1. 2014'teekonominin ikliminasl deiecek? HOW WLL THECLMATEOF ECONOMYCHANGEN2014? MAYIS-TEMMUZ /MAY-JULY 2014 say/ssue:03

2. NKAPAK 3. STRATegy 01 BALARKEN / FRONT MATTER Merhaba, Strategy olarak nc saymz hazrladk. Yine keyifle okuyacanz umduumuz bu saymzda hem gndem konularna hem de sektrel haberlere yer vermeye altk. Hepinizin malumu 2013 ylnn mays aynda Fed kresel piyasalar etkileyecek nemli bir karar ald ve tahvil almn azaltacan bildirdi. Biz de bu kararn hem dnyaya hem de Trkiyeye olan etkilerini merak ettik ve deerli akademisyenlerin de grlerine bavurarak 2014 ekonomisinde bizlerin neleri beklediini deerlen- dirdiimiz bir kapak konusu altk. imdiden syle- mem gerekir ki kapak konumuzda da okuyacanz gibi Trkiyeyi zorlu gnlerden ziyade daha temkinli gnler bekliyor. Dergimizin bu saysnda yeni bir blm oluturduk. Bu sayfalarda sizlere stanbulun marka binalar ve mimar- laryla daha yaknda tantrmay hedefledik. Bu yeni blmn ilk konuu Levent Loft binas oldu. Binann mimar Tabanlolu Mimarlktan Melkan Tabanlolu ile yaptmz rportaj severek okuyacanz umuyoruz. te yandan gayrimenkul sektrnn hzla gelitii Ankaraya yeni bir soluk getiren ncek Loft Projesi hakknda Akfen Gayrimenkul Gelitirme Genel Mdr Bar Barak ile bir sylei gerekletirdik. TAV Havali- manlar Ynetim Kurulu yesi ve cra Kurulu Bakan Sani ener ise bizlere havaliman sektrndeki yaad- mz yeni gelimeleri deerlendirdi. Dergimizde sektrlere ynelik bu keyifli rportajlarn yan sra sektrel analizlerimiz de oldu. Alt yap sektr- nn nabzn tuttuumuz Strategy dergisinin bu saysn da keyifle okuyacanz umuyoruz. Sayglarmla, H. Deniz Bilecik Genel Yayn Ynetmeni Hello, We, the Strategy, have prepared our third issue. In this issue that we hope you will read with pleasure again, we tried to include both the daily agenda topics and the sectoral news. As you are all aware, Fed has made an important decision in May 2013 that will effect the global markets and conveyed that they will reduce their bill of exchange purchases. So we wondered the effects of this decision both on the world and on Turkey and worked on a cover story also by consulting the views of esteemed academists evaluating what is awaiting us in the economy of 2014. I should say from now that, as you will read on our cover story, what is waiting for Turkey is rather cautious days than a compelling period. We have formed a new section in this issue of our magazine. We aimed to get you better acquainted with Istanbuls trademark buildings and architects on these pages. The first guest of this new section has been Levent Loft building. We hope that you will read our interview with the architect of the building Melkan Tabanlioglu from Tabanlioglu Architects with pleasure. On the other hand, we have had a conversation with Akfen Real Estate Developments General Manager Baris Barcak about Incek Loft Project that has brought a new lease of life to Ankara where the real estate sector is developing rapidly. And TAV Airports Board Member and Chief Executive Officer Sani Sener has evaluated for us the new developments experienced in the airports sector . In our magazine, apart from these pleasant interviews regarding the sectors, we have our sectoral analysis as well. We are hoping that you will also enjoy reading this issue of Strategy magazine in which we keep our finger on the pulse of the infrastructure sector. Sincerely, H. Deniz Bilecik Editor-in Chief 4. 02 NDEKLER / CONTENTS MAYIS - TEMMUZ / MAY - JULY 2014 grnM VIEW 04 Havaulamnda byktalepartyaand Therehasbeenabigdemand increaseinairtransportation 06 nemliolanyabancyatrmcy Trkiye'yeekmek "Whatisimportantistoattractthe foreigninvestortoTurkey" 08 2013YILINDA39.2milyonkii Trkiye'yiziyaretetti 39.2billionpeoplevisitedTurkey inthefirstIN2013 10 OTELLETMECLNDEYENBRANLAYI: NOVOTEL ANEWUNDERSTANDINGINHOTEL MANAGEMENT:NOVOTEL Hemtatilturizmihemdeiturizmindeenok tercihedilenlkelerdenbiriolanTrkiye'ninturizm sektrndebudenlinekmasnnaltnda,otel iletmeciliialanndakibaarluygulamalaryatyor. Successfulhotelmanagementapplicationsof Turkeywhoisthemostpreferredcountryin bothleisureandbusinesstourismsunderliesits prominenceinthetourismsector. 16 Levent'teBirLoft ALOFTINLEVENT AkfennaatadnaTabanloluMimarlktarafndan tasarlananLeventLoft,hemisminialdmimari anlayhemdelokasyonuylaehrinmarka binalarndanbiriolmayhakediyor. CreatedonbehalfofAkfenConstructionby TabanloluArchitects,LeventLoftdeservesbeing oneofthecity'simportantbuildingsinrespectof bothitslocationandthearchitecturalperspective. 2014'teekonomininiklimi nasldeiecek? HOW WLLTHECLMATEOF ECONOMYCHANGEN2014? WhileTurkeyisplanningtocontinueitsgoldenageineconomy,ithasstarted goingundertheinfluenceofadifferentclimatestartingfromthemid2013. Trkiyeekonomidealtnalarnyaamaysrdrmeyiplanlarken2013ylnn ortalarndanitibarenbakabirikliminetkisialtnagirmeyebalad. 24 KAPAK / COVER 16 5. STRATegy 03 64 stanbul'un hogrsemtibalat ISTANBUL'SDISTRICTOF TOLERANCE:BALAT 2020 "TRKYEMERKEZROL STLENECEK" "TURKEYWILLUNDERTAKETHE CENTRALROLE" 30 ncekLoft,Ankarallarla bulumayahazrlanyor IncekLoftisgettingreadyto meettheresidentsofAnkara. 38 DEMOKRAS,ZGRLKLER VEEKONOMKMCADELELE DOLU2014 2014,AYEARFULLOFSTRUGGLES OFDEMOCRACY,FREEDOMAND ECONOMYa 40 mavi'ninglobalyolculuu sryor GLOBALJOURNEYOFMAVI CONTINUESs 44 "yine,herzamankigibibyme bekliyoruz" "ASUSUAL,WEEXPECT DEVELOPMENT" 50 YKSELENDEER: OLMPYATLAR OLYMPICS;THE EMERGINGVALUE 56 ByklekliYatrm ProjelerindeKDVAvantaj VALUEADDEDTAX(VAT) ADVANTAGEFORBIGSCALE INVESTMENTPROJECTS keif/ehir explore/cty 60 GNEY KAFKASYA'NIN GZEML KENT TFLS TBILISI; THE MYSTERIOUS SOUTHERN CAUCASUS CITY 44 50 56 60 Bir zamanlar pek Yolu'nun nemli kentlerinden olan Tiflis, bugn yzyln dev projelerinin rotas zerinde bulunuyor. The city of Tbilisi that formerly used to be one of the important cities of the Silk Road, is positioned today both on one of the century's giant projects. Tarihi yarmadann tarihle, yaanmlklarla dolu semti Balat imdilerde hummal bir dnmn ierisinde. Balat,thedistrictofthehistoricalcitythat isfulloflifeexperiences,isgoingthrough afebriletransformationnowadays. 70 etkinlikRZGRI/ EVENTwnds AkfenHoldingA..Adna mtiyazSahibi/Publisher H.DenizBilecik GenelYaynYnetmeniveSorumlu YazleriMdr EditorinChief H.DenizBilecik YaynKurulu/PublicationBoard SedaOkay EmrahAkaln YaynAd/NameofPublication Strategy YaynTr/TypeofPublication YerelSreli/3AydaBir Trke-ngilizce Quarterly,Periodical,Local, Turkish-English YnetimYeri/HeadOffice AkfenHolding LeventLoft,BykdereCad.No:201K:1134394 Levent/stanbul/Trkiye InfomagYaynclk,Biliim,Tantmve OrganizasyonHizmetleriLtd.ti. EbululaMardinCad.4.GazetecilerSitesiA8/1 Leventstanbul Tel:(0212)3245515 Fax:(0212)3245505 Direktr/Director EminGrgn OperasyonveMterilikileriKoordinatr OperationandCustomerRelationsCoordinator CanGrsu YaynlarKoordinatr/PublicationsCoordinator AynurenolAltun EkonomiYaynlarYneticiEditr ManagingEditorofEconomicPublications NesrinKoaslan ProjeYneticisiveEkonomiEditr ProjectSupervisorandEconomyEditor FigenAypekAyvac ProjeAsistan/ProjectAssistant BaranKarakuzu KreatifDirektr/DesignDirector zkanOral YneticiArtDirektr/ManagingArtDirector FatihDumlu ArtDirektr/ArtDirector SertanVural Ahmetelik Grafiker/GraphicDesigner SevalYarar FotorafEditr/PhotoEditor erefYlmaz Bask/Printing BilnetMatbaaclkBilturBasmYay.veHiz.A.. DudulluOrganizeSanayiBlgesi1.CaddeNo:16 Esenkent-mraniye34476STANBUL Tel:4444403 Strategydergisiileilgilinerileriniziin strategy@akfen.com.tradresinemail gnderebilirsiniz. AnysuggestionsaboutStrategymagazineare welcomedandshouldbeadressedto strategy@akfen.com.tr Contact/letiim ttp@infomag.com.tr www.infomagyayincilik.com 6. GRNM / VIEW 04 MAYIS - TEMMUZ / MAY - JULY 2014 A kfen Holding 3 yl vadeli ve 6 aylk dilimlerle faiz demeli 200 milyon TLlik tahvil ihracn getiimiz gnlerde tamamlad. Garanti Yatrm Menkul Kymetler A.. tarafndan gerekletirilen halka arz sonucu satlan tahvillerin yzde 81,89unu ku- rumsal yatrmclar, yzde 18,11ini ise bireysel yatrmclar ald. 26 Mart 2014 tarihinde ihra edilen tahvilin faizi, gsterge bono faizi + yzde 3,5 olarak deerlendirildi. Ek getiri oranna gre de ihra edilen tahvillerin ilk kupon deme dnemine ilikin basit faiz oran yzde 14,5614, yllk bileik faiz oran yzde 15,0930 ve sat fiyatnn 100 nominal iin 100 lira olarak belirlendi. A kfen has issued a TL 200 million bond with 3 years deferred interest payment in 6 months maturity segments. The bond that have been sold through the public offering executed by Garanti Yatrm Menkul Kymetler A..