Important News

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."

Construction Works Have Been Started for the 1800 MW Bahrain ALBA Natural Gas Combined Cycle Power Plant Undertaken by Gama Güç Sistemleri (Gama Power Systems) – GE Consortium

Abroad   Company News


Alper Ercan, Deputy Managing Director at Gama Power Systems, Business Development & Contracts: “GE will supply the gas and steam turbines besides the exhaust heat boilers, and Gama Güç Sistemleri (Gama Power Systems) has undertaken the procurement, engineering and construction (EPC) works for all other equipment. Around 70 percent of works will be financed by loans. We have presented a loan package from international banks as a consortium in the tender with loan conditions, and we give a hand to the employer in securing loans. Works for the power plant are started in August which is being financed by own resources until loans are secured. The first unit is planned to be put into operation at the end of 2018. It will be the first power plant in the Middle East which features an H-Class gas turbine with high efficiency”…

Tekfen İnşaat Signs a Preliminary Contract of $ 2.1 Billion for the Construction Works of Qatar Al-Khor Expressway

Abroad   Highways   Company News


Tekfen Holding signed the preliminary contract for the 34 km motorway project in the city of Al-Khor with a ceremony participated by Transportation, Maritime Affairs and Communication Minister Ahmet Arslan and Municipality and Environment Minister Mohammed Bin Abdullah Al-Rumaihi of Qatar Government Transportation Minister Arslan: “Turkish contractors have a business volume of $ 15 billion in Qatar. 119-120 Turkish companies have activities in Qatar. Turkish companies can display the experience and know-how accumulated through the infrastructure investments in Turkey, in projects within the 2030 targets of Qatar. Turkish companies can also stipulate contracts in engineering, consultancy and security services and not only in the construction sector.”

International Organizations Commented on Turkey’s Economy

Abroad   International Relations   Macro Indicators


Fitch: "Turkey’s economy is still ‘investable’ but the note seems to be ‘negative’.” Japanese Credit Organisation JCR: "Central Bank’s recent lenition on the money policies creates additional risks for inflation. In the case the policy lenitions continue we expect TRY to face the risk of rapid loss of value for the rest of the year."

Eastern Mediterranean Energy Resources is The Agenda of 7th Energy Summit in Turkey

Coal   HEPP   Conferances   Natural Gas   Other Renewables


The Summit will be held on November 23-26, 2016. The latest developments in the energy industry, energy resources of the Eastern Mediterranean will be discussed in all aspects...

Important Disclosures Made by IC Holding’s Chairman of the Board İbrahim Çeçen on Yavuz Sultan Selim Bridge

Speeches   Highways   Build-Operate-Transfer (BOT)   Metro Projects


IC Holding’s Chairman of the Board İbrahim Çeçen: “I have performed quite a number of construction works in my occupational life of 47 years, but this is a work which elevates my career. Yavuz Sultan Selim Bridge is a wonder of engineering and architecture. We consider earning money to be of secondary importance. The toll on the bridge is less expensive compared to motorways and bridges in Europe.”

Akbank Secures a Syndicated Loan of US$ 1.2 Billion

Loans   Company News   International Relations


Akbank CEO, Hakan Binbaşgil: "There are banks with increasing participation compared to last year in this syndication secured under very favorable conditions. Furthermore, we have been able to ensure the participation of new banks from the Middle East and Europe in this syndication. The appetite of international investors in Turkish market continues. The fact that the financing we have obtained from international markets over the past two months is a significant indicator of such interest."

Polat Enerji, Will Invest USD 1 Billion in Wind Energy

Company News   Other Renewables


Polat Holding Board of Directors Chair Adnan Polat stated that they will be investing USD 1 billion in Wind Energy with their energy sector partners EDF and PSP Investments and added that "If the political will gives us the means, we will have completed USD 3.5 billion investment until 2023.”

Bombardier Transportation Wins a New Order for 125 BiLevel Commuter Rail Cars

Abroad   Company News   Railways


125 next-generation BOMBARDIER BiLevel commuter rail cars are for Toronto. This order is valued at $328 million. Production is scheduled to start in Q2, 2018 and final delivery is expected in Q1, 2020.

President Erdoğan Addressed International Investors At High Level Economy Meeting



"All international investors walked with us for 14 years have won for sure and will continue to win from now on as well. If you face with difficulty in Public, please inform the related unit immediately, we will put them out of the entity right away. Our agenda is not only focused on coup d’etat or terroris organizations operations. Yavuz Sultan Selim Bridge is on our agenda. We have Avrasya Tunnel to be inaugurated. We have 1915 Çanakkale Bridge to work on. We have Canal İstanbul Project that we intended to realize for sure." "I ask you a favor, please come and involve in defense industry. We are producing unmanned aerial vehicle. We will produce aircraft, missiles."

In Natural Gas Distribution Sector, TL 1 Billion Investment Targeted

Speeches   Natural Gas


Turkey Natural Gas Distributors Union Association (GAZBİR) Chairman Yaşar Arslan, "2016 network investments continue as planned. We targeted to make over TL 1 billion investment in the sector. Until 2022, investment will reach TL 6 billion."

