Turkish entrepreneurs constructing shopping centers have shifted their investments to foreign countries, business weekly magazine Ekonomist reported in its latest issue.
The number of shopping centers completed and being constructed by Turkish businesspeople in various countries such as Russia, Romania, Syria, Libya, Iran, Iraq and Saudi Arabia has already reached 50, according to data from the Trade Council of Shopping Centers and Retailers, or AMPD. This number is forecasted to increase to 150 in the near future, Hürriyet Daily News reports.
"There are many reasons for Turkish entrepreneurs to invest abroad," according to Mehmet Nane, chairman of the AMPD. "Experience obtained in the construction sector is one of these. The second is that companies seek new investment areas as the Turkish market has reached saturation," Ekonomist quoted Nane as saying.
These shopping center investments also provide an opportunity for Turkish retailers, Nane said. "Having a place in these malls opened in foreign countries provides a step for Turkish brands to become a global value."
Turkish investors are focusing especially on the Middle East, North Africa, the Balkan countries and Turkic republics.
Istanbul-based Turkmall, a global real estate development company, constructs shopping centers in Russia, China, Syria, Egypt, Georgia and Libya. The company is set to open a new mall in northern Cyprus' Nicosia with an investment of $150 million. "Our aim is to become the top brand in shopping centers," said Levent Eyüboğlu, chief executive officer of Turkmall.