Turkey Financial News

Posted by meb at April 30th, 2008

The third Turkish Arab Economic Forum (TAEF) will be held in Istanbul on June 12 under the patronage of Prime Minister Recep Tayyip Erdogan.

The Forum is organized by Al-Iktissad Wal-Aamal Group, in cooperation with the Finance Ministry and the Foreign Economic Relations Board in Turkey (DEIK) and the League of Arab States.

Observers say the The Forum now acquires a special importance as it will witness a finance summit, for which the Turkish Finance Minister Kemal Unakitan has invited his counterparts in the Arab World and neighboring countries to discuss the future of Turkish-Arab finance and investment relations, and mechanisms of improving coordination on major regional and international issues. Ministers and businessmen from countries, like Turkmenstan, Azerbaijan and Kazakhstan, will also participate in the Forum. (more…)

Posted by meb at April 30th, 2008

European Union expects Turkey’s economic growth rate will be around 4.7 percent in 2009, up from 4.3 percent of growth expectations in 2008.
European Commission’s spring 2008 report on economic forecast said “due to its sizeable financing needs, Turkey may be more vulnerable to the current financial turbulence than most EU-Member States or other candidate countries.”

The report stressed Turkey should be able to increase export growth -in particular in tourism-while the tight monetary and fiscal policy mix will start supporting the disinflation process. (more…)

Posted by meb at April 30th, 2008

An agreement to construct 10 wind power plants in Turkey has been signed by a consortium consisting of Epuron, a majoy project development and structured financing company in renewable energy, and Ataseven Group, Turkey’s leading firm operating in the energy, construction and export areas.

The wind power plants, which are planned for construction in İzmir, Balıkesir, Manisa and Bursa, will have 3,000 megawatts of production capacity. The construction for the plants will begin upon the approval of the Energy Market Regulatory Authority (EPDK), which is expected to be received by 2009. (more…)

Posted by meb at April 30th, 2008

Turkey’s Telecommunications Board announced it will implement “number portability,” which will allow customers to change their mobile phone operators without changing their numbers, in November.

Starting the infrastructure works for number portability, the system is expected to be operational as soon as next month, said Tayfun Acarer, chief of the Board, during a conference in the Mediterranean city of Mersin Monday.

According to the regulation; Turkcell, Avea and Vodafone, Turkey’s three cell phone operators, will prepare for the system for the next six months. Thus, as of November, customers will be able to choose the most suitable operator for their personal needs. (more…)

Posted by meb at April 30th, 2008

Turkey may start the process of selling shares in state-owned Halkbank by the end of June, an official at the government’s asset sales agency said yesterday.

The agency is expecting a “development” in the Halkbank sale in the second quarter and is awaiting a government decision to proceed, Arzu Atik, a senior official at the agency, said at a conference in Istanbul yesterday, reported Bloomberg. The government may decide to sell its majority stake in Halkbank as a block or hold a secondary public offering to investors, she said. (more…)

Posted by meb at April 28th, 2008

Türk Telekom, the country’s land line carrier monopoly, has announced that it will make a public offering of a 15 percent stake of its state-owned shares.

Privatization Administration (ÖİB) President Metin Kilci and Türk Telekom vice general managers Erem Demircan and Celalettin Dinçer held a press conference yesterday regarding the public offering. (more…)

Posted by meb at April 28th, 2008

The Housing Development Administration of Turkey (TOKİ) is conducting preliminary studies for a project to develop vacation properties for foreign buyers as the government drafts new legislation following a Constitutional Court decision to halt real estate sales to foreigners.

Finance Minister Kemal Unakıtan approved TOKİ taking over areas allocated for real estate to be constructed for foreign purchasers, calling it the “Spanish model” because it includes building high-end properties of limited height with large gardens and green spaces, as is the case in Spain. (more…)

Posted by meb at April 26th, 2008

Franklin Templeton Real Estate Advisors is looking for funds operating in Turkey to invest in.

Currently, the firm has invested in one private real estate fund, which has two local partners in Turkey. Franklin Templeton’s real estate investments in Turkey consist of a retail unit and residential properties. The firm manages assets totalling approximately $5 billion, some half of the sum being invested in 75 private real estate funds worldwide.

Turkey a ‘developed emerging market’

Turkey is an attractive investment target because it is a very young market and a large economy, and there is little modern stock in residential, retail and office properties, Raymond J. Jacobs, managing director of Franklin Templeton Real Estate Advisers, told the Turkish Daily News at the annual meeting of the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) in Istanbul yesterday. (more…)