GAMA Enerji's Kırıkkale Thermal Power Plant Project

Thermal   Company News   Natural Gas


Acceptance process has been completed by the Ministry of steam turbine, final 280 MW part of the power plant and put into service. 840 MW Power Plant will entirely start generation in the days ahead

Siemens is in Turkey since 160 Years

Company News


Chairman of the Board and CEO of Siemens Turkey Hüseyin Geliş: “We are in Turkey since 160 years. Siemens has always been a company that grew, changed and developed in line with Turkey. We have never considered leaving Turkey under any circumstances. Products, solutions and services supplied by Siemens in Turkey display a diversification from energy to the industry and from health to infrastructure and transportation”…

Tekfen İnşaat Undertook the Construction of Azerbaijani Ministry of Taxes Administration Building

Abroad   Company News


Within the scope of the USD 94 million contract, Tekfen İnşaat undertook to complete the reinforced concrete, steel and façade constructions of the 169 metre building

Trust Messages from International Companies in Turkey



Unit International Executive Board Chairman Ünal Aysal: The Coup d’etat has proven the power of a democratic law state, the foundation of the Republic, once again." Shell Turkey Country Director Ahmet Erdem, "Following the Coup d’etat failed, the call of business world to unite, to work harder and make more production in the days, has given trust to investors and companies." Allianz Turkey CEO Aylin Somersan-Coqui: "We rely on strong economy and devoted people of Turkey." DenizBank Director General Hakan Ateş, "We will continue to render our support to our clients and the projects of strategic importance for future of Turkey."

Deputy Prime Minister Şimşek, "OHAL Will Have No Impact of Daily Life and Business World"



Şimşek, "The Government’s attachment to market economy continues. We anticipate subject incidents have limited and short term effects on Turkey economy. It is of utmost importance for us to maintain country credibility note at suitable investment environment level". Noting downward risks of Turkey economy “definitely increased”, Şimşek has said that Treasury would not be in need of supplementary foreign funding this year

IMF, Report on Global Expectations and Policy Difficulties Prepared for the G20 Meeting

Reports   Abroad   Research


“Moderate recovery will be continued in developed economies, whereas growth expectations will be more sluggish in developing economies. Corporate debts and financial risks are of vital importance in developing economies. Integration has to be safeguarded in global trade and trading should be generalized. The new relation between Britain and the EU has to gain clarity.” IMF retained the growth expectation for Turkey at the same level of 3.8% for 2016, downgrading the expectation for 2017 to 3.2% from 3.4%

Deputy Prime Minister Mehmet Şimşek: “We Will Stick to the Market Rules”

Speeches   Macro Indicators


Şimşek: “There is growth, the current account deficit is narrowing, there are no problems in the budget. We will stick to the market rules and the market will operate in the strongest manner with all institutions.” Fitch Ratings: “The foundations of the banking sector in Turkey are steady. Downward risks increased regarding credit notes of Turkish banks”. S&P downgraded Turkey’s “BB+” note to “BB”, and determined the outlook as negative. The fragmentation in Turkey’s political outlook has been declared as a justification…

IMF Updated the Growth Estimates in the World Economic Outlook Report

Reports   Abroad   Macro Indicators


IMF has cut the global growth expectation down to 3.1 percent for the current year from 3.2 percent due to uncertainties upon decision taken by Britain to exit from the European Union (Brexit), and to 3.4 percent from 3.5 percent for the next year

Important Messages Given by Deputy Prime Minister Şimşek Comforting the Economy and Markets



Deputy Prime Minister Mehmet Şimşek who will participate in the G20 Ministers’ Meeting in China representing Turkey as a G20 Troika member in the capacity of the previous term chairman, stated that decisions to be taken on the economy will be market friendly decisions and that priority will be given to structural reforms

Regulation Pertaining to Revision of Natural Gas Market License Regulation (I)

Legislation   Natural Gas Market


EMRA has prepared a Draft Regulation pertaining to revision on Natural Gas Market License Regulation and relased for comments and assessments. The recommendations, comments and opinions on the draft will be forwarded to the entity until July 29, 2016.

World Bank, Turkey Regular Economic Note



The World Bank retained the 3.5 percent growth projection of the Turkish economy for the year 2016 – According to the report, the rising of global oil prices will curb the fall in energy gap in the second half of the year and will revert the trend eventually – The inflation rate is expected to rise in the second half of the year…

OECD Secretary General Gurria Commented on Turkey Economy

Reports   Abroad   Research


Gurria: "The resilience and being multi facaded of Turkish Business community can be the light of hope for Turkey economy at this difficult period. I am fully confident of the fact that vivid business sector and young, dynamic and population of Turkey who are now better educated, will cope with this difficult global time and will be able to catch better opportunities. The diversity of the growth dynamics will be the power of Turkey As the result of consumption-focused high growth, Turkey's foreign debts rapidly increase and international asset position deteriorates. Turkey has to reduce the double sided dependency on domestic consumption and foreign financing in the growth. Growth has to be based on export."

Gama Enerji, Kırıkkale Thermal Power Plant Project

Thermal   Company News


The Energy Ministry approved and give final acceptance to the 1st and 2nd gas turbines of the plant in June. The two units of 280 MW (each) of the plant are put into operation on the dates of June 23 and June 29. The last gas turbine will be approved within July.

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