(Corp.), 81.89 percent of the bonds have been bought by corporate customers while 18.11 percent have been bought by private investors. The interest of the bond that has been issued on March 26 2014 is determined to be + 3.5 percent together with the bond interest. According to the additional income ratio the bond have been determined to be 14.5614 % for the first coupon payment period with 15.0930 % annual compound interest rate and a sale price of TL 100 for 100 nominals. Havaulamnda byktalepartyaand 2014'n ilk iki aynda hava ulamn kullananlarn says 20.1 milyona ulat. A ccording to the data declared by the State Airfield Management (DHMI), in 2014 January- February period the number of passengers preferring airways have increased by 20 percent comparing to the same period last year. In 2013, the number of passengers had increased by 15 percent compared to the previous year and had reached 150 million. Therehasbeena bigdemand increaseinair transportation Within the first two months of 2014 the number of people using air transportation has reached 20.1 million. T he increasing electricity consumption in Turkey during the first two months of 2014 has been provided by the private sector by 71 percent and by the state by 29 percent. Turkeys total installed power capacity has reached 64.268 MW by the end of February. In 2013 a total of 245.5 billion kwh electricity had been consumed, 67 percent of electricity generation had been carried out by the private sector and 33 percent by the state. ElectricityConsumptionwithin theFirstTwoMonthsof2014: 41.6MillionKwh InJanuary-February2014,electricity consumptioninTurkeyhasincreasedby3.5 percentcomparedtothepreviousyear. 2 014 ylnn ilk iki aynda Trkiyede artan elektrik tketimini, yzde 71 orannda zel sektr, yzde 29 orannda da devlet oluturdu. Trkiyenin toplam kurulu g kapasitesi ise, ubat sonu itibariyle 64,268 MW seviyesine ulat. 2013 ylnda Trkiyede toplam 245.5 milyar kWh elektrik tketilmi, elektrik retiminin yzde 67si zel sektr, yzde 33 devlet tarafndan gerekletirilmiti. 2014'nlkki AyndaElektrik Tketimi:41,6 MilyarKwh 2014 yl Ocak-ubat aynda Trkiye'de elektrik tketimi geen seneye gre yzde 3.5 artt. D evlet Hava Meydanlar letmesi (DHM) tarafndan aklanan verilere gre, 2014 Ocak-ubat dneminde hava yolunu tercih eden yolcu says geen yln ayn dnemine gre yzde 20 orannda artt. 2013 ylnda ise, yolcu says bir nceki yla gre yzde 15 artm ve 150 milyonu bulmutu. AKFENHASCOMPLETED TL200MILLION BONDISSUE AKFEN,200MLYON TL'LKTAHVLHRACINI TAMAMLADI Akfen Holding, Mart aynda ihra ettii tahvil arzndan elde edecei geliri gelitirmekte olduu projelerin finansmannda kullanacak. Akfen Holding will use the income from the bond supply that it has issued in March for financing the projects that it is developing. 7. strategy 05 A kfen Holding sektrde lider iletmeler yaratarak lke ekonomisine ve paydalarna katk salamaya devam ediyor. Holdingin 2013 yln verimli bir ekilde geirdiini syleyen Akfen Holding CEOsu Sha Gsav, nemli dalgalanmalarn olduu 2013 yln baarl bir ekilde kapatmalarn uyguladklar muhafazakr finansal politika, inorganik byme frsatlar ve gl sermaye yaps gibi nedenlere balyor. Akfen Holdinge 21,1 milyon dolar 2013 ylnda Mersin Liman ve Hidroelektrik santrallerinin sermaye yaplar dzeltilirken Mersin Liman, Moodys ve Fitchden yatrm yaplabilir kredi notu ald. Holding bu sayede 450 milyon dolarlk Eurobond ihra etti ve MIPden temett alr konuma geldi. Akfen HESte ise gerekletirilen 273 milyon dolarlk refinansman sonrasnda proje firmalarnn rezerv hesaplarnda birikmi olan nakit kullanma ald. Bylece bu firmalardan Akfen Holdinge 21,1 milyon ABD dolar aktarld. ncek Loft projesinde almalar sryor Akfen GYO bnyesinde yl iinde projeleri gelitirilen Tuzla ve Moskova bis Otel projeleri ile birlikte 4 adet otelin yatrm biryandan devam ederken Akfen naat, Kamu zel Ortakl modeli ile yaplan 755 yatakl Isparta ehir Hastanesi ihalesinde en iyi teklifi verdi. Ayrca yl iinde temeli atlan 279 bin m2 inaat alanna sahip ncek Loft projesinin de almalar hzla devam ediyor. lk temett demesi gerekletirildi Akfen Holding olarak toplam 25,5 milyon TL tutarnda ilk temett demesi Mays aynda gerekletirildi. Hisse Geri Alm Programna devam ettiklerini syleyen Grsav, 2013 ylnda enerji alannda yaanlan nemli bir gelime olan Karasular Hidroelektrik Santralinin kalan %60 hissesinin Aquilaya devredildiini aklad. Sat ilemi 36,9 milyon avro hisse sat bedeli zerinden tamamland ve bylece hisselerin tmnn sat bedeli 59,8 milyon avroya ulat. A kfen Holding is continu- ing to contribute to the countrys economy and to its shareholders by creating leader managements in the sec- tor. Stating that the year 2013 has been a productive year for the Holding, Akfen Holdings CEO Sha Gsav attributes their successful completion of the year 2013 where consider- able fluctuations have taken place to factors such as the con- servative financial policies they have applied, inorganic growth opportunities and strong capital structure. USD 21.1 mIllIon to Akfen HoldIng While the capital structures of Mersin Port and the Hydroelec- tric stations have been adjusted in the year 2013, Mersin Port has received an investable credit note from Moodys and Fitch. Thus the Holding has exported USD 450 million Eurobond and has reached a position of receiving dividends from MIP. Following the refinancing of USD 273 million at Akfen HES, the cash that has been ac- cumulated in the project firms reserves have been opened to be used. Thus, a USD 21.1 million has been transferred to Akfen Holding from these firms. Work at the Incek Loft project Is contInuIng While the investments of Tuzla and Moscov Ibis Hotel projects together with 4 hotels are con- tinuing within the structure of Akfen REIT, Akfen Construction has made the best offer at the tender for Isparta City Hospital with 755 beds which is run with Public Private Partnership model. Also, the operations of Incek Loft Project the foundations of which have been laid during the year and that has a construction area of 279 thousand m2 are swiftly continuing. Two dIvIdend payments have been made Akfen Holding has made its first dividend payment of TL 25.5 million in total in May. Saying that they are continuing with the Share Repurchase Program, Gursav has announced that the remaining 60% shares of the Karasular Hydroelectric Station which is an important develop- ment of the year 2013 has been transferred to Aquila. The sale procedure has been completed over a EURO 36.9 million share sale price, thus the total sale price of the shares has reached EURO 59.8 million. Akfen Holding'in 2013 finansal sonular akland. Holding'in cirosu bir nceki yla gre yzde 23 art ile 111 milyon TL'ye ulat. AkfenHolding's2013financialresultshavebeen discloded.TheHolding'sturnoverreachedTL111million witha23percentincreasefromthepreviousyear. AkfenHolding'in 2013finansal sonularakland AkfenHolding'sfinancial resultsfortheyearend2013 havebeendisclosed 8. GRNM / VIEW 06 MAYIS - TEMMUZ / MAY - JULY 