First hurdle clear on road to Galataport privatization

ANKARA

The High Privatization Board (ÖYK) has approved the public works plan for the Istanbul Galataport project.

The High Privatization Board (ÖYK) has approved the public works plan for the Galataport project, or the Salıpazarı Cruise Port, in Istanbul.

The approval was announced in the Official Gazette yesterday, and is seen as a very important step in the eventual privatization of Galataport. The area in question includes a cruise port, a recreation area, and a social-cultural facility. Following the approval, the plan has been sent to the Istanbul Municipality and Beyoğlu Municipality Headquarters. Galataport is located in the Beyoğlu district of Istanbul.

In June 2012 the head of the Privatization Administration (ÖİB) Ahmet Aksu had said that the privatization of Galataport, Derince port, Tekirdağ port and İzmir port would take place this year. Speaking to Anatolia news agency at the time, Aksu also said Galataport would become an important area in both Turkey and Europe in terms of drawing visitors.

The Galataport project includes the construction and 49-year operation of hotels, shopping malls, cinemas and entertainment centers in the Karaköy-Salıpazarı quarter.