Port operator DP World intends to increase its capacity in Turkey's western Yarimca port by 30% with $50 million investment by Q2 2020, its Turkish unit's chief executive Kris Adams said.
Speaking to reporters in Istanbul, Adams also said that DP World is also in the market for acquisition of other Turkish assets but is waiting for the right price.
"We would be willing to look at acquisitions in the Turkish market if opportunities arise," Adams told reporters.
"There are local players that are willing to exit the industry but they are still working with very high multiples. That just doesn't work in today's environment."
According to the company's website DP World Yarimca, an investment worth about $550 million, is one of the largest container terminals in the Izmit Gulf, located in the north western Turkish province of Kocaeli.
Reporting by Ceyda Caglayan