2014 Uluslararas yeniitutar 31.3milyarABD dolarnaulat Trk mteahhitleri eitli alanlardaki projeleriyle yurtdnda baar elde etmeye devam ediyor. K onut, ticaret merkezleri ve idari binalar, Trk firmalarn 2013 ylnda yurtdnda stlendikleri projeler arasnda yzde 39.6lk bir pay (12.4 milyar dolar) alarak ilk sraya yerleti. Onu, yzde 32.9 (10.3 milyar dolar) ile ulam projeleri, yzde 19.8 (6.2 milyar ABD Dolar) ile sanayi ve enerji tesisleri, yzde 4.0 (1.3 milyar ABD Dolar) ile su ve kanalizasyon projeleri takip ediyor. International newbusiness amountreached USD31.3billion Turkishcontractorsare continuingtorecord successabroadwiththeir projectsin variousareas. R esidence, trade centers and administrative build- ings have been on the first rank with a 39.6 percent share (USD 12.4 billion) among the projects that the Turkish com- panies have undertaken abroad in the year 2013. They are followed by the transportation projects with a 32.9 percent share (USD 10.3 billion), indus- try and energy facilities with a 19.8 percent (USD 6.2 billion), water and sewage projects with a 4.0 percent (USD 1.3 billion). "WhatisimportantistoattracttheforeigninvestortoTurkey" Turkey'smostimportanteconomicsmeetingUludagEconomySummithasbeen heldonMarch21-22withthetheme"Wearemeetingforthefuture". Y edi farkl oturumda ekonomik gelimeler ve irketler iin farkl stratejilerin tartld Uluda Ekonomi Zirvesinde 50den fazla konumac yer ald. Moderatrln Akfen Holding Ynetim Kurulu yesi Pelin Aknn yapt Business Is Great: Avrupann Gelecei konulu oturumun konumaclar arasnda Akfen Holding Ynetim Kurulu Bakan Hamdi Akn da yer ald. Avrupallarn ve Avrupa dndaki "nemliolanyabancyatrmcyTrkiye'yeekmek" Trkiye'nin en nemli ekonomi bulumas olan Uluda Ekonomi Zirvesi'nin ncs "Gelecek in Buluuyoruz" ana temas ile 21-22 Mart tarihleri arasnda gerekletirildi. yabanclarn Trkiyeyi srekli takip ettiklerini belirten Akn, Trkiyeye olan ilginin son yllarda daha da arttnn altn izdi. 2012 ylnda Avrupann durumunun ok da iyi olmamasna ramen Fransz ADP Firmasnn Trkiyede byk bir yatrma girmi olduunu hatrlatan Akn, 2012de Fransz ADP firmas bizden 1 milyar dolarlk alm yapt. 2012de Avrupann, Fransann, talyann, foreigners outside Europe are continuoulsy tracking Turkey, Hamdi Akin has underlined that the interest in Turkey has increased even further in the recent years. Reminding that although the situation in Europe was not so good in 2012, the French company ADP has entered into a big investment in Turkey, Akin said; The French com- pany ADP has made a purchase worth USD 1 billion from us in 2012. The situation in Europe, M ore than 50 spokesmen took place at Uludag Economy Summit where developments and vari- ous strategies for companies have been discussed at seven different sessions. Among the spokesmen of the session themed Business is great: Europes Future moder- ated by Akfen Holding Board Member Pelin Akin was also Akfen Holdings Chairman of the Executive Board Hamdi Akin. Having stated that the spanyann durumu hi iyi deildi. Ama 1 milyar dolar gibi bir paray nakit getirip lkemize soktu dedi. Akn, zor dnemlerden geen Avrupann eskiden beri her zaman kendisini toparladn, bunun iin sadece zamana ihtiyac olduunu ifade etti. nemli olan eyin, Trkiyenin baarsn kalc hale getirmesi ve yabanc yatrmclar ekebilmesi olduunu ekledi. France, Italy and Spain was not good at all in 2012. However, they brought an amount of USD 1 billion in cash into our country. Akin expressed that although going through a tough period, Europe has always pulled itself together and it only needs time for this. He added that what is impor- tant for Turkey is to make its success permanent and to be able to attract foreign investors. 9. strategy 07 M ilas-Bodrum Havalimann 2035 ylnn sonuna kadar iletebilmek iin teklif veren TAV Havaliman Holding, artname gerei teklif fiyatnn yzde 20sini szleme srasnda pein, kalan blmn ise, iletme sresince yllk taksitler eklinde demeyi planlyor. Konuyla ilgili aklamada bulunan TAV CEOsu Sani ener, bu havalimannn bymesine nem vereceklerini belirterek, finansal planlamalar dahilinde olan her trl havaliman yatrmna gireceklerini ifade etti. ener, dviz kurlarndaki hareketliliin bir endie unsuru olup olmad konusunda ise, Biz giderimizin nemli bir ksmn TL olarak dyoruz. Ama gelirimizin de nemli bir ksm euro ve dolar dedi. ener ayrca kaynak sorunu olacak hibir havalimannda bulunmayacaklarn, maceraya girmeyeceklerini ve yatrmclarn parasn tehlikeye atacak bir hamle yapmayacaklarn da szlerine ekledi. H aving given an offer to op- erate the Milas-Bodrum Airport until the end of 2035, according to the specifica- tions, TAV Airports Holding is planning to pay for 20% of the offer price in cash on signing the agreement and the rest in deferred payments yearly for the duration of the operation period. Having made an announcement regarding the matter, TAV CEO Sani Sener remarked that they will pay attention to the growth of this airport and that they will go into every type of airport investment within the compass of the financial planning. Regarding whether or not the fluctuations in the foreign currencies, Sener said, We pay for a considerable amount of our expenditure in TL (Turkish Lira). However, a considerable amount of our income is EURO and Dollars. Sener also added that they will not be in any airport that will become an issue of resource and that they will not go into an adventure and make moves that would put the investors money. TAV Havalimanlar Holding, Milas-Bodrum Havaliman Terminalleri'nin iletme hakk iin 717 milyon euroluk teklif verdi. TAV Airports Holding has made an offer of EURO 717 million for the management of Milas-Bodrum Terminals. Milas-Bodrum Havaliman Terminalleriiin enyksekteklif TAV'dan Thehighestoffer forMilas-Bodrum AirportTerminals isfromTAV "EnByk250" listesinde38Trkfirmas yerald 38Turkishcompanies havebeenlistedonthe "Biggest250"list Turkeykeptitsfirstrunneruppositionon the"Biggest250"listwith38companies.Trkiye 38 firma ile,"En Byk 250" listesinde ikinciliini korudu. I n the Biggest 250 list that is published by the international construction sector magazine ENR (Engineering News Record), China has been in first place with 55 companies, Turkey has been the second with 38 companies and the USA has been the third with its 34 companies. U luslararas inaat sektr dergisi ENR (Engineering News Record)in yaynlad En Byk 250 listesinde in, listede yer alan 55 firma ile birinci, Trkiye 38 firma ile ikinci, ABD ise, 34 firma ile nc oldu. 10. GRNM / VIEW 08 MAYIS - TEMMUZ / MAY - JULY 2014 D eniz Ticareti Genel Mdrlnn aklad sonulara gre, 2014 ubat ay sonunda ellelenen konteyner miktar yzde 12, ellelenen yk miktar ise yzde 1 artt. Ayrca ellelenen konteyner miktar 1.3 milyon TEU, ellelenen yk miktar ise 59.3 milyon ton oldu. 2013 yl deerlendirmelerine gre ise ellelenen konteyner miktarnda yzde 9luk bir art yaanm ve 8 milyon TEU gerekletirilmiti, ellelenen yk miktarnda ise yzde 1lik bir azal grlm ve 384,9 milyon ton gereklemiti. A ccording to the results disclosed by the Sea Trade General Directorate, the handled container amount has increased by 12 percent and the handled load amount has increase by 1 percent by the end of February 2014. Also, the handled container amount has been 1.3 million TEU and the handled load amount has been 59.3 million tons. According to 2013 evaluations, there had been a 9 percent increase in handled container amounts and an 8 million TEU had been materialized. The handled load amount had decreased by 1 percent which had been 384.9 million tons. Theamount ofcontainer andloadinsea transportation hasincreased According to the figures disclosed by the Sea Trade General Directorate, within the first two months of the year 2014, the amount of handled container has reached 1.3 million TEU, and the handled load amount has reached 59.3 million tons. Deniz ticaretinde konteynerve ykmiktarartt DenizTicaretiGenel Mdrl'nnaklad rakamlaragre,2014 ylnnilk2aynda ellelenenkonteyner miktar1.3milyonTEU'ye, ellelenenykmiktarise 59.3milyontonaulat. T rkiye statistik Kurumu (TUK) tarafndan aklanan turizm gelirleri geen yla gre yzde 11 artarak 32.3 milyar dolar buldu. 