Menu

Dogus Group secures €1 billion financing for Istanbul’s new port project

  • Published by Ozgur Tore

galataport

Turkey’s Doğuş Group which is among the historically most successful conglomerates in Turkey, had secured €1.02 billion (US$1.14 billion) in financing from six Turkish banks for a luxury port project near the Galata district of Istanbul along with its project partner, Reuters has reported.

CEO of Doğuş Group Hüsnü Akhan said that Dogus would invest 4.5 billion lira (US$1.5 billion) in the project, which it aimed to complete in the last quarter of 2018. The Peninsula Hotels, operated by Hong Kong and Shanghai Hotels, would invest 500 million lira (US$170 million) in the project.

The Galataport project envisages a new terminal for cruise ships and a luxury hotel in the touristic Karaköy neighborhood near Istanbul’s historic Galata district, the site of Istanbul’s old berths for cruise liners.

Doğuş Holding and its partner Bilgili Holding placed the highest offer for the privatization of the Istanbul Salıpazarı Cruise Port Area project, commonly known as Galataport with a $702 million bid in May 2013, winning the rights to operate the port area in Istanbul’s Karaköy neighborhood for 30 years.

The Istanbul Salıpazarı Port Area has up to 1,200 meters of coastline and covers an area of approximately 100,000 square meters.

It is expected that the number of cruise tourists could increase to 2 million per year, from the current level of around 650,000, after the project is completed.

Advertisement

Most Read in this category since 01.01.2016

Prev Next

Destinations

Best of Greek Islands with Celestyal Cruises

Best of Greek Islands with Celestyal Cruises

In Summer 2016, I had chance to sail to Greek Islands with the Celestyal Cruises. In an organization with Karavan Cruises, travelers enjoyed best of Greek islands with Celestyal and received a compl...

Unique and Luxurious Vacation Destination in Turkey: Cappadocia

Unique and Luxurious Vacation Destination in Turkey: Cappadocia

ftnNEWS would like to present you a unique vacation idea here in Turkey: Cappadocia Region. Located on the central Anatolia plateau within a volcanic landscape sculpted by erosion to form a successi...

Fascinating Tunisia

Fascinating Tunisia

Recently I have visited Tunisia as a familiarization trip organized by the Tunisia Tourism Ministry with the support of Tunis Air. Tunisia is not only a beach holiday destination. It also offers a r...