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V O L U M E 3 I S S U E
GROUP LAW
3
1 S E P T E M B E R - 3 0 S E P T E M B E R 2 0 1 3
GROUP LAW FIRM UPDATES
Law Firm Hukuk Bürosu
Nomination of Group Law Firm for the 2013 Acquisition International Legal Award
CONTENTS PAGES
GROUP LAW FIRM UPDATES
1
PPP FEATURES & PRIVATIZATION HIGHLISHT
2
ENERGY SECTOR UPDATES
6
COMPETITION NEWS
8
M&A. BANKING AND
FINANCE UPDATES
9
MISCELLANEOUS
10
Group Law Firm Listed among
Top 3 Turkish Law Firms
Legal 500
Thanks to the recommendations for short listing and honoring
the excellence of the services rendered by Group Law Firm to
the local and international community, we are pleased to announce that we have been nominated for the 2013 Acquisition
International Legal Award. The award is granted by Acquisition
International, which is currently the most important UK publishing house and research company worldwide, that has reinvigorated corporate finance news, reporting and awarding firms
across the business, legal, financial and investment communities. Acquisition International Legal Award is granted to the most
successful firms and attorneys at law in the respective regions,
based on the counted votes received from the Acquisition International’s partners within industry together with supporting documents and in-house research. The nomination recognize Group
Law Firm’s pre-eminence in key practice areas. This also reflect
notable achievements in the last 12 months including outstanding work, impressive growth and excellence in client service.
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2
SEPTEMBER
NEWSLETTER
2013
Group Law Firm’s
New Achievement:
Osmangazi power
grid was taken over
by Yıldızlar SSS in a
$485 million privatization deal in 2010.
Yıldızlar Holding had
said earlier it secured $375 million of
the acquisition cost
in loans and it had
financed the remaining portion using its
own assets.
PPP FEATURES AND PRIVATIZATION HIGHLIGHTS
Group Law Firm to Advice POLAT YOL in the Bid to Buy
Osmangazi Electricity Distribution Company
Turkish firm POLATYOL has submitted a bid to acquire the Osmangazi
Electricity Distribution Company (OEDAŞ) and the Osmangazi Electricity
Retail Sales Company (OEPSAŞ), which serves 1.4 million subscribers in
Western Turkey. Turkey’s energy watchdog (EPDK) seized control of the
grid in August on the grounds that it was failing to fulfill the duties it had
promised due to its weak finances. The EPDK also said private companies
operating power grids should perform responsibly and act within the principles of providing quality service to consumers. The Osmangazi power grid
was taken over by Yıldızlar SSS in a $485 million privatization deal in 2010.
Yıldızlar Holding had said earlier it secured $375 million of the acquisition
cost in loans and it had financed the remaining portion using its own assets.
Group Law Firm, do to the intensive experiences gained over the years in
the M&A, Energy, and Privatisation Sectors, has been appointed as the legal advisor of the deal.
Turkey’s Power Distribution Sector (21 Companies) Privatization Completed
A total of USD
12.7 billion was
obtained from the
privatization of 18
state-run companies in the Energy
sector
According to Turkish Finance Minister Mehmet Şimşek, Turkey’s power distribution sector privatization has reached to an end after the transfer of the Toroslar Elektrik (Power Distribution company) to the private sector, told Şimşek.
