied for a controlling stake in Evyap Deniz, the company that operates Evyap Port, Bloomberg reported.
The acquisition comes as DP World has aggressively invested over $20 billion in the past decade in various sectors, including ports, terminals, logistics, free zones, maritime services and technology-driven commercial solutions. This latest venture further solidifies DP World’s ambitions to be a leading player in global supply chain solutions.