Important News

Eastern Mediterranean Turkey Energy Summit 2016

Conferances   General


At the Summit to be held on November 23-26, 2016 at Adana HiltonSA, current status of offshore Natural Gas fields of Israel and Egypt and energy sources in Eastern Mediterranean, will be discussed from international law, security, diplomacy, technical and commercial dimensions perspectives

Garanti Bank Provided Funds Amounting to € 100 Million to Finance Renewable Energy Investments

Loans   Company News   Renewables (HEPP, Wind, Solar, Biofuel)


Garanti Bank’s Chief Executive Officer Fuat Erbil: “We have confirmed our vision of being the first bank in Turkey which international banks, investors and finance institutions wish to work with, upon successfully having signed an unsecured loan agreement with a back-payment period of 12 years despite uncertainties in foreign markets.”

TANAP Director General Düzyol, Turkish Stream is Not the Rival of TANAP

Natural Gas   Intergovernmental


Düzyol, "Turkish Stream will contribute to supply security by creating route diversification. When investment decision taken within the context of TANAP, 15-year gas transportation agreements were signed and within this context, amount and transportation tariff of gas to be taken from the pipeline were taken under guarantee. For this reason, Turkish Stream is out of question to be the rival of TANAP in short term."

TCMB, Private Sector Foreign Credit Debt Data for August

Loans   Macro Indicators


As of the end of August, long-term credit debts taken out from abroad by the private sector reached USD 207.9 billion with USD 12.3 billion of increase from the end of 2015. Short-term credit debt (excluding commercial loans) totaled at USD 18.1 billion. The private sector will make a total principal repayment of USD 70.1 billion within 1 year

Tekfen İnşaat Signed the Final Contract for the Expressway in Qatar

Abroad   Company News


Tekfen İnşaat signed the final contract worth $ 2.1 billion and undertook the construction works of the 34 km Al-Khor Expressway. The expressway will be completed until 2020…

Ministry of Health, PPP Model Eskişehir City Hospital Project

Health   Company News   Reudevans


Akfen İnşaat having undertaken the project, signed a project loan agreement worth € 344 million with Garanti Bank and İş Bank (Türkiye İş Bankası) with a back-payment option of 18 years Akfen Holding’s Chairman of the Board Hamdi Akın: “Isparta, Eskişehir and Tekirdağ City Hospitals which we will put into life with the Public Private Partnership (PPP) model will be equipped with the state of the art technology conforming to the specifications of the Ministry of Health. We have almost reached the end in Isparta City Hospital which is one of the 3 hospitals which we have planned to complete with a total investment of TL 3 billion. We are completing the project 6 months before than the date we had planned.”

Trans-Anatolian Natural Gas Pipeline (TANAP) Project

Speeches   Natural Gas   Natural GasTransmission   Energy


TANAP A.Ş. Director General Saltuk Düzyol, "Discussons continue between our partners BOTAŞ and SGC with World Bank, European Investment Bank and Asian Infrastructure Investment Bank for financing of the project. Agreements expeted to be signed no later than the end of year, or in the first quarter of year, the latest."

Important Disclosures Made by Islamic Development Bank’s (IDB) Turkey Director Jelassi

Loans   Speeches   General


“We plan to give considerable support to investments in energy in Turkey in the next 10 years. We will support the investors regarding the solar power project that will be realized at Konya-Karapınar.”

IMF: "Global Growth Will Slow to 3,1%, Global Debt Rised to USD 152 Trillion"

Reports   Abroad


In the IMF's World Economic Outlook; growth projection for Turkey given as 3,3% in 2016 and 3% in 2017. Inflation rate is projected as 8,4% in 2016 and 8,2% in 2017 and unemployment rate as 10,2% both in 2016 and 2017... IMF's Fiscal Monitor: " At 225 percent of world GDP, the global debt of the nonfinancial sector—comprising the general government,households, and nonfinancial firms—is currently at an all-time high. Two-thirds, amounting to about $100 trillion, consists of liabilities of the private sector"

Prime Minister Binali Yıldırım Announced OVP

Macro Indicators   Development Plans & Goverment Programs


"We draw 2016 growth rate to 3.2% from 4.5%. In 2017-2019 period growth rate will be increased as to be not below of 5%. 2016 inflation rate envisaged to be 7.5%. Our 2017 inflation target is 6.5%. Our unemployment target for 2016 and 2017 was 10.2%. Our new target for 2016 is 10.5% and for 2017 is 9.9%. We will keep budget deficit below of 2%, 2016 budget deficit target is 1.6%. In 2017, budget deficit will increase to 1.9%, because we will increase public investments. We will start a comprehensive investment breakthrough in 2017. In 2016, percentage of public expenditures before GDP was 2.3%. We will increase this to 2.8% in 2017. "