“These companies now begin to make profit, and enable the state to earn money by paying their taxes as well as paying their privatization costs,” Şimşek
said, adding that a total of USD 12.7 billion was obtained from the privatization
of 18 state-run companies in the sector. The final negotiations on the privatization of four electricity distributing companies Toroslar, Ayedas, Van Golu and
Dicle took place on March 15, putting USD 3.457 billion in the state's cash box,
almost USD 3 billion which came from Enerjisa, which won the tender for the
two largest grids. Enerjisa, jointly owned by Turkey's Sabanci and German energy giant E.ON, has placed the highest bids for the largest of the two grids:
AYEDAS, which operates on the Asian side of Istanbul, and Toroslar Elektrik,
operating in the Adana region in southern Turkey. The company paid 40% of
the contract, USD 690 million, for Toroslar at the beginning of this week, adding
that the remaining amount would be paid in three equal parts in the next three
years. Meanwhile, the İşkaya Doğu joint venture placed the highest bid for the
privatization of Dicle Elektrik, the electricity distributor operating in Turkey’s
southeastern provinces, with a $387-million proposal. Türkerler won the tender
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SEPTEMBER
NEWSLETTER
2013
Marmaray maximum capacity of
1.5 million passengers a day, the
Marmaray
was
expected to alleviate 20 percent of
the 14 millionperson city’s traffic
burden.
Four marinas will
be built in Balıkesir, Tekirdağ, İzmir
and Istanbul that
will have a 1,525
berth capacity in
total. So, the marina berth capacity
will rise to 19,000
Turkey’s Underwater Marmaray Tunnel Officially Opens.
The European and Asian sides of Istanbul are to be connected for the first
time with a railway tunnel constructed under the Bosphorus, officially opened
on Oct. 29 following a grand ceremony celebrating the realization of the government’s first of many mega projects. it is an ambitious project being developed as a Public Procurement to connect both sides of Istanbul, and it has
been the a link between London-Beijing. The ceremony, which coincided
with the 90th anniversary of the foundation of the Turkish Republic, was attended by Turkish President Abdullah Gül and Prime Minister Recep Tayyip
Erdoğan, as well as Japanese Prime Minister Shinzo Abe, Romanian Prime
Minister Victor Ponta, Somali President Hasan Sheikh Mahmud and a number of world leaders in the sector. Speaking at the ceremony, President Abdullah Gül said the government’s vision and stability had made the realization of the Marmaray possible. “An environment of stability and trust established in recent year paved the way for the realization of large projects. In
the upcoming period, definitely larger ones will come online,” he
said. Erdoğan also said that the project was just the first of other giant
transportation projects slated for Istanbul and Turkey. A Turkish-Japanese
consortium (Taisei-Nurol-Gama) has realized the project, called the Marmaray, fulfilling a 150-year-old dream. The Marmaray will provide a non-stop
railway route connecting China to Western European markets and vice versa as a modern day Silk Road. The main structures and systems include
the immersed tube tunnel, bored tunnels, cut-and-cover tunnels, at-grade
structures, three new underground stations, 37 surface stations (renovation
and upgrading), operations control center, yards, workshops, maintenance
facilities, upgrades of existing tracks including a new third track, new electrical and mechanical systems and modern railway vehicles.
Turkey’s Marinas to be Privatized Soon
According to the Turkish transport Minister Binali Yıldırım government is
planning to launch tenders for four marinas soon, which would raise the total
berth capacity for yachts to 19,000 in Turkey. Yıldırım told that there were
currently 43 public and private marinas in the country, that would increase to
47 with the new ones. “Four marinas will be built in Balıkesir, Tekirdağ, İzmir
and Istanbul that will have a 1,525 berth capacity in total,” he said. The new
marinas will be constructed with the build-operate-transfer (BOT) model, he
said, adding that eight marinas in Muğla, Aydın, İzmir, Yalova, Mersin
and Antalya had already come into operation with this method and five marinas were still under construction in Antalya, Mersin and Muğla.
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SEPTEMBER
NEWSLETTER
2013
Turkey's airports
now have the capacity to handle
200 million passengers annually.
When the third
airport is completed in Istanbul this
figure will rise to
375 million passengers
Istanbul’s 3rd Airport Construction to Begin in May
The Construction of Istanbul’s third airport project has been completed and it is
more likely that construction will start in May, according to Nihat Özdemir Chairman of Limak Holding. The new airport will be built on İstanbul's European side
between the Black Sea regions of Yeniköy and Akpınar, an area where the Environment and Urban Planning Ministry is also planning to build “İstanbul Metropolitan,” a massive 1.5 million-person satellite city, a 30-mile canal to divert
shipping from the Bosporus and a third Bosporus bridge and road network to
connect the region with greater İstanbul and Asia. In January, Turkey unveiled
its plans to build the airport, which it said could be completed as early as 2017.
