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Chairman of the Board
2016 was a turbulent year marked by a series of shocking developments for the Turkish economy as well as the world economy. The Fed’s interest rate hike, the sharp rise in the US dollar following Donald Trump’s election as the new president, global recession risk caused by the UK’s decision to leave the EU (Brexit), China’s economic slowdown which presented a major threat to the global economy, and other geopolitical risks together shaped the global economic landscape in 2016. As a result, the world economy grew just 3% during the year, far below expectations.
Turkey’s economic growth soared in the first half of 2016, but the economy began to lose momentum in the second half due to political and geopolitical issues that arose. In addition to global economic fluctuations, the coup attempt on July 15, the Russian crisis and the Syrian war impacted the country’s economic expansion. As a result, the Turkish economy contracted 1.8% in the third quarter and closed the year with 3% annual growth.
Despite the negative economic indicators in 2016, the Turkish economy is expected to gain pace in 2017. The government’s incentive packages, the cash repatriation scheme, and loan facilities provided to SMEs are anticipated to support investment spending while lower interest rates will help boost home sales.
The real estate industry turned the crisis caused by market fluctuations and unfavorable developments into opportunity and provided a safe haven for investors with its reliable structure. By investing their savings in real estate, people protected their money from losing value. Those who invested in real estate projects developed by strong, experienced companies that are not affected by unfavorable conditions profited from the crisis.
Kuzu Group, a symbol of trust, is one of these strong companies. In 2016, our Group maintained steady growth and further strengthened its prestigious position in the industry.
Leading the industry with its domestic and international achievements, Kuzu Group continued to differentiate in the market in 2016 with prestigious projects – such as SeaPearl Ataköy in Istanbul, and Kuzu Effect and Kumru Ankara in Ankara.
Kuzu Group has adopted the slogan “Think Globally, Act Locally.” Our Group delivers basic services such as healthcare and education to even the remotest corners of Turkey. The Group also strives to leave a sustainable world to future generations by investing in environmental technologies.
Kuzu Group owes its steady growth to its thriving organizational structure. In 2016, Kuzu Group climbed 10 places to the 141st position in the “World’s Top 250 International Contractors” list, compiled by ENR (Engineering News Record).
In 2017, we will focus our efforts on the construction and sales of the SeaPearl Ataköy, Kumru Ankara and Kuzu Effect projects while pursuing new investment opportunities in Turkey and abroad, especially in the Gulf Countries.
Kuzu Group’s overseas projects will continue to generate significant foreign currency earnings for Turkey while our domestic projects will contribute to employment. The Group’s school, hospital and infrastructure investments will boost Turkey’s development drive. The biggest guarantee of our commitment to these principles will be, as always, our highly competent human capital and the unwavering support of our shareholders.
Hereby, I would like to extend my wholehearted gratitude to the many conscientious, hard-working members of Kuzu Group, as well as our business partners and stakeholders.