According to local sources, Do?u? Holding has placed the highest offer for the privatization of the Istanbul Sal?pazar? Port Area, commonly known as Galataport, with a $702 million bid, winning the right to operate the port area for 30 years.

The deadline to submit bids for the privatization of the Istanbul Sal?pazar? Port Area ended on April 30.

According to the Turkish Privatization Authority, five consortia submitted bids for the Istanbul Sal?pazar? Port Area, originally owned by Turkey's Maritime Organization (TDI), including:

• Do?u? Holding,
• Alsim Alarko,
• Polimeks-Folkart-Sembol consortium,
• Torunlar, and
• Global Yat?r?m Holding-Özak REIT-Delta ?n?aat

Alsim Alarko and the consortium of Global Yat?r?m Holding-Özak REIT-Delta ?n?aat, the other two bidders shortlisted to participate in the bargaining process, abandoned the tender even though Do?u? increased the initial amount by just $1 million from $701 million.

Do?u? Holding estimated an investment cost of between $350 million and $400 million for the project that will comprise a cruise port, shopping malls and office areas.

Do?u? Group is one of largest conglomerates in Turkey. It is active in eight core businesses: financial services, automotive, construction, media, tourism and services, real estate, energy and entertainment.

The Port is located in Karaköy, one of the oldest port districts of Istanbul. The Istanbul Sal?pazar? Port Area has up to 1,200 meters of coastline and covers an area of approximately 100,000 square meters.

The Port is one of the top 10 cruise ports in Europe in terms of number of passengers, with 600,000 passengers annually.