The Transportation Ministry reported that the airport would be able to handle a
capacity of 90 million passengers annually upon opening in 2017, and would
gradually “gear up” to the world-record-setting 150 million passenger capacity.
The tender to build İstanbul's third airport, expected to be the world's largest,
took place at Ankara's Esenboğa Airport on May 4. The Cengiz-Kolin-LimakMapa-Kalyon Consortium, a joint venture of Turkish companies, won the tender,
promising to pay the government 22.1 billion euros for 25 years, starting from
2017. Turkish Airports awarded “Best Airport of Europe” every year, and 3th
Airport is expected to be awarded “Best Airport of the World”.
Government to privatize Port of Derince for 36 years
The
TransAnatolian Gas Pipeline (TANAP),
construction
on
which is expected
to start by the end
of 2014, is expected to begin operations by 2018
with a 16 billion
cubic meter capacity
Turkey to Privatized Derince Port in the province of Kocaeli owned by The
General Directorate of the Turkish State Railways Administration for 36
years through the method of “Grant of Operation Right” according to an announcement in the Official Gazette. As per the gazette, the operational
rights to the port will be put to a sale, with bidders being required to assure
$30 million in funds, plus an additional $20 million for fees in order to qualify.
It also states that if the commission responsible for the sale receives a lot of
applicants, it will hold an auction instead of a tender. Both Turkish and foreign corporations or joint ventures can apply to bid, but venture capital funds
can only bid if they partner up with a joint venture. Joint ventures cannot
consist solely of venture capital funds. Offers will be accepted until 16 January 2014. Operational rights to the Port of Mersin and Port of İzmir have already been privatized. The tender will be realized by the bargaining method. If the Tender Commission deems necessary, the tender process may
be finalized through a public auction with the participation of the bidders with
whom the bargaining negotiations are still in process. STFA, Dubai Port Properties, Turkerler, Ciner, Yılport, Polat Yol is expected to be strong bidders.
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SEPTEMBER
NEWSLETTER
2013
Bid Date Postponement for Eskişehir City Hospital
The Bid Date for the for the Work of Construction Works and the Provision
of Products and Services for Eskişehir City Hospitals changed to
27.12.2013 at 15:00.
Earlier, the pre-qualification tender for Eskişehir City Hospital was performed and following are the qualified bidders;
QUALIFIED BIDDERS:
1.
Garanti-Koza İnş.San. ve Tic. A.Ş.
Turkish Ministry of
Health has began a
human-oriented
health transformation program under
which all health facilities in Turkey converts to suitable
structures
taking
into world standards, variety of
treatment, regional
development
and
emerging technologies.
2.
Kayı İnş.San. ve Tic. A.Ş._A ve B Gayrimenkul Geliştirme İnş. Yat.
A.Ş.- Han Teknik Müş.Müh.Mim. A.Ş. Joint Venture.
3.
Güriş İnşaat ve Mühendislik A.Ş.
4.
Assignia İnfraestructuros S.A.-Kolin İnş.Tur.San. ve Tic. A.Ş. Joint
Venture.
5.
Constructora San. Jose S.A.-Fernas İnş. A.Ş. Joint Venture.
6.
Yıldızlar İnş. ve Tic. A.Ş.
7.
Universal Acarsan Sağ.Hiz. ve İnş. Ltd.Şti-Acarsan Makarna Un Gıda
İnş.San. ve Tic. A.Ş. - As Bodrum Özel Sağ.Hiz.İşl.Tic.İnş. ve Tur
Ltd.Şti. Joint Venture.
8.