2013 ylnda Trkiyeye gelen ziyareti saysnda geen yln ayn dnemine gre yzde 8 artarak 39,2 milyon kii oldu. Ziyaretilerin kii ba ortalama harcamalar ise, 824 dolar civarnda. T ourism income that is disclosed by the Turkish Statistics Institute (TUIK) has increased by 11 percent compared tol ast year and reached USD 32.3 billion. The number of visitors to Turkey in 2013 has increased by 8 percent compared to the same period of the previous year and reached 39.2 million people. The average spending of the visitors per person is around USD 824. 2013ylnda39.2milyonkii Trkiye'yiziyaretetti 39.2billionpeoplevisited Turkeyin2013 2013'TEellelenen konteynerSAYISI handled contaIner-year2013 milyonTEU BILLIONTEU 8 11. strategy 09 12. ANALZ-SEKTR / analysIs-sector 10 MAYIS - TEMMUZ / MAY - JULY 2014 OTELLETMECLNDE YENBRANLAYI:NOVOTEL ANEWUNDERSTANDINGIN HOTELMANAGEMENT:NOVOTEL Hem tatil turizmi hem de i turizminde en ok tercih edilen lkelerden biri olan Trkiye'nin turizm sektrnde bu denli ne kmasnn altnda, otel iletmecilii alanndaki baarl uygulamalar yatyor. Successful hotel management applications of Turkey who is the most preferred country in both leisure and business tourisms underlies its prominence in the tourism sector. NESRN KOASLAN 13. strategy 11 14. ANALZ-SEKTR / analysIs-sector 12 MAYIS - TEMMUZ / MAY - JULY 2014 T rkiyenin en hzl gelien sektrlerinin banda turizm geliyor. Gelen turist says bakmndan 6nc srada yer alan Trkiye, son 20 ylda hzl bir atak yaparak dnya turizmi ierisinde kendisine nemli bir yer edindi. Turizmin Trkiyede byle nemli bir nok- taya gelmesinin altnda pek ok sebep yatyor. Gelimekte olan ekonomiler ierisinde yer alan Trkiye, tatil turizminin yannda ok nemli kongrelere ve toplantlara ev sahiplii yapyor. Ayrca sivil havaclk alannda son yllarda yaanan gelimeler, Trk turizminin geliimine de nemli bir katk salad. Trkiyeye uuun birok noktadan mmkn olmas ve sklamas, rekabetin etkisi ile bilet fiyatlarnn ucuzlamas gibi etkenler turizm hacmini artran unsurlar arasnda. Turizmin gelimesinde tm bu se- bepler arasnda ok fark edilmese de nemli bir pay olan dier bir gelime ise Trkiyenin otel iletmecilii konusunda kazand deneyimler oldu. zellikle uluslararas otel zincirlerinin Trkiyeye tad deneyimler bu alanda daha hzl admlar atlmasna yardm etti. Trkiyedeki otelcilik hizmetine yeni bir anlay getirenlerden biri de dnyada 90 lkede 4000 otel ile hizmet veren Accor Grubu. Akfen GYO ile kurduu stratejik ortaklk ile birlikte Trkiyeye gelen Grup, Novotel ve bis Otellerle Trkiyenin farkl ehirlerinde hizmet veriyor. Accor Grubunun Trkiyedeki ilk otel mar- kas ise Novotel. Accor Trkiye Genel Mdr Murat Kadaifiolu, otelin Trkiyedeki baa- rsn markann drt temel deerine balyor: Rahat, elenceli, samimi, hayal gc. Mteri memnuniyetinin otel iletmeciliinde odak noktasnda olduuna dikkat eken Kadaifio- lu, Novotelin misafir memnuniyeti iin YOU ismini verdikleri bir uygulamalarnn olduu- nu sylyor. Bu uygulamada misafire Bizim iin nemli olan SZsiniz mesajn vermek istediklerini syleyen Kadaifiolu, uygulamay u ekilde aktaryor: Adndan da anlalaca gibi, misafirlerimizin otel ierisinde yaad tm problemleri bildirebilecei ve ok fazla departman/kii ile muhattap olmadan direk ulaabilecekleri bir telefon hattmz bulunmak- ta. Misafirlerimiz odalarndan bu numaray tulayarak tm taleplerini bizlere iletebiliyor- lar. Eer misafirimizin iletmi olduu talep yerine getirilemez ise, o servis iin kendisinden hibir cret almyoruz. Novotelin global olarak misafir memnuniye- T ourism is leading Turkeys fastest developing sectors. While being the 6th in terms of the number of tourists that visit the country, Turkey has obtained an important foothold within the world tourism by spurting in the recent 20 years. Several reasons underlie the fact that tourism in Turkey has come to such an important position in Turkey. Being among the developing economies, Turkey is hosting very important conventions and meetings aside from leisure tourism. Also, the developments in civil aviation in recent years have contributed in the development of tourism in Turkey. Availability and frequency of flights to Turkey from many locations, falling ticket fares with the effect of competition are among the factors that boost the volume of tourism. Another factor that has an important share in the advancement of tourism, although not quite noticed among these developments, is the experience that Turkey has gained in hotel management. Especially the experience that the Accor Grubu'nun Trkiye'deki ilk otel markas Novotel. Accor Group'sfirst hotelbrand inTurkeyis Novotel. 15. strategy 13 Otelde1gn GenelAlanlar Novotelruhunuoluturmakiinotellerin hepsindeaynkonseptuygulanyor.Novotel, genelalanlarmisafirleriartmakve elendirmekiindizaynediliyor.Hemihem tatilamalseyahatedenkiilerinrahatl nplandatutuluyorveteknolojikolaraktm destekbualanlardamisafirleresunuluyor. rnein,heroteldemisafirlerinzgrcekul- lanabileceibirimerkeziveMACkesi, ocuklumisafirleriinocuklarilevakit geirebilecei"ocukkesi"bulunuyor. Odalar:Novotel'inodalar;ferah,modernve genialanlarolaraktasarlanarakbirokko- naklamaiinimknsunuyor.Otelinennemli konseptlerindenbirideodalardakullanlan malzemevernlerinekolojikolmas. Yiyecekveecek:Yiyecekveiecek alanlaryinemisafirlerinrahatgznnde bulundurularak,kalabalktanuzakferah alanlarolarakdizaynedilmi.Misafirlerine dnyamutfandanlokalmutfaakadar hertrlmeneidinisunanotel,dengeli beslenmeyezengsterenleriindemutfa- nayor.Novotelmisafirleri7gn24saat boyuncayiyecekveiecekhizmetinden istediklerizamanistedikleriyerdeyarar- lanabiliyorlar.zellikleiseyahatiyapan misafirlerinigznndebulundurarak, sabah4'tebalayansabahkahvaltsve tatilamalseyahatedenmisafirleriinde 12.00'debitensabahkahvaltsgibieitli imknlarsunuluyor. Meetngs@Novotel:Novotel'inen nemliservislerindenbirtaneside,top- lantlar.Otel,gnmztoplanttaleplerini gznndebulundurarakoluturduu Meeting@Novotelilemisafirlerine5 taahhttebulunuyor;planlamadanka kadaryannzdaolanbirekip,zahmetsiz toplantlar,anndazmler,sizeadanm birhizmetvemutluluunuz. Famly&Novotel:Novotel'inbirnemli markataahhtdeocuklarveocuklu seyahatedenaileler.Family&Novotel, 16yanakadar2ocuaaileyannda cretsizkonaklamavekahvaltimkn, giriteocuklarazelhediyeler,genel alanlardayaratcvezihinselbecerilerini gelitirebileceklerioyuncaklardanoluan ocukkesivemenlerdeocuklariin seilmirnlerbulunuyor.Ayrca,ocuklu ailelerinseyahatlerinikolaylatrmakiin haftasonlargekimkandabukonsept ilesunuluyor. Wellbeng:Novotelmarkabilincindesa- lklvedengeliyaambyknemtayor. Yiyecekveiecekalanlarndasunduubu konseptiotelierisindemisafirlerineInBa- lanceByNovotelkonseptiilefittness,spa, sauna,buharbanyosu,masajhizmetleri, akveyakapalhavuzilesunuyor. Adayinthehotel CommonAreas InordertoshapetheNovotelspirit,thesame conceptisappliedinallthehotels.Novotel commonareasaredesignedtosurpriseand entertaintheguests.Thecomfortofboth theindividualswhotravelforbusinessand leisureareprioritisedandallthetechnologi- calsupportisofferedtotheguestsinthese areas.Forexample,ineachhotelthereisa businesscenterandaMACcorner,achild cornerfortheguestswithchildren thatthe guestscanusefreely. Rooms:TheroomsofNovotelaredesigned asrefreshing,modernandspaciousareas offeringmanytypesofstays.Oneofthe mostimportantconceptsofthehotelisthe ecologicalmaterialsandproductsusedin