After two years of secret planning, Prime Minister Recep Tayyip Erdoğan in 2011 revealed his “crazy project”: digging a 50-km-long, 150-metre-wide canal from the Black Sea to the Sea of Marmara. The canal would turn half of Istanbul, a city of some 16m-18m residents, into an island and rival the engineering feats at Suez and Panama.
With strong year-end results both in 2010 and 2011, Turkey’s construction sector emerged from the 2008-09 financial crisis in relatively good shape. A projected slowdown in the local economy due to European sovereign debt woes means the double-digit growth is unlikely to be repeated in the near term, but the underlying fundamentals look strong.
Even as Turkey gears up for a major series of investments in infrastructure, residential and commercial construction, its biggest companies are cutting their teeth in developing countries around the world. A host of contractors have been making a name for themselves internationally over the past several decades, working mainly in the Middle East and...
The world’s first hybrid combined-cycle power plant, developed by General Electric and California-based eSolar, will not be built in the US or Europe. Instead, MetCap Energy Investments is launching the groundbreaking €450m project in the central Turkish province of Karaman. Revolutionary technology that combines natural gas with wind and solar...
With property values rising, the rest of the world has turned its attention to Turkey’s booming real estate market. In addition to the obvious attractions of portfolio investments in this emerging market, the past several years have seen many foreigners buying Turkish property as a first or second home. Moreover, legal changes are expected to expand...
Long hailed as the crossroads of civilisations and a bridge between continents, Turkey is now looking to upgrade its physical infrastructure in a bid to improve competitiveness. With a growing population of just under 75m, it faces bottlenecks in moving people and goods across its vast area and through its crowded cities. Moreover, strengthening...
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