TTT Sağ.Hiz.Eğt.İnş.San.Tic. A.Ş.- Metag İnş.Tic. A.Ş. Joint Venture.
9.
Akfen İnş. Tur. Tic. A.Ş.
10. Emsaş İnş. Tur. Tic. ve San. A.Ş. - Forcimsa Empresa Constructora
S.A. Joint Venture.
11. YDA İnş.San. ve Tic. A.Ş. - İnso Sistemi Perle Infrastrutture Sociali
S.P.A. Joint Venture.
12. Pekintaş Yapı San. ve Tic. Ltd.Şti.-Hüsamettin Peker İnş.Taah.San. ve
Tic. Ltd.Şti. - Burakcan İnş. ve Tic.Ltd.Şti. Joint Venture
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SEPTEMBER
NEWSLETTER
2013
All four reactors of
the Akkuyu Nuclear Power Plant
have been expected to be online in
2023.
ENERGY SECTOR UPDATES
Turkey’s First Nuclear Plant Reactor to Start Working by
2020
The Akkuyu Nuclear Power Plant’s first reactor, that is going to be built in
the southern province of Akkuyu by Russia’s Rosatom will start working by
2020,one of the senior executives of the plant has said. “If everything goes
right, we’ll start power generation in the midst of 2020,” said the CEO of the
Akkuyu Nuclear Power Plant, Alexander Superfin. He noted that the construction license of the plant would most probably be given by Turkey’s
Atomic Energy Authority in 2015. “We believe we’ll start the construction at
the beginning of 2016,” he said. Superfin also said the Russian government
plans to spend approximately $3 billion for the project until 2015. “The first
$700 million was spent in 2011, and the second $700 million will be available to spend by the end of this year,” he said. Some 10,000 people will be
employed at the construction site alone, and some 2,000 people more will
work at the company building, he noted. All four reactors of the plant have
been expected to be online in 2023, but the plant may be delayed at least
one year, a source close to the plans said to Reuters two weeks ago, as bureaucratic hurdles hamper the $20 billion project.
Chinese CMEC to Enter Turkish Energy Sector
Turkey is very important to us with
its huge potential
in energy development. Now the
share of our activities in the country
has exceeded 5
percent of our global
revenue,
CMEC President.
Chinese Machinery Engineering Corporation (CMEC), is planning to make direct investment in Turkey, according to the company CEO and president. The
CMEC has been active in Turkey since the mid-1980s in the fields of engineering, procurement and construction energy projects. “Turkey is very important to
us with its huge potential in energy development. Now the share of our activities
in the country has exceeded 5 percent of our global revenue. We had held over
$3 billion of projects here in Turkey, adding $1 billion more by the end of this
year. Now we plan to make direct investment in Turkey, mainly in the fields of
power generation, transmission or distribution,” Zhang Chun said. CMEC plans
to put in $50 million to $100 million in equity capital, but with a significant
amount of credit from Chinese banks for the planned project. “We have already
had talks with a number of potential local partners, and our teams have been
working on the details of the power generation and power distribution sectors of
Turkey, which is very developed in the construction industry. We will make the
required acquisitions from Turkey both in construction materials and services as
well,” Chun said. It is expected that CMEC may be reaching its goals only if it
invests in both Energy Generation and Distribution sectors.
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Shell to Explore for Shale Gas in Southeastern Turkey
Royal Dutch Shell and Turkey’s state-owned oil company the Turkish Petroleum Corporation (TPAO) will jointly begin to explore for shale gas in TurSEPTEMBER
NEWSLETTER
key’s southeastern province of Diyarbakir. The first two wells to be drilled in
2013
Konacik will have a depth of 3,000 meters and will be followed by horizontal
drilling to reach shale reserves thought to be in the area. Shell plans to open
Turkey is thought over 20 wells if initial drills are found to be successful. Shell and TPAO
to have substan- signed a deal in late 2011 to jointly explore and produce oil and gas in Battial reserves of man and Diyarbakır provinces in southeastern Turkey.
shale gas in Thrace, in the Central
Anatolian provinces of Ankara,
Konya, Nevsehir,
as well as in Erzurum in Eastern
Anatolia and Diyarbakir in the Southeastern Anatolia regions.
