Russian and Middle Eastern investors are being lured to Istanbul to buy luxury real estate now that property laws have been relaxed, the economy is strong, prices are relatively cheap in comparison and Turkey is viewed as a safe haven A new wave of wealthy investors from the Middle East and Russia is increasingly eyeing luxury developments in bustling Istanbul, lured by a relaxation in property laws, relati ...

Ashti Hawrami, the KRG’s energy minister, says that with a network of pipelines spanning Turkey to export oil, the KRG aims to become a major global energy player The Kurdistan Regional Government (KRG) sees itself as a soon-to-be major energy player, hosting the world’s largest oil companies and making use of its own strategic export pipeline system across Turkey, according to the energy minister of the au ...

General Atlantic buys stakes in Turkish online food company Turkey’s online food ordering firm Yemeksepeti.com has just received a USD 44 million cash boost to fuel its international push with the addition of US-based equity company General Atlantic as a minority stakeholder. With a user base reaching 1.5 million people, Yemeksepeti.com provides online food ordering and delivery service, processing tens of ...

A Turkish contracting firm, Gulermak is going to construct the Warsaw subway, one of the biggest investment projects in Poland. Gulermak with their partners Astaldi (Italy) and Polish (PBDiM) had signed the Contract for Warsaw Metro Line 2 Section, between Dasynskiego and Wilenski Stations, on 28.10.2009. The new line will be 7 km long and will be completely underground. There will be seven stations on both ...

Chatham House laid Turkey, its neighbors and Istanbul on the table. During a Chatham House meeting, Suzan Sabancı Dinçer stated that Turkey’s balancing role in the region is a result of the nation’s economic dynamism and stable democracy. Akbank hosted the third Turkey Project for one of the world's most respected international affairs think tank, the Royal Institute of International Affairs Chatham House m ...

Turkey is embarking on the mass production of its first 100 percent domestically made missile. Minister of Industry Nihat Ergün has announced that Turkey has begun the serial production of the SOM missile developed by the Scientific and Technological Research Institute of Turkey (TÜBİTAK).The missile, which was developed by TÜBİTAK in its entirety all the way to its batteries, has a 200 kilometer range and ...

Turkey uses 1 percent of global energy, gas consumption jumps Turkey consumes 1 percent of the world's total energy and 1.4 percent of its natural gas, according to a benchmark annual report by BP. The country's overall energy consumption increased 9.2 percent last year from 2010, while its oil consumption rose 5.8 percent to 32 million tons, or 0.8 percent of global consumption, the report said. Turkey's g ...

Turkey is certianly one of the rising stars in the world with its huge human/brain potential as well as production and consumption power. Accordingly the country has been drawing attention of global giants and is in fact one of the most interesting  and appealing markets for hi-tech industries and products. Based on above facts, it is not surprise that companies involved in hi-tech arena chose Turkey as the ...

Turkey draws USD 8.9 billion of FDI in 7 months The foreign direct investment (FDI) to Turkey showed no signs of slowing down despite the raging debt crisis in Europe and the political upheaval in the Middle East. The country attracted USD 8.9 billion of FDI in the first 7 months of 2012, an overwhelming majority of which, 77.4 percent, originated from Europe. “Turkey’s position as a popular destination for ...

The Istanbul Municipal Assembly approves a plan, which gives way to for the government to open a tender to realize the Haydarpaşa Port Project. The historical station may lose its public funciton, says a professional The Haydarpaşa Train Station, built in the beginning of the last centure, is one of the symbols of Istanbul. the government wants to initiate a large transformation project to establish a main ...

Prime Minister Recep Tayyip Erdoğan has announced that the Free Trade Agreement with Ukraine, for which negotiations are ongoing, will be complete by the end of the year. Speaking at a joint press conference with Ukrainian President Viktor Yanukovych, Prime Minister Recep Tayyip Erdoğan said, "Our current trade volume is 6.5 billion dollars. Our target is to bring that up to 20 billion dollars by the year 2 ...

Turkey leaps ahead in the global competitiveness ranking Improving macroeconomic stability and increasing accessibility of the financial sector catapulted Turkey’s rank by 16 places in this year’s Global Competitiveness Index, securing the 43rd spot in the 144-country survey prepared by the World Economic Forum. Turkey surpassed world’s leading emerging economies, the BRIC countries (Brazil, Russia, India, ...