therooms. FoodandBeverages:FoodandBeverage areasarealsodesignedasspaciousareas awayfromthecrowdconsideringthe comfortoftheguests.Offeringitsguestsall kindsofmenusfromworldcuisinetolocal cuisine,thehotelalsoopensitskitchento thosewhowanttokeepabalanceddiet.No- votelguestscanusethefoodandbeverages servicesfor7daysand24hourswhenever andwhereevertheywant.Especiallyconsid- eringitsgueststravellingforbothbusiness andleisure,variousamenitiesareoffered suchas breakfaststartingat4amand finishingat12midday. Meetings@Novotel:Oneofthemost importantservicesistheMeetings.Thehotel ismaking5commitmentswithMeeting@ Novotelthatithasformedconsideringthe meetingdemandsoftoday;ateamthatac- companiesyoufromtheplanningtotheexit, easymeetings,instantsolutions,aservice dedicatedtoyouandyourhappiness. Family&Novotel:Oneotherbrandcom- mitmentofNovotelisthechildrenandfami- liestravellingwithchildren.Family&Novotel offersfreeofchargestayandbreakfastfor upto2childrenaged16yearsandbelow tostaywiththeirparents,specialgiftsfor childrenattheentrance,children'scorner atthecommonareascomposedoftoysthat developtheircreativeandmentalabilities andproductthatarechosenforchildren onthemenus.Also,latecheckoutatthe weekendsisofferedwiththisconcept to easethetripsoffamilieswithchildren. Wellbeing:Healthyandbalancedliving carriesagreat importanceinNovotel's brandawareness.Theconceptthatis offeredatthefoodandbeverageareas is alsoofferedtotheguestsinthehotelwith theconcept"InBalanceByNovotel" with fitness,spa,sauna,steambath,massage servicesand outdoorandindoorswimming pools. 16. ANALZ-SEKTR / analysIs-sector 14 MAYIS - TEMMUZ / MAY - JULY 2014 international hotel chains have carried into Turkey have helped taking faster steps in this area. Accor Group that serves in 90 countries around the world with 4000 hotels is one of those that brought a new understanding to hotel management services in Turkey. Having enetered into Turkey with the strategic partnership it has established with Akfen GYO, the Group is giving service with Novotell and Ibis Hotels in various cities of Turkey. Accor Groups first hotel brand in Turkey is Novotel. Accor Turkey General Manager Murat Kadaifcioglu relates the hotels success in Turkey to four basic values of the brand: Comfortable, fun, sincere, imagination. Drawing attentionn to the fact that customer satisfaction is focus of hotel management, Kadaifcioglu talks about Novotels application called You for customer satisfaction. Saying that they are giving the message: What is important for us is YOU to the customers with this application, Kadaifcioglu explains the application: As understood from its name, we have a phone line that the customers can reach directly to report all the problems that they experience inside the hotel without having to deal with too many departments/individuals. Our customers can convey all their demands to us from their rooms by dialling this number. If the demand that our customer has conveyed to us can not be met, we do not take any fees for that service from our customer. Novotel has an online system with which it keeps a track of guest satisfaction globally. With this system, the hotel management can instantly respond to the demands of the guests staying at the hotel. The Route to the Customers Heart: Kitchen Hotel kitchen is almost one of the prerequisites for achieving customer satisfaction in hotel management. Murat Kadaifcioglu says that especially in Turkey, kitchen has a different place compared to other countries. Kadaifcioglu says: We are a community who eats for pleasure rather than to survive. Accordingly, hotel kitchen carries a great importance in that respect. Therefore, stating that they prefer to use areas that are away from the crowd, simple and plain in the hotel restaurants just like the Novotel concept, Kadaifcioglu says that they want their hotel customers to enjoy their meals at the times remaining from their work and hustle and bustle. Stating that they consider all the local and international guests while preparing their menus, Kadaifcioglu underlines that they include both the tastes of international cuisine and examples of Turkish cuisine in their menus. Also, they do not neglect offering their guests the local tastes of the locations where the hotels are situated. tini takip ettii online bir sistemi bulunuyor. Bu sistem sayesinde otel ynetimi, otelde ko- naklayan misafirlerin taleplerine annda cevap verebiliyor. Mterinin Kalbine Giden Yol: Mutfak Otel iletmeciliinde mteri memnuniyeti olu- turmak iin otel mutfaklar neredeyse olmazsa olmazlardan biridir. Murat Kadaifiolu, zellikle Trkiyede mutfan dier lkelere oranla daha farkl bir yeri olduunu sylyor. Kadaifiolu: Bizler, yemei yaamak iin deil keyif iin yiyen bir toplumuz. Dolaysyla otel mutfaklar bu noktada ok byk nem tayor diyor. Bu nedenle Novotel restoranlarnda tpk Novotelin konseptinde olduu gibi, kalabalktan uzak, sade ve yaln alanlar kullanmay tercih ettiklerini belirten Kadaifiolu, otel misafirlerinin iten ve kouturmadan arta kalan zamanlarnda yemek- lerinin tadn karmalarn istediklerini sylyor. Menlerini hazrlarken yerli ve uluslararas tm misafirleri gz nnde bulundurmaya zen gsterdiklerini belirten Kadaifiolu, bu nedenle hem uluslararas mutfan lezzetlerine hem de Trk mutfa rneklerine menlerinde yer ver- diklerinin altn iziyor. Ayrca otelin bulunduu lokasyonlarn yerel lezzetlerini misafirlerine sunmay ihmal etmiyorlar. 17. strategy 15 SZN N KOLAYLATIRDIK! NOVOTELN TOPLANTI PAKETLER HTYACINIZ OLAN HEREYE SAHP. * Konaklama ve kahvalt 16 yan altndaki 2 ocua kadar, aileleri ile ayn odada konaklamalarnda cretsizdir. Detayl bilgi iin novotel.com SADAKAT PROGRAMI MIZA KATI L I N ACCORHOTELS.COM Novotel.com/meetings Novotel STANBUL Novotel TRABZON Novotel GAZANTEP Novotel KAYSER leriniz younken en son dnmeniz gereken toplant detaylar olmal. te bu yzden, sizler iin tm ihtiyalarnz karlayacak toplant paketleri gelitirdik. cretsiz internet balants, en son teknoloji ile donatlm gn alan ferah salonlar, zengin kahve molalar, dnya lezzetlerinin sunulduu le ve akam yemei paketleri, planlamadan ka kadar yannzda olacak personelimiz ve tabii ki bir Novotelden bekleyeceiniz yllarn deneyimi ve kalitesi... Hepsi, imdi, sizin iin Trkiyenin drt bir yannda!.. 18. 16 MAYIS - TEMMUZ / MAY - JULY 2014 MARKA BNALAR / BRANDING BUILDING Levent Loft, hem lokasyonu hem de mimarisiyle ehrin en dikkat ekici yaplarndan biri. Levent Loft is one of the most attractive structures of the city both with its location and the architecture. 19. strategy 17 Levent'teBirLoft ALOFTINLEVENT Akfen naat adna Tabanlolu Mimarlk tarafndan tasarlanan Levent Loft, hem ismini ald mimari anlay hem de lokasyonuyla ehrin marka binalarndan biri olmay hak ediyor. Created on behalf of Akfen Construction by Tabanlolu Architects, Levent Loft deserves being one of the city's brand buildings'in respect of both its location and the architectural perspective. NESRN KOASLAN Bykdere Caddesi zerinde bulunan Levent Loft ve Levent Loft Bahe, ehrin en ilek caddesinde olmasna ramen konuklarna huzurlu bir yaam vadediyor. LOCATEDON BYKDEREAVENUE, LEVENTLOFTAND LEVENTLOFT GARDENSPROMISEA PEACEFULLIFETOITS RESIDENTSDESPITE BEINGONTHEMOST BUSYAVENUE OFTHECITY. stanbul son yllarda hem konut hem de ofis piyasasnda sra d yaplara imza atyor. Bunlardan biri de Bykdere Caddesinde yer alan Loft binas Akfen naat tarafndan projesi Tabanlolu Mimarlka yaptrlan bu modern bina, stanbulda Loft mimarisinin nadir rneklerinden biri. 1970li yllarda Ameri- kal sanatlarn mekn arayndan ortaya kan ve eski fabrikalarn yaam alanlarna dntrlmesini hedefleyen mimari anlayla tasarlanan Levent Loft, ofis olarak inaatna balanm bir binann zerine yaplm. Mimar Melkan Tabanlolu imzas tayan bina, bu