If you are looking at investing in Turkey, you are probably asking yourself if the latest moves by President Recep Tayyip Erdogan will create a more stable or less risk-averse investment environment. Earlier this month, President Erdogan announced several economic reforms that included a more secure climate for foreign investment backed by an effective and efficient judicial system. Justice Minister...
Owned by the British Helios Investment Partners, the UAE-based payment services provider TPAY Mobile has acquired Payguru, a Turkish payment platform. “We are proud to have carried out a successful and profitable business within 5 years through organic growth and with no external fund. We are delighted to be joining TPAY Mobile, a leading actor in the region, " CEO of Payguru, Işık Uman,...
The International Hydropower Association released a report entitled 2020 Hydro-power Status Report, in which Turkey was ranked as the second largest hydro-power producer in Europe. Turkey’s total hydro-power capacity of 28,503 MW accounted for 31 percent of the nation’s entire electrical generation capacity at the end of 2019. It was highlighted that Turkey enhanced its capacity by 219 MW...
Despite COVID-19's ravaging impact on global air traffic bringing global aviation to a near halt, airports in Turkey’s metropolis Istanbul hosted more than 20 million passengers in the first half of 2020. According to the data released by the General Directorate of State Airports Authority (DHMI), Istanbul's all three airports Atatürk Airport, Sabiha Gökçen Airport and Istanbul Airport...
President Recep Tayyip Erdoğan announced that Turkey’s dependency on foreign defense supplies, once as high as 70 percent, has now dropped to 30 percent. Attending the inauguration ceremony of Roketsan’s satellite launch on August 30, President Erdoğan delivered a speech to the audience. He underlined Turkey’s surging domestic production and falling imports in the defense...
Globally regarded as an authoritative publication on the construction industry, the Engineering News-Record (ENR) published a list ranking the top 250 international contractors, nearly one-fifth of them are Turkish. Trade Minister Ruhsar Pekcan disclosed that 44 Turkish contracting firms featured in the 2020 Top 250 International Contractors list compiled by ENR. Turkey ranked 2nd in terms of...
At a time when almost all economies in the world have been staggering under the burden of the COVID-19 outbreak, Turkey managed to handle this period with trivial damage and ended the 3rd quarter of 2020 with a noteworthy performance. According to the data of the Turkish Statistical Institute (TurkStat), Turkey's economy posted a growth rate of 6.7 percent in 2020 Q3 and the GDP at current prices...
President Recep Tayyip Erdoğan announced that Turkey's natural gas reserve already discovered in the Black Sea reached 405 billion cubic meters, right after inspecting the drilling vessel Fatih on board on October 17. “On August 21, the good news of the 320 billion cubic meters of natural gas reserves discovery had already been given to our nation. In the wake of the tests, analyses and detailed...
A biopharmaceutical company based in the U.S., Gilead Sciences took a decision to invest in Turkey’s Pharmactive to produce HIV and Hepatitis drugs in Turkey. According to a statement released by Gilead Sciences, the investment is expected to reach TRY 350 million, including the machinery and equipment for local manufacturing, capital increase and transfer of know-how as part of the...
Global Ports Holding Plc (GPH) has signed an agreement with QTerminals for the acquisition of Port Akdeniz in the Antalya province of Turkey. According to a statement released by GPH on October 21, the total value of the transaction is USD 140 million. Port Akdeniz is the largest port in Global Ports Holding's portfolio and the company has the operating rights of the port until...