Turkey’s TPAO Earns 12 Billion Dollars from Baku-TbilisiCeyhan Pipeline
According to Turkish Minister of Energy & Natural Resources Taner Yildiz,
the Turkish Petroleum Corporation (TPAO) has gained an income of 12 billion dollars from the Baku-Tbilisi-Ceyhan (BTC) crude oil pipeline. Turkey
has around 3,800 km of oil pipelines and around 80,000 km of natural gas
pipelines, Yildiz said regarding the Baku-Tbilisi-Ceyhan crude oil pipeline
during the "Pipeline and safe life" award ceremony at the presidency in Ankara. Pointing out the TPAO's 6.5% share in the BTC crude oil pipeline,
Yildiz said that the BTC crude oil pipeline had transported 1.8 billion barrels
in trade volume to date.
Zorlu Group’s 80 MW Geothermal Power Plant Go Online
Zorlu’s new inaugurated geothermal power plant
contributes $150
million to the Turkish economy and
with additional investments of the
company in the
coming months.
Turkish conglomerate Zorlu Group has inaugurated its 80 MW Kizildere 2
geothermal power plant in the Aegean province of Denizli. Zorlu Energy,
one of the group’s companies, constructed the Kızıldere 2 Geothermal Power Plant with $250 million investment. The Chairman of Zorlu Ahmet Zorlu
said the company continues to aim at growing its business on renewable
energy sources in Turkey. The new inaugurated geothermal power plant
contributes $150 million to the Turkish economy and with additional investments of the company in the coming months, the company is helping to reduce Turkey’s current account deficit. Zorlu Energy won the tender for operation rights of the Kızıldere Geothermal Power Plant in 2008 and raised its
capacity from 6 mW to 15 mW, he said. “Kızıldere 2 will raise the capacity to
95 mW and will take its place among the world’s largest geothermal fields,”
Zorlu adding. The new plant is Turkey’s largest geothermal power plant, he
said. The ceremony was also attended by Prime Minister Recep Tayyip
Erdoğan and Energy Minister Taner Yıldız.
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SEPTEMBER
NEWSLETTER
2013
The
underlying
principle of market
economy is the
assumption
that
economic relationships are based
on free competition
COMPETITION NEWS
Investigation Initiated concerning Tekhnelogos Yazılım
Müh. Müş. ve Bilişim Hizm. San. ve Tic. Ltd. Şti. and Üç
Elma Sigorta Aracılık Hizmetleri Ltd. Şti.
The Competition Board concluded the preliminary inquiry which was
launched in response to the claims that Tekhnelogos Yazılım Müh. Müş. ve
Bilişim Hizm. San. ve Tic. Ltd. Şti. complicated hand-delivery of natural gas
interior piping projects and obliged using digital delivery/acceptance system
as well as making insurance policies related to projects sent through the
system digitally, consequently, operations could be made only via its own
insurance company. After discussing the information, documents and findings acquired in the preliminary inquiry the Board concluded that the findings were significant and sufficient, and decided to initiate an investigation
on the following undertakings according to article 41 of the Act no 4054 on
the Protection of Competition. Tekhnelogos Yazılım Müh. Müş. ve Bilişim
Hizm. San. ve Tic. Ltd. Şti. - Üç Elma Sigorta Aracılık Hizmetleri Ltd. Şti.
The investigation was initiated in order to determine whether Tekhnelogos
Yazılım Müh. Müş. ve Bilişim Hizm. San. ve Tic. Ltd. Şti. and Üç Elma
Sigorta Aracılık Hizmetleri Ltd. Şti. violated articles 4 and 6 of the Act no
4054.