Airbus supply contracts to create 2500 jobs in Turkey Turkish aerospace companies play an increasingly vital role in Airbus’ civilian and military projects, supplying aircraft parts and components to the European aircraft manufacturer. Joint investments by Airbus and its subcontractors in Turkey will total USD 2.4 billion, creating some 2,500 jobs in Turkey’s aerospace sector until 2025. Turkish Aerospace I ...

Budget targets will not be met this year, according to Finance Minister Şimşek. The Finance Ministry has prepared a draft law that would introduce new tax hikes, focused on automobiles, tobacco products, real estate investment trusts and title deed fees, daily Zaman reported yesterday. The ministry drew up the draft after Finance Minister Mehmet Şimşek said this year’s budget targets will not be met. Work o ...

Some 1,000 business leaders from 87 countries will gather in Istanbul starting today to discuss the role of the private sector during a period of global economic crisis and recession that is dominating the world’s trade environment. The Union of Chamber and Commodity Exchanges of Turkey (TOBB), the country’s largest business organization, is hosting the event while marking its 60th anniversary. “The world e ...

Investments are flowing into the east despite the best efforts otherwise by the PKK terrorist organization. With the GAP Action Plan alone, the government has made a 38.5 billion investment and will be providing 400,000 jobs. The East, which has fast become a new area of attraction due to a series of incentives, has managed to rake in a record-breaking 1.5 billion in investments in just seven months’ time. ...

Speaking at a press conference during his stay in Azerbaijan, Prime Minister Recep Tayyip Erdoğan stated that the project started between Turkey and Azerbaijan in order to transport Azerbaijani gas through Turkey to Europe, the Trans Anatolian Pipeline, or TANAP, will make its mark on history. Speaking at a joint press conference following the Turkey-Azerbaijan High Level Strategic Cooperation Council Meeti ...

A Turkish-Italian joint venture has won a tender to build a third suspension bridge over Istanbul’s Bosphorus. Turkey’s highways authority currently has 5,550 km long, 24 new build-operate-transfer model projects on the agenda, in its bid to cut energy expenses and gain time. The Northern Marmara highway project, a large plan that includes a third bridge over Istanbul’s Bosphorus, will save nearly $1.8 bill ...

Turkey's economy grew slower than expected in the second quarter and a deeper slowdown is expected during the rest of the year as domestic demand weakens, raising pressure on the central bank to cut borrowing costs more aggressively. Gross domestic product (GDP) grew 2.90 percent year-on-year, below a Reuters poll forecast of 3.25 percent, data from the Turkish Statistics Institute showed. First quarter gro ...

Director of Izmir’s Department of Culture and Tourism Abdülaziz Ediz recently announced that Izmir’s cruise ship tourism, which kicked off six to seven years ago with just 30,000 tourists, has now reached an annual 500,000 passengers. Ediz also says that the 15,000 cruise passengers that toured the Izmir International Fair have brought smiles to the faces of local vendors. Pointing out that the tourism sect ...

Turkey, Azerbaijan and Turkmenistan sat at the table for TANAP project Top ranking representatives from Turkey, Turkmenistan, Azerbaijan and the European Union sat at the table yesterday to discuss adding Turkmenistan, reportedly the holder of world's fourth largest natural gas reserves, to a $7 billion project that will carry the Azeri gas to Turkey. Speaking after talks in Turkmenistan's Asghabat, Turkish ...

The automotive sector was not in the top 3 largest export industries in August. The Turkish Exporters’ Assembly’s (TİM) exports figures for August show a sharp decline in sales to Europe, which is in pace with the Turkish Statistical Institute (TÜİK) figures for a month earlier. The country’s exports engine automotive sector could not secure a place in top three in August, TİM has said. “We have maintained ...

100 thousand employees wanted! And private sector cannot find people to employ.. Labour and Social Security Minister Faruk Celik said that Turkish Employment Agency was looking for 100 thousand people for employment in the private sector, without success. Çelik stated that the number of vacant jobs had reached 100 thousand. He added “We have avilable jobs but no demand to take them. And what is more, we giv ...