German firm may finish construction halted after Turkey’s coup attempt: Fund head

German firm may finish construction halted after Turkey’s coup attempt: Fund head

KAYSERİ
German firm may finish construction halted after Turkey’s coup attempt: Fund head

The state fund that manages seized companies is in advanced talks with a German firm about completing building projects halted after the 2016 coup attempt, the head of the Savings Deposit Insurance Fund of Turkey (TMSF) said on May 8.

Since the coup attempt the authorities seized the assets of, or took management control over, 960 companies worth 50.3 billion Turkish Liras ($11.7 billion), said TMSF head Muhiddin Gülal, Reuters reported.

The seized companies employed around 48,000 people, Gülal added.

Two major construction groups, Dumankaya and Fi Yapı, halted building work on a number of housing complexes after the companies were taken over by authorities.

The TMSF is now in talks with a German firm interested in taking over those projects, Gülal said at a news conference in the Central Anatolian province of Kayseri without naming the company.

“A Germany-based group has committed to complete unfinished housing projects. The talks are at the final stage and we will take action within 10 days,” he added.

Gülal said that 200 million liras are needed to complete the Fi Yapı projects and 100 million liras are needed for the Dumankaya projects.

Quark.Models.Entities.Ancestor?.Title?.ToUpperInvariant() Türkiye’s external assets at $320 billion

Türkiye’s external assets at $320 billion
LATEST NEWS

  1. Türkiye’s external assets at $320 billion

    Türkiye’s external assets at $320 billion

  2. Nine sentenced to prison six years after Çorlu train accident

    Nine sentenced to prison six years after Çorlu train accident

  3. Dawn ceremony held to remember Anzac soldiers in Çanakkale

    Dawn ceremony held to remember Anzac soldiers in Çanakkale

  4. Ministry puts autographed Jordan sneakers up for sale

    Ministry puts autographed Jordan sneakers up for sale

  5. Türkiye seeks positive momentum in Eurofighter negotiations, sources say

    Türkiye seeks positive momentum in Eurofighter negotiations, sources say
Recommended
Türkiye’s external assets at $320 billion

Türkiye’s external assets at $320 billion
Business morale improves, capacity utilization rises in April

Business morale improves, capacity utilization rises in April
Annual rise in home prices continues to slow

Annual rise in home prices continues to slow
Boeing to give $425 million advance payments to Spirit

Boeing to give $425 million advance payments to Spirit
Meta more than doubles profit in first quarter

Meta more than doubles profit in first quarter
Short-term external debt at $174 billion

Short-term external debt at $174 billion
Domestic tourism spending rises 100 percent in 2023

Domestic tourism spending rises 100 percent in 2023
WORLD Hamas official says group would lay down weapons in case of a two-state solution

Hamas official says group would lay down weapons in case of a two-state solution

A top Hamas political official told The Associated Press the Islamic militant group is willing to agree to a truce of five years or more with Israel and that it would lay down its weapons and convert into a political party if an independent Palestinian state is established along pre-1967 borders.
ECONOMY Türkiye’s external assets at $320 billion

Türkiye’s external assets at $320 billion

Türkiye’s external assets declined by 2.4 percent compared to the end of 2023 to $320.2 billion as of February, official data have shown.
SPORTS Tour of Türkiye embarks on 8-stage journey

Tour of Türkiye embarks on 8-stage journey

The 59th Presidential Cycling Tour of Türkiye (TUR) kicks off on April 21 in the Mediterranean resort city of Antalya with the participation of 25 professional cycling teams.