October 2024

Since last year, Türkiye has embarked on a notable transformation of its economic and strategic policy, implementing monetary measures to combat inflation. During recent IMF and World Bank meetings, Alfred Kammer, director of the IMF’s European Department, praised Türkiye's efforts to reduce its economic vulnerability, noting that these actions had stabilized the Turkish lira and strengthened foreign investor confidence. Recent investments by major companies such as Yandex, BlaBlaCar, Ceva Logistics, and the Kazakh group Kaspi.kz—which acquired a 65.4% stake in Hepsiburada, an e-commerce leader, for USD 1.13 billion—illustrate this progress.

To sustain this momentum, the Central Bank of Türkiye has adopted a strict monetary policy, maintaining the benchmark rate at a record level of 50% to curb the persistent effects of inflation. Although inflation has fallen from 74% to 49% since May, it remains high. The Central Bank plans to continue this policy through 2025.



On the international stage, Türkiye is exploring new strategic options to strengthen its position in a multipolar environment. As the first NATO member to consider cooperation with the BRICS, Türkiye aims to diversify its economic alliances while preserving its relations with NATO and its trade with the European Union.

Kaspi.kz takes over Hepsiburada

Hepsiburada, Türkiye’s leading e-commerce platform, has announced a major change in control. On October 17, 2024, Kaspi.kz signed an agreement to acquire all Class A and B shares held by the main shareholders, including founder Hanzade Doğan Boyner and several family members, representing 65.4% of Hepsiburada. This transaction, subject to regulatory approval, marks a strategic turning point for Hepsiburada, which will retain its well-established brand identity.

Acquisition amount: USD 1.13 billion!

Founded in 2000, Hepsiburada has established itself as a key player in Turkish e-commerce, boasting a community of over 66 million members and a hybrid model combining direct sales and a marketplace for approximately 101,000 merchants. Its flagship program to empower women entrepreneurs has enabled more than 55,000 women to grow their businesses on the platform since 2017. This acquisition comes amid a period of strong growth for Hepsiburada, which recently saw its order volume increase by 33% year-over-year, reaching 36.7 million in Q2 2024.

Kaspi.kz, a leader in digital payment systems and e-commerce in Kazakhstan, is considered by experts as one of the fastest-growing fintech companies in Europe and Eurasia.

Source: Investing.com, October 18, 2024

Yandex invests USD 400 million to strengthen its presence in Türkiye

Russian tech giant Yandex has announced a strategic investment of USD 400 million in Türkiye to expand its digital market share and create tailored services for the Turkish market. This investment, aimed at localization, is expected to create hundreds of jobs.

With a strong focus on product localization, Yandex is developing Türkiye-specific solutions, including AI-powered search services and customized digital solutions. Alexander Popovskiy, General Manager of Yandex Search Türkiye, stated, “We strongly believe in Türkiye’s digital potential. That’s why we decided to invest USD 400 million over the next three years to design tech products specifically tailored to this market.”

Aligned with its “going local” philosophy, the company also plans to enhance its navigation services with features specific to Türkiye and to expand its digital advertising solutions, thereby supporting the growth of local businesses. To date, Yandex already supports over 300 Turkish companies through its B2B solutions. Through this investment, Yandex aims to play a key role in the advancement of Türkiye’s technology and digital economy.

Source: Dünya, October 17, 2024

BlaBlaCar acquires turkish platform Obilet

French carpooling leader BlaBlaCar has acquired Türkiye’s Obilet, an innovative platform specializing in ticket sales for flights, ferries, and buses. This acquisition, recently approved by the Turkish Competition Authority, marks a significant step in consolidating the travel and transport sector.

Founded in 2012, Obilet has distinguished itself by offering varied travel options to millions of passengers. The platform allows users to compare and purchase travel and booking options from hundreds of bus companies, airlines, hotels, and car rental agencies. With over 40 million transactions to date, the platform provides B2C services while also offering a ticket management system (IMS) for transport companies. Obilet’s funding history also demonstrates its growth potential, with multiple successful funding rounds, including a notable USD 7 million in June 2021 and an undisclosed amount from BlaBlaCar in June 2024. This acquisition strengthens Obilet’s prospects for expansion and innovation.

Headquartered in France, BlaBlaCar connects drivers and passengers for intercity trips, offering carpooling opportunities to 27 million active users across 21 countries. This acquisition will enable Obilet to expand its services by integrating BlaBlaCar’s expertise in carpooling and providing new solutions to users.

Source: Dünya, October 28, 2024

RCI Banque expands further in Türkiye

The Renault Group continues to strengthen its presence in Türkiye through its subsidiary, RCI Bank and Services. Specializing in automotive financing, RCI Banque has been active in the Turkish market for many years. Today, the subsidiary is furthering its expansion by signing a partnership with Turkish company POCA Bilişim to operate as an insurance agent.

With an asset portfolio of EUR 58 billion and over EUR 1 billion in profits, RCI Banque is a key player in automotive financing across Europe. In 2020, the bank recorded EUR 17.8 billion in new financing and managed 4.6 million service contracts, including insurance products.

Innovative FinTech POCA Bilişim offers digital banking solutions covering money transfers, bill payments, digital cards, and ready-to-use loans. As one of the first Turkish companies licensed to provide open banking services, POCA also became the first to offer digital wallet and interbank transfer services in 2024.

This partnership between RCI Banque and POCA represents a new milestone in Renault’s expansion strategy in Türkiye, reflecting a shared commitment to developing innovative, efficient financial solutions to meet the growing needs of the Turkish market.