nedenle de Loft ismini alyor. ehrin nemli bi- nalar arasnda gsterilen Levent Loftu Mimar Melkan Tabanlolu yle anlatyor: 2000lere yaklarken, kentin merkezi i alan olarak dnen Bykdere aksnda hala, zellikle ila fabrikalar olmak zere, endstriyel yaplar yer almaktayd. Bu yakn tarihine referansla, ken- disi de var olan betonarme iskeleti korunarak dntrlen bir yap olan Levent Loft projesi, blgenin yaanan ve sahip klan bir semt oluturmakta nc konutlarndan biri olmas asndan da nemli. Tasarm aamasnda, ncelikle, oklu konut yapsnda kimlerin yaayacan hayal ettik- lerini syleyen Tabanlolu, ngrlen konut I n recent years, extraordinary structures were built in Istanbul by means of both the housing and office markets. One of them is the building Loft which is situated in Bykdere Avenue... The project of this modern building was made by Tabanlolu Architects and it is one of the unique examples of Loft architecture in Istanbul. Created with an architectural perspective which appears in the 1970s in consequence of American artists searching for a house and which aims to transform the old factories to the living spaces, Levent Loft was established over a building whose construction originally began as an office. Having the signature of Archi- tect Melkan Tabanlolu, the building takes its name, Loft, from this. Architect Melkan Tabanlolu describes Levent Loft which is in- dicated among the most important buildings of the city as follows: While approaching the 2000s, there were still industrial structures, especially pharmaceutical factories, at Byk- dere axis which became the citys central work space. Referring to its recent past, the Levent Loft project, which is a structure transformed by preserving its reinforced concrete frame, is important as one of the houses of that region which is prominent in creating a protected 20. 18 MAYIS - TEMMUZ / MAY - JULY 2014 kullancs tarifiyle, nelerin ihtiya olduunun ve binann nasl bir yaam biimine nclk edeceinin deerlendirildiini belirtiyor. Mel- kan Tabanlolu, binann mimarisini planlar- ken baz unsurlar gzden geirdiklerinin altn iziyor. Estetik mi Kullanm Kolayl m? ehrin gbeinde yer alan Levent Loft, dardan bakldnda mimari olarak ehrin ne kan yaplarndan biri. Peki, Melkan Tabanlolu, bu binay tasarlarken estetii mi yoksa kullanm kolayln m n planda tuttu? Binann kullanc kolaylna odaklanarak tasarland syleyen Tabanlolu, Metropo- ln imkanlarndan st seviyede yararlanan, ok alan, seyahat eden ve zaman optimum deerlendirerek yaayan konut kullancsnn ritmine zen gsteren, dolays ile kullanc kolaylna odaklanan, alanlar da buna uygun tasarlanan yaam niteleri planland diyor. Ancak bunu yaparken estetikten de vazge- mediklerini syleyen Tabanlolu estetikle binann bulumasn u ekilde anlatyor: Endstriyel estetik tm bu bileenlerin ortak seimi olarak tercih edildi. Levent Loft, yksek tavanlar, tavandan zemine cam aklklar, plak beton bata olmak zere altyap estetiin bir paras olarak tasarma dahil edildi. Ancak bina bu gibi mimari seimlerden te, burada yaayanlarn iyi komular olmasn salayan yaklamyla da n plana kyor. district where people live. Tabanlolu mentions that during the design phase they firstly imagined who would live in the multi-housing structure and then, foreseen users, their needs and the lifestyle of the building were assessed. Melkan Tabanlolu underlines that they considered some factors while planning the architecture of the building. AESTHETIC OR EASE OF USE? Situated in the center of the city, Levent Loft is among the citys remarkable structures in terms of architecture from an external perspec- tive. But, did Melkan Tabanlolu prioritize the aesthetic or the ease of use while designing this building? Mentioning that the building was designed by focusing on the ease of use, The living units which pay attention to the rhythm of the housing user who benefits from the opportunities of the metropolis, works a lot, travels and uses the time well and which therefore focus on the ease of use and designed in accordance with this point of view were planned, she said. Underlining, however, that they did not abandon the aesthetic, Tabanlolu explains the integration of aesthetic and the building as follows: Industrial aesthetic was preferred as a common feature of all of these factors. The aesthetic approach manifested itself with the raised ceilings, window spacings from the ceiling to the floor and the bare con- crete, and embedded as an essential component of the design and the infrastructure of Levent Loft. However, apart from the architectural preferences as such, the building stands out also with the point of view that supports the good relations between the neighbors. Levent Loft, yksek tavanl mimarisiyle dikkat ekiyor. Levent Loft draws attention with its architecture with raised ceilings. MARKA BNALAR / BRANDING BUILDING 21. strategy 19 Mimari, Lokasyon, Hizmet Kalitesi Bugne kadar pek ok dle layk grlen bina, inaatna baland ilk gnden bu yana kamuoyunun dikkatini ekmeyi baarmt. Bunun sebebini birok farkl unsura balayan Melkan Tabanlo- lu, projenin bu denli dikkat ekmesinin altnda insan ilikilerine hazrlanan pozitif atmosferin olduunu syl- yor. Buna paralel olarak metro eriimi dahil olmak zere pek ok adan ulam kolayl salamas, kentin merke- zinde yer almas ve kentsel faaliyetlerle tmyle irtibat salamasnn tercih nokta- snda olduka etkili olduuna deiniyor Tabanlolu. Huzurlu Bir Konut Buras! Mimar Melkan Tabanlolu, Levent Loftu, Farkl ama benzer deerler tayan birey- lerin bir arada yaad, 144 niteli, huzurlu bir konut olarak tanmlyor. Ana giri geni bir lobiden salanarak ilk buluma noktas olu- turulan binada; toplant salonlar, spor/salk merkezi, lokanta gibi ortak meknlar tasarm tamamlyor. Son 20 ylda kent dna tanan ARCHITECTURE, LOCATION, SERVICE QUALITY Awarded with so many prizes to date, the building succeeded to attract the attention of the public opinion until the first days of its construction. Attach- ing its cause to various different factors, Melkan Tabanlolu tells that the positive environ- ment prepared for the human relations is the underlying fac- tor of the projects charm. In parallel, Tabanlolu mentions that providing ease of transport including the access to the metro, being located at the center of the city and being connected to the activities of the city is also effective in being preferred. THIS IS A PEACEFUL PLACE! Architect Melkan Tabanlolu describes Levent Loft as a peaceful place with 144 units where different people with similar moral principles live together. The building where the main entrance is provided through a wide lobby as a principal meeting point, the common-use areas such as meeting rooms, sports/health center and restaurant com- pletes the design. Presenting Melkan Tabanlolu Tabanlolu Mimarlk irket Orta, Mimar Melkan Tabanlolu Partner of Tabanlolu Architects, Architect "AKFEN,INNOVATIVEAND PIONEERGROUP" Theconstructionofagoodbuilding dependsonaninvestorwithabroad perspectivesupportingthearchitect intheconstructionprocessafter relyingontheproject.Akfenisan innovativeandpioneergroupthatwe cooperateinthisissueandthatwewill keepworkingtogetheralsointhenew projects.Ibelievethatweworkeasily andeffectivelythankstothevisionary andinnovativeperspectiveofthe management.Intheforthcomingdays, wehavealsoanotherprojectforAkfen inIncek.Weareworkingonaloft projectwithagreaterscaleinAnkara; thereforeasacompositestructure andappliedinawideareawithmore greenspaces,thisprojectwillhostthe residentsaswellasallofthecitizens asvisitors. Justlikethetwoother projectswecompletedtogether,I believethatthisprojectwillalsobe approvedininternationalarenain termsofitsarchitectureaswellasthe valuetobeaddedtothehousingand lifeperspectiveofAnkara;becauseit