The Acquisition of Aytaç Gıda Yatırım San. ve Tic. A.Ş. Authorized
The acquisition of 75% of the shares in Aytaç Gıda Yatırım San. ve Tic.
A.Ş. from Yimpaş Yozgat İhtiyaç Maddeleri Paz. ve Tic. A.Ş., Yimpaş Gıda
San. ve Tic. A.Ş. and Yimpaş Holding A.Ş. by Ak Gıda San. ve Tic. A.Ş.
and Yıldız Holding A.Ş. through a company they would establish was authorized.
Hearing for the Investigation concerning Some Undertakings Operating Building Inspection Services Market in
Çorum to be Held on November 26.
The investigation which was conducted in order to determine whether some
undertakings operating building inspection services market in Çorum violated article 4 of the Act no 4054 reached the heraing stage. The hearing concerning the aforementioned undertakings will be held on Tuesday, November 26, 2013, at 2:00 pm.
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M&A, BANKING AND FINANCE UPDATES
Turkish Teknosa Plans to sell shares
Turkish electronics retail firm Teknosa has experienced its lowest close in a
week after an investor revealed that he was about to sell 1.82 million shares.
This would raise the firm’s equity available for trading by a fifth. According to
Bloomberg, more than 150,000 shares changed hands since 1 October,
which is 87% of the three-month daily average. Among others, investor
Demir Sabanci said that he was planning to sell his shares. This would make
almost 10% of the company’s 110 million shares available for trading.
Teknosa’s shares have seen a 57% growth so far this year, a 5.1% decline
San Leon will fo- in the benchmark index.
SEPTEMBER
NEWSLETTER
2013
cus
on
shale
exploration as well
as natural gas and
oil
in
Turkey,
using the existing
licenses of Alpay
Enerji
Irish San Leon acquires majority stakes in Turkish Alpay Enerji
Ireland-based San Leon Energy steps into the Turkish market with the acquisition of the majority stakes of local energy company, Alpay Enerji. San Leon
will focus on shale exploration as well as natural gas and oil in Turkey, using
the existing licenses of Alpay Enerji. The Irish company will be investing
USD 55 million in its Turkey operations. San Leon will own 75 percent of the
Turkish company according to the deal. Alpay Enerji has oil and gas licenses
for fields in Turkey’s Hatay, Adana and Konya provinces.
Japanese Panasonic to Acquire Turkish Viko Electrical
Equipment Manufacturer
Promoting Islamic
finance in Turkey,
the world’s 17th
largest economy
with a predominantly Muslim population of 76 million, is part of government plans to
boost commercial
ties with the Gulf
and diversify the
country’s investor
base.
Japanese electronics giant Panasonic has announced an agreement to acquire the majority stake in the Turkish electrical equipment manufacturer, Viko. Turkey’s growth potential combined with its central location, which provides easy access to markets in Russia, Central Asia, the Middle East, Africa
and Europe, as well as the Turkish company’s strong brand awareness and
wide sales network were listed as Panasonic’s motivations for the 90 percent
stake acquisition, according to a press release by the Japanese company.
The announced purchase price of USD 460 million is subject to change with
the closure of the deal, scheduled to be completed in Q1, 2014. Viko produces electrical wiring equipment including switches, sockets, circuit breakers
and other devices.
Türkiye Finans To Issue more Sukuk
Turkish islamic lender Türkiye Finans is considering to issue both lira and
foreign currency-denominated sukuk in 2014. This step shows Turkey’s
growing Islamic finance industry as the government promotes a wider range
of Islamic finance products. “We think that the experience we have gained
from previous sukuk issues will reflect on future sukuk issues. We plan both
domestic currency and forex-denominated sukuk issues in 2014,” said Chief
Executive Derya Gürerk.
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MISCELLANEOUS
Turkey to Allocate USD 60 billion on R&D by 2023
SEPTEMBER
NEWSLETTER
2013
Turkish
budget
allocation for R&D
has doubled in the
last 11 years, reaching almost 1
percent, Turkey’s
revenue rose from
USD 230 billion to
USD 800 billion in
the last decade.
