Global ports operator DP World and Evyap Group have merged their Turkish operations to create a logistics business aimed at boosting trade in the country whose economy is expected to stabilise
The new company, DP World Evyap, will give the Dubai-based ports operator a 58 per cent stake in Evyapport while Evyap Group will get a 42 per cent share of DP World Yarimca.
Evyaport operates in the Izmit Bay of Izmit province while DP World Yarimca is one of the largest container terminals in Turkey.
The rebranding will also introduce DP World Evyap Yarimca and DP World Evyap Korfez as the new names for the maritime centres.
Plans to form a strategic equity partnership between the companies were first revealed in August last year.
DP World Evyap will have a combined 2,088 metres of berthing space, with total annual container handling capacity expected to exceed two million twenty-foot equivalent units (TEUs).
It is also expected to shorten operation times as DP World Evyap will gain access to advanced road and rail links.
“DP World’s vision is to lead global trade to a stronger, more efficient and sustainable future,” Sultan bin Sulayem, group chairman and chief executive of DP World Group, said on Friday.
“Our strategic partnership with Evyapport advances this strategy in Turkey.”
The merger will bring “enhanced end-to-end solutions to our customers and the many benefits in speed and efficiency”, he added.
The shipping sector is key to Turkey's economy, which has faced a number of challenges, most notably chronic inflation, after years of unorthodox policies.
However, the economy is gaining some momentum.
S&P Global Ratings upgraded Turkey's credit rating outlook in May, citing the government's strategy of taking a more rebalanced approach to generate confidence in its economy.
Investor confidence in the country is also projected to grow after the Financial Action Task Force last month removed Turkey from its “grey list” of countries that face tighter monitoring for money laundering and terrorism financing.
Turkey's shipping sector has undergone a “significant transformation in recent years, positioning itself more effectively on the global stage”, Cihan Ergenc, president of the Turkish Shipowner’s Association, wrote in the organisation's most recent annual outlook report.
Turkey's shipping industry posted a 67 per cent growth over 2022 and 2023. The industry has continued to invest in areas such as shipbuilding, fleet management and port services to enhance its competitiveness, he said.
Meanwhile, DP World has continued to expand its footprint globally. In June, it completed a $400 million expansion project at the Port of Callao in Peru as part of its efforts to increase capacity across Latin America.
In May, DP World and the Saudi Ports Authority began construction of a logistics park in the coastal city of Jeddah, which is expected to grow the kingdom as a crucial trade centre in the Middle East.
The latest merger is expected to “bring significant economic benefits to Turkey and the wider region”, said Kris Adams, chief executive of DP World Turkey.
UAE currency: the story behind the money in your pockets
What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