istriedandtruethattheconsequence ofworkingwithasuccessfuland professionalAkfenteamledbythe visionaryperspectiveoftheChairman ofAkfen,HamdiAknwillbeperfect. "Akfen YENLK VE NC GRUP" Mimarniyibinayapabilmesiancak perspektifigeni,iknaolduktan,pro- jeyegvendiktensonrasreiinde mimardestekleyeniyibiryatrmc ilemmkn.Akfenbukonuda birliktealtmz,yeniprojelerlede almaysrdrdmzyeniliki vencbiryatrmcgrup.Ynetimin vizyonerveyenilikiyaklamile birliktekolayveverimlialtmza inanyorum.nmzdekignlerde yineAKFENiinncek'tebirprojemiz var.Ankara'dakiokdahabyk lekte.Karmabiryapolarak,geni biralandauygulandndaniinde okdahafazlayeiliolanvedirekt kullancsnnyansraziyaretiolarak tmkentlileridearlayacakbirloft projesialyoruz. Buprojeninde birliktetamamladmzdieriki projegibi,Ankarakonutveyaam anlaynakazandracadeerin yansra,mimarianlamdauluslararas arenadaonaylananbirproje olacanainanyorum,nkdirekt olarakAkfenYnetimKuruluBakan HamdiAkn'laveonunvizyonerliiyle, liderliindekurulanbaarl, profesyonelAkfenekibiilealmann sonucununmkemmelolaca tecrbemizlesabit. sekin yerleimlere alternatif olarak kentin merkezinde dzenli, sakin ve kaliteli bir yaama biiminin modern standartlarda sunulduunu syleyen Tabanlolu, geni bir otopark, depolar, merkezi havalandrma-stma ve g- venlik sistemleriyle donatl- m, binaya ve bina iinde eriim ve kullanm kolaylklar salandn belirtiyor. Bina bylece, teknoloji destei ve servis ynetim kapasitesiyle, metropol yaamnn, ihtiya- larnn ynlendirdii tasarm ile burada yaayanlarn gndelik hayatn kolaylat- ryor, mutlu bir yaam iin bir zemin oluturuyor. an organized, quiet and quality life style at modern standards in the center of the city as an alternative to the elite residents moved out of the city in the last 20 years, Tabanlolu men- tions that the building which was equipped with a large parking lot, central ventilation- heating and security systems was provided with the ease of access and use. Therefore, the building simplifies the daily life of its residents and forms a basis for a happy life along with the technology support, service management capacity and the design that created by inspiring from the metropolis life and requirements. 22. ANALZ-SEKTR / analysIs-sector 20 MAYIS - TEMMUZ / MAY - JULY 2014 I nsurance institutions have an important place among the shareholders in the cooperation between the public and private sectors. Since the infrastructure projects are financially large, all of the investments to be made should be analyzed well and the financial flow should be regular. In these kinds of investments, high debt rates may breed suspicions about the financial part of the investment. In order to ease these suspicions, it is required to provide assurance which will secure the finance flow. IBS Insurance and Reinsurance Brokerage Inc. is a company that provides consultancy service in this subject. In order to better understand the insurance process of the infrastructure projects, we carried out a G nmzdeki kamu ve zel sektr ortak- lnda yer alan paydalar arasnda da sigorta kurulular ok nemli bir yer edin- mi vaziyette. Altyap projelerinin finansal adan bykl nedeniyle yaplacak her yatrmn ok iyi analiz edilmesi ve finansal akn da dzgn olmas bekleniyor. Bu tr yatrmlarda bor oran- larnn yksek olmas yatrmlarn finansal ksm iin nemli pheler dourabiliyor. Bu pheleri giderebilmek iin de finansman akn gvence altna alacak teminatlarn salanmas arzu edi- liyor. IBS Sigorta ve Reasrans Brokerlii de bu noktada danmanlk hizmeti veren bir taraf. Biz de altyap projelerinin sigortalanma srecini daha iyi anlayabilmek iin IBSin Genel Mdr Murat ifti ile bir sohbet gerekletirdik: "TRKYEMERKEZ ROLSTLENECEK" "TURKEYWILL UNDERTAKETHE CENTRALROLE" Trkiye son 15 yldr altyapsal anlamda nemli projelere imza att. Bu byk projelerle birlikte altyap projeleri iin gereken finansmann nasl sigortalanaca konusu ile tant. Sigorta ve reasrans yolu ile finansman aknn gvence altna alnmas da kamu- zel sektr i birliine byk bir gven salad. Turkeyhascarriedoutimportantprojectsintermsof infrastructureinthelast15years.Alongwiththese bigprojects,Turkeyhasencounteredissuesrelated totheinsuranceofthefinancingwhichisrequired forinfrastructureprojects.Securingthefinance flowthroughinsuranceandreinsurancebuildstrust withthecooperationbetweenthepublicandprivate sectors. Figen AYPEK AYVACI 23. strategy 21 conversation with the General Manager of IBS, Murat ifti: There is an opinion that the insurance market is heading towards the Middle East and Asia. Within this scope, can you evaluate the insurance sector in Turkey? The insurance business in Turkey is quite new in comparison with other European countries. Considering that todays insurance perspective has been carried out first in 14th century in Europe, the sector should make serious progress in order to catch up with a 500-year delay. This progress has been employed in recent periods and seems to be on a sound basis thanks to the new investments of the leading insurance companies of the world. The gaps of the legislation and the inspection revealed in the development phase are, unfortunately, still among the most important problems of the sector. Istanbul will undertake the central role where all of the resources come together for the insurance needs of not only Turkey but also other countries in the forthcoming 10 years. Now, there is a huge reinsurance capacity in the world. In an environment where global capital knows no limits, this capacity is heading towards companies where the legislation and conditions are suitable. However, we can say that continental Europe still has a huge portion in the worlds insurance market especially in terms of reinsurance. Can you explain the insurance process of the infrastructure projects? Infrastructure projects are generally described as special mid and large-scale risks in the insurance sector. In the insurance processes of these kinds of projects, making the right risk analyses and identifying insurance needs Sigorta pazarnn Ortadou ve Asyaya kayd- na ynelik bir gr sz konusu. Bu erevede Trkiyedeki sigorta sektrn deerlendirebilir misiniz? Trkiyede sigortaclk Avrupa lkelerine kyasla olduka yenidir. Bugnk anlamda sigortann Avrupada 14. yzylda hayata getiini dnd- mzde 500 yllk a kapatmak adna sektrn ciddi bir geliim gstermesi gerekiyor. Bu ivme zellikle son dnemlerde yakalanm olup dnya- nn nde gelen sigorta irketlerinin lkemizde yeni yatrmlar yapmasyla da bu geliim salam bir temele oturmu gzkyor. Bu byme aamasn- da ortaya kan hukuki mevzuat ve denetimdeki boluklar maalesef hala sektrn nemli problemle- ri arasnda yer alyor. stanbul nmzdeki 10 sene ierisinde sadece Trkiyenin deil blge lkelerin sigorta ihtiyalar iin tm kaynaklarn bir araya geldii merkez rol stlenecek. u anda dnyada ok byk bir reasrans kapasitesi bulunuyor. Global sermayenin snr tanmad bir ortamda bu kapasite mevzuatn ve artlarn uygun olduu lke- lerde kurulan irketlere doru kaymakta. Ama hala kta Avrupas zellikle reasrans boyutunda dnya sigorta pazarnda ciddi bir arla sahip diyebiliriz. Altyap projelerinin sigortalanma srecini anla- tabilir misiniz? Altyap projeleri, sigorta sektrnde genel olarak orta ve byk lekli zel riskler olarak tanmlan- yor. Bu tr projelerin sigorta srelerinde doru risk analizinin yaplmas ve buna uygun sigorta ihtiyalarnn belirlenmesi en nemli husustur. Bu ihtiyalar dorultusunda teminat yapsnn olutu- rulmas ve bunun paralelinde sigorta gvencesinin salanmas, riskin sigortaclara tantmnn doru ve yeterli dzeyde yaplmas da nem arz ediyor. Sigortaya konu projenin ulusal veya uluslararas kredi kaynaklaryla yaplmas durumunda ise, proje finansman sigortas olarak tanmladmz 2,236km Otoyol/MOTORWAY 888km Yksekhzltrenyolu/HIGH SPEEDRAILWAY 2013 7,500km Otoyol/MOTORWAY 10,000km Yksekhzltrenyolu/HIGH