According to the Turkish Technology Minister Nihat Ergün, Turkish government aims to increase its budget allocation for research and development
(R&D) to 3 percent, valued at approximately USD 60 billion by 2023. Despite Turkey’s fiscal conservatism in light of recent global crises, it did not
reduce its budget allocation to R&D and instead raised its allocation, Ergün
said during the Information Economy Global Forum organized by the Organization for Economic Cooperation and Development (OECD) and the
Turkish Ministry of Science, Industry and Technology, in Istanbul.
The budget allocation for R&D has doubled in the last 11 years, reaching
almost 1 percent, he said. Turkey’s revenue rose from USD 230 billion to
USD 800 billion in the last decade, he said. “We aim to raise our GDP to
USD 2 trillion by 2023 and R&D expenditure share to 3 percent. By way of
this target, we’ll become a country that will be spending USD 60 billion on
R&D projects by 2023,” he said.The country provides special investment
incentives in the form of tax exemptions and cuts as well as financial support to improve the technological competitiveness and innovation capacity
of vital industries.
Turkey’s Exports to Increase 12 Percent Beyond World Average – HSBC Report
Turkey’s exports
have
reached
USD 112 billion
dollars in the first
9 months of the
year with a yearend target of USD
153.5 billion. The
country aims to
reach USD 500
billion exports by
2023, the 100th
anniversary of the
Republic.
Turkey’s increasing influence and growing cooperation with new export
markets in the Middle East, Africa and Asia are forecasted to increase the
country’s exports by 12 percent on average until 2020, according to HSBC
Global Connection’s latest Turkey Trade Forecast Report. Surpassing the
global export growth forecast of 8 percent, Turkey is also listed among the
top six countries with a positive trade sentiment in the HSBC Trade Confidence Index with 122 points, higher than the global index average of 112.
Dated October 2013, the report points to Turkey’s industrial machinery, iron
-steel and chemicals sectors, all of which are predicted to see increased
demand from customers in the Middle East, Africa and Asia in the coming
years. The report praises the country for becoming an investor magnet in
recent years, thanks to a growing economy, robust macroeconomic framework and an attractive tax regime. Turkey’s young population, advantageous geographical location and a qualified workforce are also points of attraction for foreign investors.
Turkey’s exports have reached USD 112 billion dollars in the first 9 months
of the year with a year-end target of USD 153.5 billion. The country aims to
reach USD 500 billion exports by 2023, the 100th anniversary of the Republic.
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11
SEPTEMBER
NEWSLETTER
2013
DISCLAIMER
This
newsletter
has been
prepared for
information
al purpose
only; It has
neither
prepared for
advertising
purpose nor
with the
intention of
creating an
attorneyclient
relationship.
None of the
information
contained in
this legal
newsletter
shall
constitute
legal advice
or anything
correlated
thereto.
Turkey Receives USD 13 billion Foreign Investment
According to the Amplio Real Estate Investments co-founder and Board of
Directors Chairman Alaeddin Babaoglu, foreign investors do not have reservations about Turkey and do not wish to ecsape the market. Turkey, the
16th largest economy in the world and 6th in Europe, is among the fastest
growing economies and has attracted significant foreign capital investments, Babaoglu said.
Indicating that Turkey was among the 13 most attractive destinations for
foreign capital investment, Babaoglu noted its commercial potential had become the focus of attention, especially in Middle Eastern markets, due to its
economic structure and relations. Citing world real estate reports, Babaoglu
stated that the city of Istanbul had great potential as its existing assets
ranked second among emerging market trends while its new merger, acquisition and development opportunities ranked first. While the number of foreign-owned enterprises was 32,600 at the end of 2012, it has exceeded
34,000 as of June 2013, Babaoglu noted. “Turkey attracted 13 billion dollars of foreign investment in 2012," he added.
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