Source: Dünya, October 7, 2024

Strategic acquisition by Ceva Logistics in Türkiye

French logistics giant CEVA Logistics has officially announced the complete acquisition of Horoz Bolloré Logistics, a joint venture formed in 2000 by Bolloré Logistics and Horoz Logistics. This acquisition enables CEVA Logistics to fully integrate Horoz Bolloré Logistics into its existing operations in Türkiye, further strengthening its presence in the Turkish market.

The acquisition will significantly enhance CEVA Logistics' capabilities in air and sea freight services and expand its range of international logistics solutions. By combining the resources and expertise of both companies, CEVA Logistics aims to offer more agile, flexible, and customer-focused services.

A CEVA Logistics representative stated, "The integration of Horoz Bolloré Logistics represents a key step in expanding our operations in Türkiye while consolidating our position as a leader in international logistics."

With this acquisition, CEVA Logistics continues to establish itself as a major global player, providing solutions tailored to the growing needs of its clients.

Source: Container News, October 9, 2024

Kales GSSA acquires Türkiye’s ACT Global

Dutch group Kales GSSA has acquired Turkish company ACT Global as part of its efforts to strengthen its presence in the Turkish market. This acquisition addresses a growing demand from Türkiye and also supports broader global expansion.

Founded in 2019, ACT Global specializes in freight solutions, offering a range of services, including booking and operations, sales and marketing, management, and accounting and administration. The company operates three offices in the Istanbul area and a fourth in Adana, near the newly inaugurated Cukurova International Airport, which opened in August. ACT collaborates with airlines such as Astral Aviation, RwandAir, Cebu Pacific, Philippine Airlines, and Pakistan International Airlines.

This acquisition aligns with Kales’ strategic goal of expanding its presence in high-growth regions, leveraging Türkiye’s hub position in air freight between Europe, Asia, and the Middle East. This decision will enhance service offerings for clients in the region while also supporting Kales’ global expansion strategy, enabling the company to deliver even greater value to its international partners and customers.

Founded in 1994, Kales Airline Services is a General Sales and Service Agent (GSSA) dedicated to freight and passenger product sales on behalf of airlines worldwide. With 64 offices across 33 countries, Kales represents over 70 airlines.

Source: Aircargo News, October 2, 2024

Gree prepares for investment in Türkiye

Chinese air conditioning giant Gree Electric Appliances is taking concrete steps to expand its presence in Türkiye. According to TLC Klima, Gree’s representative in Türkiye, the company has initiated discussions with the Turkish Presidency's Investment Office to explore investment opportunities, with plans to open a production plant in Türkiye within the next five years. This move aims to leverage Türkiye's strategic position as a logistics hub for Gree’s global operations.

Key Figures for Gree:

• Global leader for 13 consecutive years in residential air conditioner production and sales
• Produces 60 million air conditioners annually
• USD 29 billion in revenue for 2023, with a net profit of USD 4.1 billion
• Ranked 334th on the Forbes Global 2000 list

With five regional offices and 200 sales points in Türkiye, Gree aims to solidify its influence in a rapidly growing market. The Turkish market for wall-mounted air conditioners is expected to reach 2.1 million units by the end of 2024, with significant growth in VRF systems and heat pumps.

This investment marks a major step in Gree's global expansion and positions Türkiye as a key player in the company’s international growth strategy.

Source: Ekonomim, October 11, 2024

Strategic investment by Taiwan's YCM

In collaboration with its Turkish partner SES3000 CNC, Taiwan's YCM has invested in a state-of-the-art 10,000 m² facility to produce high-tech CNC machine tools directly in Türkiye.

This investment marks a major step forward for Türkiye, promoting both technological transfer and the creation of a new local supply chain. YCM Eurasia plans to produce 600 CNC machines annually within four years, with an estimated annual production value of USD 60 million. These advanced, high-value machines, often referred to as "machines that make machines," are set to boost Türkiye’s position on the global stage. Located in Ergene (Tekirdağ), the facility aims to reach European and other international markets from the first year by leveraging YCM's global network, which spans 54 countries. This foreign direct investment (FDI) will contribute to Türkiye's economic growth by increasing exports and reducing import dependency in this key sector.

With the export of advanced technologies and local CNC production, YCM Eurasia's investment paves the way for new opportunities, strengthening Türkiye’s role as a center for manufacturing and innovation in the industry.

Source: Sabah, September 30, 2024

Recycling: strategic Turco-Canadian partnership

Cengiz Holding, through its UK-based subsidiary ICoNiChem, has partnered with Canadian company NOVONIX to produce active cathode materials for electric vehicle batteries. This project, funded by a £160,000 grant from the Faraday Institute under the UK-Canada Critical Minerals Program, will focus on recovering nickel, cobalt, and lithium from end-of-life batteries, thereby strengthening the supply chain for essential materials for electromobility.

ICoNiChem currently processes 250 tons of battery waste each year, recovering an average of 25 tons of nickel and cobalt. With this partnership, the addition of lithium will enable the production of high-value cathode materials. If commercialized, the ICoNiChem facility will become one of the first sites in Europe to recycle lithium, marking a historic step in battery recycling.

This project represents a significant advancement toward reducing the carbon footprint of electric vehicles and offers a sustainable solution to the global electromobility market's growth. By locally recycling used batteries, ICoNiChem will help create a more environmentally friendly ecosystem and support the global energy transition. This collaboration could not only enhance resource efficiency but also solidify ICoNiChem's position as a key player in recycling critical materials for batteries.

Source: Investing.com, October 8, 2024