Turkey: Sabanci Holding announce investment funds

Turkish conglomerate Sabanci Holding has plans to make TRY4.5bn worth (US$1.25bn) of investments in 2017, the group's CEO said. The holding has plans to invest the funds in Turkey throughout 2017, up TRY0.4bn (US$110m) or 10 per cent from last year, Zafer Kurtul said at a Sabancı group annual briefing meeting where last year’s financials were announced.

Mr Kurtul said nearly 80 per cent of this amount would be channelled into expanding production capacity while the remainder would be set aside for technology investments. The better part of the announced investment amount would be used to expand capacity in cement, tyre and textile factories. TRY1.5bn (US$410m) would be allocated to energy sector investments and TRY1bn is to be used for technological enhancements.    

He said they expect calmer market conditions in Turkey and a recovery in other macro-economic figures.  
"We expect 2017 to be a better year than 2016 in exchange rate volatility, economic growth and recovery in unemployment," Mr Kurtul said.