Bridge and highway privatization canceled in 2012 is back on the agenda

The transfer of operating rights for Bosphorus bridges and state highways, which are among Turkey's busiest transportation routes, to the private sector has returned to the agenda. The decision dated September 4, 2026, and numbered 11750, bearing the signature of President Recep Tayyip Erdoğan, was published in the Official Gazette on September 5.

With this decision, in addition to the two Bosphorus bridges and numerous highways previously included in the privatization scope, some new routes have also been added to the program. The process paves the way for the transfer of operating rights for up to 30 years, with the deadline for privatization procedures set for December 31, 2031.

THE TENDER CANCELED IN 2012

One of the most comprehensive attempts to transfer bridges and highways to the private sector took place on December 17, 2012. At that time, a tender was held for the 25-year operating rights of the Bosphorus Bridge—known today as the 15 July Martyrs Bridge—the Fatih Sultan Mehmet Bridge, and a highway network of approximately 2,000 kilometers.

A partnership formed by Koç Holding, Malaysia's UEM Group, and Gözde Girişim, a subsidiary of the Ülker Group, won the tender with a bid of $5 billion 720 million. However, the bid was deemed low by then-Prime Minister Erdoğan, and the process was canceled by a decision of the Privatization High Council in February 2013.

According to a report compiled by Cumhuriyet, Erdoğan stated at the time that valuation studies conducted for the bridges and highways showed a 25-year operating value of approximately $11-12 billion according to one calculation, and around $8-9 billion according to another; he had indicated that the acceptable level should be around $7 billion.

Mehmet Şimşek, who was the Minister of Finance at the time and is the current Minister of Treasury and Finance, had presented a different calculation. According to Şimşek, after deducting VAT, municipal shares, and maintenance expenses, the annual profit of the highways and bridges before interest, taxes, and depreciation was approximately $209 million; the $5.72 billion bid corresponded to approximately 27 years of profit.

SCOPE OF THE NEW PROCESS

With the new decision, specific sections of the Niğde-Pozantı Highway, the Gaziantep Ring Road, and the Bursa Ring Road have also been included in the privatization program. In addition to the 15 July Martyrs Bridge and the Fatih Sultan Mehmet Bridge, the Edirne-Istanbul-Ankara, Pozantı-Tarsus-Mersin, Tarsus-Adana-Gaziantep, Toprakkale-İskenderun, Gaziantep-Şanlıurfa, İzmir-Çeşme, and İzmir-Aydın highways will also be evaluated within the scope of the process.

The official bidding stage has not yet been reached. However, it is stated that contacts with potential investors have increased during 2026. Portuguese highway operator Brisa, French infrastructure investor Meridiam SAS, and Turkey's Makyol are among the companies mentioned. Conducting the tender in four separate packages instead of a single package is also being shown as an option.

One of the most critical aspects of the new process will be the tender price. The 2026 Presidential Annual Program includes an expected revenue of 185 billion TL from all privatizations. While it is noted that this amount corresponds to approximately $3.8 billion based on current exchange rates in the press, it is noteworthy that the $5.72 billion bid rejected in 2012 remains above this target.

The assets included in the privatization program are high-traffic transportation routes that provide regular income to the public. According to data based on the General Directorate of Highways, approximately 26 billion 745 million TL in revenue was collected from the two Bosphorus bridges and state highways in 2025 after VAT and municipal shares. In the same year, approximately 585.9 million vehicles used these routes.

Similar models in Europe have also produced controversial results. While toll fees and corporate profits became a subject of political debate in France following highway transfers, inspection and maintenance expenditures returned to the agenda in Italy after the Morandi Bridge disaster. In Spain, some highways returned to public control after failing to reach expected traffic levels.

In the new process in Turkey, investors are expected to take over the operation of main transportation arteries that have been used with high intensity for many years, rather than new projects with uncertain traffic. For this reason, eyes are turned to the conditions under which the tender will be held, the level the resulting price will reach, and its impact on public revenues.