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Turkey attracts 6.5 billion USD of foreign investment in first 5 months of 2012

Istanbul, 16 July 2012 – Mr Zafer Caglayan, Turkey’s Minister of Economy, has announced that Turkey attracted 6.5 billion USD of Foreign Direct Investment (FDI) in first 5 months of 2012 showing an increase of 11 percent over the same period in 2011. According to Caglayan, Turkey is attracting the...

Posted on 24 July 2012

Dubai’s largest real estate company to invest again

Istanbul, 13 July 2012 - Emaar, Dubai’s biggest real-estate company, has purchased 430 million USD of land in the Camlica district of Istanbul. This is Emaar’s second major investment in Turkey. The company is to build a 145,000 m2 shopping mall and business centre together with 1,000 houses. The complex...

Posted on 20 July 2012

Lebanese Bank to double its Turkish investment

Istanbul, 12 July 2012 - Odea Bank, part of the Lebanese Bank Audi, is set to increase its capital from 300 million USD to 600 million USD according to Huseyin Ozkaya, Odea’s General Manager. Commenting on the increase Ozkaya said  “We are going through a very serious test phase. We...

Posted on 20 July 2012

Hyundai Assan benefits from Turkey’s new incentives

Istanbul, 9 July 2012 - Hyundai Assan the leading South Korean company, will be the first company to receive the benefits from Turkey’s new investment incentives scheme. With a total investment of approximately 550 million USD Hyundai intends to increase production at its Izmit factory in NW Turkey from the...

Posted on 20 July 2012

Turkish Airlines Wins Best in Europe 2nd Year Running

Turkish Airlines (THY) has won “Best Airline in Europe” for the second time running in the Skytrax World Airline Awards. Skytrax is the largest airline and airport ranking authority. Additionally, it won in the "Best Airline in Southern Europe" and the "Best Premium Economy Class Airline Seat" categories. Last year...

Posted on 20 July 2012

Turkish Property Prices Continue to Grow in June

While much of the world's economies and property markets getting seeminly more volatile and risky by the day, Turkish property prices continue to grow at the same steady rate (about 10% year on year), making it a great choice for investors looking to dial down on risk. Turkish property prices...

Posted on 19 July 2012

Foreigners Purchase Record Amount of Property in Turkey in May

Many of you will remember our previous posts on the new Turkish property law removing the reciprocity requirement for foreign buyers. The last one we wrote was jubilantly titled The Law is Passed – More Foreigners Can Buy More Property in Turkey. In previous articles we have shared the consensus...

Posted on 18 July 2012

Turkish Ministry Announces $31 Billion Industrial Zones

The Turkish Minister for science, industry and technology, Nihat Ergun, recently announced the government's plans to establish two major industrial zones in the provinces of Zonguldak and Konya. The cost of these industrial zones is estimated to be around $31 billion.   The decision to establish them has been based...

Posted on 12 July 2012

Honda considers restarting motorcycle production in Turkey

Istanbul, 6 July 2012 - According to Hideto Yamasaki, Honda Turkey’s General Manager, Honda is investigating increases to its Turkish manufacturing plants in Gebze and Kocaeli as well as reopening its motorcycle manufacturing in Turkey. “Honda is considering to increase its production level in Turkey and the appreciating yen makes...

Posted on 09 July 2012

Turkey’s exports reach new records

Istanbul, 5 July 2012 - Recently released data from the Turkish Exporters Assembly shows Turkey’s exports reached 11.8 billion USD in June, an increase of 3.6 percent over the same period in 2011. Overall exports in the January to June 2012 period reached 72.9 billion USD, a increase of 11.2...

Posted on 09 July 2012

US giant diesel maker launches new Turkish factory

Istanbul, 4 July 2012 - Cummins, the leading US diesel engines and engine components maker, has launched its new diesel filter production facility in the Aegean Free Zone in Izmir on Turkey’s western coast. Commenting on the opening, Joseph Saoud, Cummins Filtration President, said “The selection of Turkey and Izmir...

Posted on 09 July 2012

Turkey’s Ford Otozan now exporting engineering services

Istanbul, 3 July 2012 - Ford Otosan, the Turkish-US joint venture,  is now making its engineering services to the whole of Ford Group with the “Made inTurkey” label. According to Haydar Yenigun, the company’s Director General, the JV’s Gebze Engineering Centre exported services worth 50 million USD last year.  Commenting...

Posted on 09 July 2012

Turkey’s economy grows 10 quarters in a row

Istanbul, 2 July 2012 - Newly released data from the Turkish Statistical Institute shows  Turkey’s economy grew by 3.2 percent in Q1 2012 making it the 10th quarter in a row and underlining Turkey’s economic performance. With the Turkish economy forecasted to grow 4 percent for the whole of 2012...

Posted on 09 July 2012

United Airlines and Turkish Airlines Launch Routes in July

US carrier United Airlines opened July a new flight into Turkey, connecting its New York Newark, NJ (EWR) hub with Istanbul Atatürk (IST) the hub of its Star Alliance partner Turkish Airlines. Flights on the new route operate daily with 183-seat 767-300ER aircraft. Indirect competition at JFK comes from Turkish...

Posted on 06 July 2012

Saudi Prince Enjoying the Delights of Bodrum in his Yacht

We have just learned that a Saudi prince (we don't know who as yet) is cruising in his Yacht off the coast of Bodrum, perhaps as a precursor to buying a property in the area, as Turkey has recently relaxed laws paving the way for Arabs to be allowed to...

Posted on 04 July 2012

Turkey to Sign Immigration Treaty for Visa-Free Talks

Turkey is hopeful of being able to secure visa free travel for its citizens to Europe within the next few years. If this happens it might give new life to relations between Turkey and the EU. A decision was recently taken by the European Union to open up talks with...

Posted on 29 June 2012

Turkey Now 6th Top Tourism Destination in the World

Earlier this year we reported that Turkey had finally crossed the 30 million visitor threshold in 2011, a target set for 2010 during the boom years. But that wasn't the only great tourism achievement for Turkey last year. According to a new report from the United Nations World Tourism Organization,...

Posted on 28 June 2012

British private equity company takes major stake in Turkish security firm

Istanbul, 27 June 2012 - Cinven, a London based private equity firm, has purchased a majority interest in Pronet, a leading Turkish security solutions provider. The purchase is expected to be completed this summer. Pronet was founded in 1995 and has over 80.000 active alarm systems in place. Source: Invest...

Posted on 27 June 2012

Turkey now 6th most popular tourist destination in the world

Istanbul, 26 June 2012 - According to the World Tourism Organization’s “Tourism Highlights 2012” report Turkey has now replaced Britain as the 6th most popular tourist destination in the world. Turkey has seen its tourism steadily increase and intends to be in the world’s top 5 tourism destinations by 2022....

Posted on 27 June 2012

World Bank Group to invest 2 billion USD in Turkey

Istanbul, 25 June 2012 - According to Lars Thunell, Executive Vice President and CEO of the International Finance Corporation (part of the World Bank Group), International Finance Corporation plans to invest 2 billion USD in Turkey between 2012 and 2015. Announcing the investment Thunell said “Turkey’s economy has proven its...

Posted on 27 June 2012