Gambiaj.com – (BANJUL, The Gambia) – Turkiye’s Albayrak Group, a significant player in port operations, has begun operating a project portfolio estimated at about one billion euros in The Gambia, where the company will build the largest and most modern port of the country in Sanyang.

Having won a bid last year against major companies from France, Saudi Arabia, and Morocco, Albayrak Group signed a concession agreement on Thursday to manage the Gambia’s most critical port. The project includes the modernization of the existing Banjul Port and the construction of the new Sanyang 12 m deep sea port. A ceremony was held at the Sir Dawda Jawara Conference Center to grace the occasion.

The Minister for Transport, Works and Infrastructure, Honorable Ebrima Sillah has described the Banjul Ports Concession project as the biggest foreign direct investments in the annals of Gambian history. According Mr. Sillah, the concession project will foster efficiency in port management and all other services within the port ecosystem. It will also provide quicker delivery of goods and services, significantly improving the operational turnaround time for doing business at the Gambian port.

What We Know So Far

The concession contract signing ceremony, held last week Tuesday, was attended by Albayrak Holding’s Vice Chairman of the Board, Nuri Albayrak, Deputy General Manager for Business Development, Salih Levent Kaçar, Legal Advisor, Adnan Üçcan, Türkiye’s Ambassador to The Gambia, Türker Oba, and other company representatives. On the Gambian side, the Minister of Transport, Ebrima Sillah, the Minister of Finance, Seedy Keita, and the Managing Director of the Gambia Ports Authority, Ousmane Jobarteh, were present.

The collaborative model with Albayrak follows a grantor-shareholder agreement, where the government and GPA act as both landlord and shareholder in the concession.

The government of The Gambia and GPA will receive payments from the gross revenue for both Banjul and Sanyang. These payments will come in the form of dividends as a shareholder, and all staff involved in the operations will be maintained. The Basse and Kaur Inland Ports and logistics platforms will also be developed as part of the project.

Meanwhile, the government of The Gambia, through GPA, has begun a six-month time span to negotiate with Albayrak on the shareholder agreement. This includes addressing details regarding the number of seats GPA will occupy on the board of directors, the management positions available to Gambians and GPA employees, and other staffing considerations.

In fact, key members of the Board of Directors of the Gambia Ports Authority, under the stewardship of Matarr Cesay of the Ministry of Transports, were last week on a five day visit to Ghana to study best practices on operations, knowledge, and decision-making processes in managing port concessions and landlord responsibilities from the Ghana Ports and Harbours Authority.

Primarily, 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 Sanyang 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.

Yunus Yılmaz, General Manager of Albayrak Construction, said, “An initial €605 million investment will be carried out in three phases. The rehabilitation and modernization of the Banjul port will quickly increase its capacity and efficiency, adequately and effectively handling current cargo traffic. This first phase investment will be completed within the first year.”

The agreement also includes plans to improve the efficiency and capacity of the port, ultimately boosting Gambia’s economy and creating job opportunities for the local community. The new Sanyang Deep Sea Port is expected to enjoy cutting edge technologies from the very start for enhanced, seamless operations at the ports and accommodate larger vessels to increase trade volume, positioning Gambia as a key player in the region’s maritime industry.

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.

The ambitious Banjul real estate component

Initially, Banjul Port will undergo an indispensable rehabilitation journey until Sanyang Port becomes fully operational. Albayrak Group has already started the demolition of critical structures impending the decongestion of the port in Banjul.

Meanwhile, The Gambia Journal has reliably learned that post-completion, an important space from the Banjul port area will be repurposed for real estate development. An investment of €585 million will be allocated for this purpose.

The Gambia Journal has specifically learned that the plan is for Banjul Port to sustain minimal and essential operations in six years once the Sanyang Port becomes fully operational. At that point, a new urban area will emerge from the approximately 100,000 square meter current GPA landscape in Banjul. This development will include a vibrant community with restaurants, museums, and other social amenities, making it Gambia’s most luxurious and modern project.

The new urban area will not only serve as a hub for economic activity but also as a cultural and social center for the capital city of the Gambia and the subregion. The transformation of the former port of Banjul into a modern and luxurious space is expected to attract tourists and investors, boost the local economy, and create new employment opportunities. “With the potential to become Gambia’s premier destination, this project signifies a major step towards the country’s economic development and growth,” according to our source.

On the other hand, 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 euro mark.

“We also plan to build an industrial zone and a logistics center around the new Sanyang port. Once all these investments are completed, the Sanyang port will become the nerve center of the region,” the Albayrak Group construction unit GM said.

Albayrak’s ambitions in the Gambia include bringing the company’s multifaceted development experience from its successful initiatives in Guinea. In Conakry, 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.

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

Albayrak Group is now joining a growing list of Turkish companies investing in key sectors of The Gambia, including energy with Karpower, the imminent Banjul-Barra ferry, and now the Banjul-Sanyang Ports.