Equatorial Guinea has transferred the operation of its Malabo and Bata Ports to the Turkish Albayrak Group after two years of negotiations. This 25-year agreement follows Albayrak’s successful port investments in Africa and aims to modernize port operations in Equatorial Guinea, which is now one of eight African countries where the group operates.
Following extensive negotiations spanning two years, Equatorial Guinea has formalized a significant cooperation agreement with the Albayrak Group to manage its ports. On November 13, a ceremony in Malabo marked the transition of the operation of both Malabo and Bata Ports to the Albayrak Group, a prominent Turkish investment body known for its expansion across Africa. Their first major endeavor in the continent commenced with the Port of Mogadishu in 2014, and they have since successfully acquired management rights in several African nations.
The agreement enables Albayrak Group to modernize and operate the Malabo and Bata Ports for a duration of 25 years, establishing them as pivotal players in Equatorial Guinea’s maritime sector. A host of dignitaries attended the signing ceremony, including Albayrak Group Chairman Ahmet Albayrak and Turkish Ambassador to Equatorial Guinea, Ahmet Ergin. The Equatorial Guinea delegation consisted of high-ranking officials such as Prime Minister Manuel Osa Nsue Nsua and the Ministers of Transport and Finance.
Albayrak Group’s portfolio has grown remarkably in Africa, with operational rights extending across eight countries, including Somalia, Guinea, and the Republic of Congo. This global expansion is underscored by their commitment towards improving local infrastructure and services in the various regions where they operate, bolstering economic growth and regional development. Albayrak’s increasing presence signifies a broader trend of Turkish investments across Africa and highlights their strategic approach in engaging with regional partners.
The Albayrak Group, established in Turkey and recognized for its diverse business ventures, has concentrated its efforts on expanding its investments in Africa significantly over the past decade. The successful acquisition of port management and operations across multiple African nations exemplifies their commitment to enhancing regional transportation infrastructure. The recent agreement with Equatorial Guinea represents a notable milestone in a series of strategic investments designed to cement the Albayrak Group’s influence in the maritime sector throughout the continent.
In conclusion, the recent signing of a cooperation agreement between Equatorial Guinea and the Albayrak Group marks a pivotal development in enhancing the operational efficiency of the Malabo and Bata Ports. This agreement not only solidifies Albayrak’s position as a leader in port management across Africa but also reflects Turkey’s increasing investments in the continent. Moving forward, the collaboration promises to contribute significantly to Equatorial Guinea’s economic development and integration into the regional maritime network.
Original Source: www.azernews.az
