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Analysis

Facilitating business: While the country is moving up in the rankings, there is still plenty of room for improvement
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There was good news for Turkey in 2012 in the pages of the World Bank/International Finance Corporation’s “Doing Business 2012” report. In 2011 the country rose two places in the global rankings, to 71st out of 183 economies. This placed it ahead of the Eastern Europe and Central Asia average of 77th and well ahead of some regional competitors, such as Russia – which took 120th place –…

Analysis

Halkbank: Banking
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THE COMPANY: In 2011 the central bank’s macro-prudential policy measures utilised tools that directly and adversely affected Turkish banks. However, the tightening should lessen in 2012 as we foresee growth concerns surfacing and supportive macro data. Accompanied by improving global risk appetite and capital flows to emerging markets, this should eliminate the need for further tightening, relax…

Analysis

Raising revenue: Fresh bidding rounds are under way for privatisation of state assets
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The year 2012 is scheduled to be a banner one for privatisation in Turkey, if all goes according to plan, with moves ahead on gas and electricity grids, bridges, highways and ports. Yet these plans are also likely to be subject to the temperature of the global economy, as those charged with organising the sell-offs try to launch when investor interest is at a peak. With 2012 starting out on uncertain…

Analysis

Towards 100: Setting the sights high for long-term development
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With 2023 the centennial of the establishment of the Republic of Turkey, elections in 2011 saw the government unveil a long-term vision for the country’s development that stretches ahead for more than a decade. The ruling Justice and Development Party (AKP), able to capitalise on an unprecedented period of political stability after winning its third consecutive general election, has set some…

Analysis

Taking the middle ground: Significant opportunities open to private equity investors
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Private equity investors are increasingly being drawn to Turkey by its fast-growing economy, macroeconomic and political stability, strong demographics and abundance of family-owned businesses. Many large buyout deals have been struck in recent years, but more opportunities for growth may exist for private equity funds that are willing to invest in mid-sized businesses. Turkey has already attracted…

Analysis

TAV: Transport
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THE COMPANY: TAV Airports Holding was established in 1997 for the purpose of building and operating Istanbul Atatürk Airport (IAA) from 2000-05. With a market share of 41%, it is Turkey’s leading airport operator, managing three of the country’s largest four. In addition to IAA, which is one of the busiest airports in Europe, TAV operates the Ankara Esenbo ğ a, Izmir Adnan Menderes and Antalya…

Analysis

Legal changes have paved the way for the growth of Islamic bonds
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While the growing global Islamic bond ( sukuk) market represents an increasingly important source of financing for businesses across the world, to date interest has been fairly limited in Turkey. However, the market is expected to grow rapidly, partly thanks to legal changes that make sukuk issuance more attractive, as well as the government’s plans to float sharia-compliant bonds. aaabbbccc A…

Analysis

Turkcell: Telecoms
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THE COMPANY: With 34.5m subscribers in Turkey at the end of the first quarter of 2012, Turkcell is the leading mobile operator in Turkey with around 53% market share. The company covers 87% of the Turkish population through its 3G and 99% through its 2G technology supported network. According to Ericsson’s research, Turkcell ranked 1st among 53 countries for 3G data download speed. It has become…

Analysis

Tüpraş: Hydrocarbons
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THE COMPANY: Turkey plays a key role connecting oil-producing countries in the Middle East and the Caspian region with consumers in Europe. Not a major oil producer itself, most of Turkey’s crude oil consumption is fed by imports, especially from Iran, Russia, Saudi Arabia and Kazakhstan. Refining is dominated by Tüpraş, which has a total processing capacity of 28.1m tonnes of crude and meets…

Analysis

Türk Traktör: Agricultural equipment
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THE COMPANY: Agriculture is a major contributor to Turkey’s GDP, despite sluggish growth in recent years. The sector’s share of GDP dropped from 10.1% in 2000 to 8.3% in 2009, and its share of total employment has also declined, falling from 35% in 2001 to 30% in 2007. Though Turkey is one of the few countries to be self-sufficient in food, the agricultural sector is poorly structured and inefficient.…