Appointment to DHMİ General Directorate

Airports   Other News


Funda Ocak who was the Deputy Director General and a Board Member at DHMİ since 2007 has been appointed as the Director General of DHMİ and Board Chairperson. Ocak has been the first female Director General of DHMİ upon the assignment…

Tekfen İnşaat Consortium Signed a Contract Worth € 2.4 Billion for the Construction of Natural Gas Storage Facilities in Tarsus, Mersin

Company News   Natural Gas


Tekfen İnşaat-HMB-Vinci Consortium undertook the engineering and turnkey construction works of two natural gas storage plants of Bendis Enerji totaling to 4 billion cubic meters in Tarsus, Mersin. The total share of Tekfen İnşaat and HMB in the contracts will be € 723 million. Works are foreseen to be completed in 5 years

Siemens Turkey's Transportation Unit Head Cüneyt Genç: “Investments are Continued without Cutting Speed”

Company News   Machinery Equipment


“6 high speed train sets specially designed for Turkey will be started to be operated on Turkey’s lines within the current year. We closely follow the investment programs in the sector, we have provided considerable resources in the field of high speed trains in Turkey and we are closely interested in new tenders.”

Moody’s Downgraded the Credit Note of Turkey Below of the Level of Suitable for Investment

Loans   International Relations


Note reduction expected to lead to consequences like the devaluation of TL, exit of foreign investor from Turkey, outflow of hot money, increasing the cost of financing Deputy Prime Minister Mehmet Şimşek, “Best response to rating agencies is to further accelerate the structural reforms, to maintain the fiscal discipline. Never stop, continue with the reforms.” Denizbank Director General Hakan Ateş, "Turkey has shown her strength by keeping the macroeconomical indicators of the economy strong at such a global environment." TEB Director General Ümit Leblebici, "The foreign borrowing cost of the banks will increase 0.25-0.50 points. Foreign investors never take the credit note as the basis only."

Bombardier Transportation Plans to Invest Around $ 100 Million in Turkey

Company News   Railways   Metro Projects


Furio Rossi, the Managing Director of Bombardier Transportation in Turkey made disclosures on Turkey’s potential in the rail system field during the Trade Fair and said that they are ready to provide all kinds of infrastructure in the best manner as Bombardier Transportation, to cover Turkey’s needs in the technology transfer process in the field

Iron & Steel Fair is in Istanbul

Conferances   Iron&Steel


Ankiros International Iron - Steel & Foundry Technology, Machinery and Products Trade Fair will be held in Istanbul between the dates of September 29 and October 1, 2016 at TÜYAP Fair Convention and Congress Center…

IMF,Global Prospects and Policy Challenges Report Before the G20 Summit



IMF Managing Director Lagarde: " 2016 will be the fifth consecutive year with global GDP growth below its long-term average of 3.7 percent (1990-2007), and 2017 may well be the sixth (Chart 1). Not since the early 1990s has the world economy been so weak for such a long time"...

Tekfen İnşaat Signed Goodwill Protocols for Two New Contracts, One of Them is in Saudia Arabia

Company News


Tekfen İnşaat will undertake the construction of a 333 km gas and jet fuel pipeline in Saudi Arabia, in return for a price of USD 299,312,000. In addition, the company will perform the electromagnetic works of “Coker Unit” of the Star Refinery which is being under construction in Aliağa-İzmir, on the basis of unit price

Turkish Stream Project

Natural Gas   Intergovernmental


Energy Minister Berat Albayrak has met Gazprom’s Chairman of the Board Aleksey Miller. It is stated in the disclosure made by Gazprom after the meeting that agreement has been reached to grant all necessary permits at the soonest to give start for the implementation of the project. Technical and commercial talks will be continued between BOTAŞ and Gazprom on related conditions regarding the supply of gas to Turkey…

Turkish Contractors Association (TMB), Construction Sector Analysis for August 2016

Housing   Reports


"House sales in June decreased by 4% compared to the same month of the previous year. Turkey is one of the countries where house prices have increased and the price/income gap has widened the most. Prices of projects that have been recently undertaken in contracting abroad is considerably below the project values of the same periods in previous years. Normalization of relations with Russia is essential for the sector."

Annual Report