Türkiye’s Albayrak Group expands its port operations to Gambia with $1 billion project

14:10 - 10/07/2024 بدھ
Update: 16:48 - 10/07/2024 بدھ
Yeni Şafak
File photo
File photo

Albayrak Group, a significant player in port operations across Central Africa, is adding another major project to its portfolio. Known for its substantial projects in Somalia, Guinea, and the Congo, Albayrak is now set to build Gambia's largest and most modern port.

Historically, Turkish companies have focused their port operations around the Mediterranean Basin, managing ports from Spain to Montenegro. However, in recent years, there has been a strategic shift towards Sub-Saharan Africa, leading to a series of new agreements. The latest addition to this movement was Yildirim Holding, which entered Africa by taking over Takoradi Port in Ghana. Yet, Albayrak Group remains the most prominent Turkish player in African port operations.

Albayrak Group began its journey in the port sector with Trabzon Port in Türkiye. Soon after, in 2014, they took over the operation of Mogadishu Port in Somalia for 20 years, followed by acquiring the management of Conakry Port in Guinea for 25 years. They initiated a $500 million renovation and expansion investment there. Most recently, Albayrak secured a 25-year deal to manage Pointe-Noire Port in the Congo. Now, the group is turning its attention to Gambia.

Having won a bid last year against major companies from France, Saudi Arabia, and Morocco, Albayrak Group is set to sign an agreement to manage Gambia's most critical port. The project includes the modernization of the existing Banjul Port and the construction of the new Sanyang Deep Sea Port.

Albayrak will invest 20 million euros to upgrade Banjul Port, Gambia’s sole commercial port, ensuring it remains operational while the new Sanyang Port is under construction. The goal is to complete the new port within six years, with a 30-year operation plan in place. The strategic objective is to attract ships that had previously diverted to Senegal due to Gambia's outdated facilities.

The Sanyang Port project will be developed in three phases. It aims to handle container terminal operations, general cargo, Ro-Ro, dry bulk, and liquid bulk operations. Initially, Banjul Port will undergo rehabilitation until Sanyang Port becomes operational. Post-completion, the Banjul port area will be repurposed for real estate development. The Sanyang Port project will be constructed in three stages, with investments of 253 million euros in the first five years, 145 million euros between 2029 and 2038, and 207 million euros from 2039 to 2053, totaling 605 million euros. The final investment is expected to reach 850 million euros, potentially hitting the 1 billion dollar mark.

Once Banjul Port ceases operations in six years, a new urban area will emerge on the approximately 100,000 square meter site. This development will include a vibrant community with restaurants, museums, and other social amenities, making it Gambia’s most luxurious and modern project.

Albayrak’s ambitions in Gambia also reflect its successful initiatives in Guinea. In Guinea, besides port management, Albayrak operates in sanitation, solid waste management, public transportation, construction, and agriculture. They aim to bring similar multifaceted development to Gambia, creating a new ecosystem that supports local production and various sectors.

Albayrak Group's comprehensive approach to port operations in Gambia promises to revolutionize the country's maritime infrastructure while fostering economic growth and development across multiple sectors.

#Albayrak Group
#Central Africa
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