Food & Drink UAE-backed Getir plans sale of shopping platform Turkish grocery delivery startup Getir is planning to sell its Istanbul-based online shopping platform, known as n11, as part of its restructuring strategy, a media report said. “There are many options on the table being discussed with investors. One of them is the sale option for n11,” Reuters reported, citing an unnamed source. A Getir spokesperson […] April 26, 2024
Tech Turkish fintech Midas raises $45m for new products Turkish fintech startup Midas has raised $45 million in equity funding to expand its services and launch new products. The new products include cryptocurrency trading, mutual funds and savings accounts. The funding is among the “biggest ever” Series A fund raise by a Turkish fintech and comes less than three years after Midas was launched. […] April 24, 2024
Transport Gulf to collaborate on $17bn Suez Canal road and rail rival The $17 billion “Development Road” project is moving ahead after the UAE, Iraq, Qatar and Turkey signed a quadrilateral cooperation agreement. The road and rail collaboration aims to tie the Al-Faw Grand Port in Iraq’s oil-rich south to Turkey, thereby shortening travel time between Asia and Europe in a bid to rival the Suez Canal. […] April 23, 2024
Aviation Turkish Airlines nears $20bn deal with Airbus and Rolls-Royce State-backed Turkish Airlines is expected to sign an agreement with UK’s Rolls-Royce Holdings Plc and European planemaker Airbus to manufacture $20 billion worth of aircraft components locally. The deal will be announced in Istanbul later this month, Bloomberg reported, quoting Turkish officials who were aware of the agreement. Last December the Turkish national carrier announced […] April 18, 2024
Manufacturing Hit by rising costs, Turkey’s textile producers move overseas Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […] April 17, 2024
Food & Drink Mubadala-backed Getir weighs asset sales Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […] April 17, 2024
Employment Jobless rate in Turkey edges back towards 10-year low Turkey’s unemployment rate fell 0.3 percentage points month on month in February, to 8.7 percent, according to official data released on Monday. The seasonally adjusted figure is edging back down towards the 8.6 percent recorded in October last year, the lowest for a decade. The unemployment rate for women was 11.3 percent in February, down […] April 15, 2024
Infrastructure Iraq and Kuwait team up for European telecom corridor Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […] April 14, 2024
Industry Turkish steel in the black but EU rules rankle Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets. Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase. Exports were also up, increasing 23 […] April 14, 2024
Manufacturing Auto industry buoyant despite Turkey’s woes Production in Turkey’s auto industry is continuing to rebound after four years of falls, despite soaring interest rates dampening domestic demand and the country’s volatile currency making it tough for automakers to plan their activities. Turkey is the world’s 12th biggest automaker, the country’s government says. It made 242,000 vehicles in the first two months […] April 11, 2024
Logistics DFDS acquires transport network of Turkey’s Ekol The Danish shipping and logistics company DFDS is to acquire the international transport network of Turkey’s Ekol Logistics for 1.9 billion crowns ($277 million). The acquisition will add road transport to its Mediterranean ferry network, DFDS said. DFDS’s chief executive, Torben Carlsen, said his company believed Turkey’s role as a manufacturing hub for Europe “will become […] April 10, 2024
Tourism Turkey’s health tourism sector worth $2bn in 2023 Turkey’s health tourism sector generated revenue of $2.3 billion in 2023, data released by the Ministry of Trade reveals. Health service exports surged from $1.9 billion in 2022 to $2.3 billion in 2023, driven by an influx of 1.4 million health tourists, placing Turkey seventh in the global health tourism rankings. The country has 40 […] April 9, 2024
Analysis Economy US rate cuts to ease Turkey’s debt and benefit exports For Turkey, long-anticipated US interest rate cuts could be more significant in terms of stimulating growth in its major export markets than easing the costs of servicing its spiralling foreign currency debt. Turks have faced a deepening cost of living crisis as veteran president Recep Tayyip Erdoğan’s unorthodox economic policies exacerbated a collapse in the […] April 9, 2024
Manufacturing Homegrown Togg dominates EV sales in Turkey Turkey’s domestic electric vehicle (EV) brand Togg dominated sales within the country during the first quarter of 2024. Togg achieved sales of 4,145 units, state-owned Anadolu Agency reported, quoting data from the Automotive Distributors and Mobility Association. EV sales surged by 276 percent to 14,158 units during the quarter ended March 31, 2024. Consequently, the share […] April 5, 2024
Economy Turkey’s inflation rises to 68.5% on education costs Turkey’s annual inflation rate increased to 68.5 percent in March, beating the 67.07 percent recorded a month earlier, official data showed. The biggest monthly rise was in education, which rose by more than 13 percent, followed by communication, up almost 6 percent, The Turkish Statistical Institute said. Food and non-alcoholic beverages, housing, and hotels, cafes […] April 4, 2024
Leisure & Hospitality QIA joint venture sells stake in high-end Turkish mall for $500m A joint venture between Qatar Investment Authority (QIA) and Turkey’s Dogus Holding has divested its 42 percent stake in a high-end shopping mall in Istanbul for $500 million, according to a media report. The stake was sold to Orjin Group, a local entity that already owns 58 percent of the IstinyePark mall, after the joint […] April 4, 2024
Economy Turkey’s central bank aims for disinflation in H2 2024 Turkey will see disinflation in the second half of the year, the Turkish central bank governor Fatih Karahan has reiterated. Ankara will maintain tight monetary conditions that will significantly lower the monthly inflation trend, he said at a meeting with the Turkish Banks Association management. “Our determined stance on monetary policy will enable us to […] April 3, 2024
Tourism Turkey secures more funds for Antalya airport expansion An additional $463 million financing has been secured to help upgrade and expand Turkey’s second busiest airport, Antalya. Antalya served more than 35 million passengers in 2023 which went some way towards Turkey recording record tourism receipts. The first phase of development will include the expansion of Terminal 2 and the construction of new general […] April 3, 2024
Economy Erdoğan election blow poses questions for Turkey’s economy Turkey’s opposition has dealt the ruling bloc of President Recep Tayyip Erdoğan a resounding blow in municipal elections – a result that could have a significant impact on the country’s economy. The Republican People’s Party (CHP) won more than 38 percent of the popular vote on March 31, compared to 36 percent for Erdoğan’s Justice […] April 2, 2024
Energy Turkey looks to Russia to build second nuclear power plant Turkey hopes to expand its partnership with Russia’s state-owned Rosatom to develop its second nuclear power plant in Sinop on the southern coast of the Black Sea, a senior government official has said. The Russian company is working on the country’s first Akkuyu nuclear power plant (NPP) in Mersin province on the Mediterranean coast. The project […] March 28, 2024
Sustainability European bank backs Turkey’s decarbonisation Turkey has secured the backing from the European Bank for Reconstruction and Development (EBRD) to launch a new initiative to decarbonise its hard-to-abate sectors, such as steel, cement, aluminium and fertiliser. The low-carbon pathways (LCPs) initiative will offer guidance to domestic and international players on the necessary technology and green financing to accelerate the country’s decarbonisation. The […] March 28, 2024
Renewable Energy Germany’s Nordex to invest $1bn in Turkey’s wind energy sector German wind turbine maker Nordex plans to invest €1 billion ($1.1 billion) as part of its expansion strategy in Turkey. The company aims to increase its wind energy capacity by 1 gigawatt (GW) next year from the existing 3.5 GW, state-owned Anadolu Agency reported, quoting CEO Jose Luis Blanco. He said that Ankara will be able to […] March 26, 2024
