Dubai: Dubai’s DP World and Turkey’s Evyap Group have forged a strategic equity partnership between DP World Yarimca Port and Evyap Port.
Once finalized, DP World will hold 58 per cent of Evyap Port, while Evyap Group will possess 42 per cent of DP World Yarimca. The combined entity will be known as DP World Evyap Port, pending regulatory approvals.
“The partnership aims at enhancing and growing trade infrastructure by focusing on improving container port facilities and enhancing efficiencies in the key Marmara gateway market,” the companies said in a joint statement on Tuesday.
Key driver of trade
Earlier this year, the Dubai-based ports and logistics operator said that the Comprehensive Economic Partnership Agreement between the UAE and Turkey will unlock the massive economic potential of the latter as a global trade hub. DP World said it was confident the agreement can deliver on its aim to increase trade between Turkey and the UAE to $40 billion in the next five years.
Over the past two decades, DP World has been a key driver of UAE – Turkey trade. Jebel Ali port accounted for 93.25 per cent of the total $8.9 billion of trade in 2020 between Turkey and the UAE, assisted by significant investments at DP World’s intermodal facility in Yarimca.
The DP World Yarimca container terminal in the İzmit Gulf is one of the largest in the country with an annual capacity of 1.15 million TEU and is one of the few facilities in the country that is capable of berthing the world’s largest container ships. The business also offers logistics and supply chain solutions to customers through a new entity, DP World Logistics, which was established in Turkey in 2022.