SPEEDRAILWAY 2023 24. ANALZ-SEKTR / analysIs-sector 22 MAYIS - TEMMUZ / MAY - JULY 2014 ve sigortalanan risk ile beraber finansmann da sigortaland kompleks bir sre ynetimi oluu- yor. Bu sreci biraz nce ifade ettiim gibi genel olarak projedeki risklerin belirlenmesi, bu risklere gre teminat yapsnn oluturulmas, kreditrlerin sigorta danmanlar ile bu yap zerinde mutabk kalnmas ve mutabk kalnan artlar zerinde ris- kin sigorta gvencesine alnmas olarak tanmlaya- biliriz. Bu srete ayrca, kredi salayan bankalarn talebi dorultusunda sigorta gvencesi salayan her bir sigortacdan alnan temlik szlemesi ve hasar deme taahhtleri gibi dokmanlar, kredinin salanmasndaki en nemli aamalardan biri ola- rak biliniyor. Bizim broker olarak en byk katma deerimiz bu srecin sorunsuz ve olabildiince ksa srede sonulanmas olarak zetlenebilir. Altyap projeleri sigortalanrken asl risk proje- nin sigortalanmasnda m yoksa finansmannn sigortalanmasnda mdr? Risk dalm neye gre deiir? Projenin doru bir sigorta modeline oturtulmas otomatik olarak finansmannda garanti alt- na alnmas anlamna gelir. Risklerin fizibilite aamasnda doru belirlenmesi ve bunlarla ilgili gerekli teminatlarn temin edilmesiyle projenin kendi operasyonu erevesinde ayakta kalma- sn salayacaktr. Proje finansman sigortalar alannda tecrbeli bir sigorta brokerinden ilgili risk ynetimi destei alnarak olas riskler net bir ekilde tanmlanabilir. are the most important subjects. In accordance with these needs, establishing the assurance structure, accordingly, providing insurance assurance, presenting the risks accurately and adequately to insurers are of great importance. In the event that the project subject to the insurance is carried out with national or international credit resources, a complex process management which we describe as the finance insurance of the project and where the finance is insured along with the insured risk occurs. As I mentioned before, generally in this process, the risks of the project are identified, according to these risks, the assurance structure is established, creditors and the insurance consultants agree on this structure and then the risks are secured under the insurance pursuant to the agreed risks. In addition, in this process, the documents such as the assignment agreement and the commitments received from each insurer providing insurance are known as one of the most important factors in providing credits. As brokers, our most important added value can be summarized as completing this process in the most unproblematic and quickest way possible. While insuring the infrastructure projects, does the insurance of the project or the insurance of the finance include the main risk? What are the factors that change the risk distribution? "stanbul nmzdeki on sene ierisinde sadece Trkiye'nin deil blge lkelerin sigorta ihtiyalar iin tm kaynaklarn bir araya geldii merkez rol stlenecek." "ISTANBULWILL UNDERTAKETHE CENTRALROLE WHEREALLOFTHE RESOURCESCOME TOGETHERFORTHE INSURANCENEEDS OFNOTONLYTURKEY BUTALSOOTHER COUNTRIESINTHE FORTHCOMINGTEN YEARS." PROje RKET PROJECT COMPANY Sigorta INSURANCE REASrANS REINSURANCE KREDTR CREDITOR Projefinansmannaslolur? HOWDOESPROJECTFINANCINGWORK? 25. strategy 23 Putting the project in the true insurance model automatically provides the insurance of the finance. In the feasibility phase, identifying the risks accurately and providing the relevant assurances sustain the project within the frame of its own operation. Relevant risk management support can be taken from an insurance broker experienced in the field of project finance insurances and the possible risks can be clearly identified. What is the function of the reinsurance system in Turkey as regards to the insuring of the infrastructure projects? Until quite recently, the insurance structure of infrastructure projects in Turkey was founded on the reinsurance system based on the condition which requires having a high credit rating for risk-taking companies. Along with the increase in the credit rating of Turkey, this condition was loosened and the insurance companies in the local market were included in serious risk. Also, since the Turkish banks started to have a more active role in ensuring finance, the capacity of the local companies is used more effectively in recent years. Serious infrastructure investments have been made in the last ten years. What is the return of these investments for insurance companies in terms of figures? The data is provided by the Undersecretariat of Treasury and as I mentioned before, a large part of the relevant premium goes to the reinsurers outside of Turkey due to the need of reinsurance. As IBS, we provided insurance and reinsurance brokerage service for the investments that require the project financing of approximately $7,5 billion in Turkey to date. Considering that in these projects, 90% of the premium paid goes to the foreign reinsurers, unfortunately, the domestic insurance companies are not benefitting from the returns of these investments as it is predicted. Each sector has a vision for 2023. What is your 2023 vision? As IBS, we raised our bar with the successful projects that we carried out to date. In the 100th anniversary of our Republic, our aim is to sustain our development and to be the best brokerage company in terms of insurance and reinsurance brokerage along with our experienced and expert human resources team in Turkey and the countries in the region. I hope our flag will wave in different countries until that period. BN/THOUSAND ProjeFinansman-Atatrk HavalimanHDProjesi Refinansman PROJECTFINANCING- ATATRKAIRPORTTOR (TRANSFEROFOPERATION RIGHTS)PROJECTREFINANCE MLYON/MILLION ProjeFinansman-Atatrk HavalimanveDHat TerminalleriHDProjesi PROJECTFINANCING- ATATRKAIRPORTDOMESTIC ANDINTERNATIONAL TERMINALTOR(TRANSFEROF OPERATIONRIGHTS)PROJECT MLYON/MILLION ProjeFinansman-ANKARA EsenboaHavalimanYD Projesi PROJECTFINANCING-ANKARA ESENBOAAIRPORTBOT (BUILD-OPERATE-TRANSFER) PROJECT 505 715$ 149.5 Altyap projelerinin sigortalanmasnda Trkiyede reasrans sisteminin ilevi ne boyuttadr? Trkiye deki altyap projelerinin sigortalanma- snda yakn bir zamana kadar tm yap, risk alan irketlerin yksek kredi notuna sahip olmalar art dolaysyla tamamen reasrans sisteminin zerine kurulmutu. Trkiyenin kredi notunun artrlma- syla beraber gnmzde bu art biraz daha yumu- am olup, lokal piyasadaki sigorta irketlerinin de ciddi oranlarda riske dahil olmas salanm oldu. Ayn ekilde finansman salama noktasnda Trk bankalar daha aktif rol almaya baladndan sis- tem ierisinde lokal sigorta irketlerinin kapasitele- rinin kullanlmasnda son dnemde art yaanyor. Son 10 ylda Trkiyede ciddi altyap yatrmlar yaplyor. Bu yatrmlarn sigorta irketlerine getirisi rakamsal olarak ne oldu? Byle bir veri Hazine Mtearl tarafndan pay- lalmamakla beraber biraz nce deindiim gibi reasrans ihtiyac dolaysyla ilgili primin byk bir ksm Trkiye dnda bulunan reasrrlere gitmek- tedir. IBS olarak ise bugne kadar Trkiyede yak- lak 7.5 milyar dolarlk proje finansman gerektiren yatrmn sigorta ve reasrans brokerlii hizmetini verdik. Bu projelerde denen primin %90 yurt d reasrrlerine gittiini dndmzde bu yatrmlarn maalesef getirisinden yurt ii sigorta irketleri tahmin edildii gibi ok faydalanamadlar. Her sektrn bir 2023 vizyonu sz konusu. Sizin 2023 vizyonunuz nedir? IBS olarak tamz bugne kadar yapm olduu- muz baarl projelerle ok yksee kardk. Cum- huriyetimizin 100. ylnda srdrlebilir bir byme ile beraber Trkiye ve blge lkelerde tecrbeli, ala- nnda uzman insan kayna ile sigorta ve reasrans brokerlii denildiinde akla ilk gelen broker olmay hedefliyoruz. mit ediyorum o dneme kadar farkl lkelerde de bayramz dalgalanyor olacak. Altyap projeleri, sigorta sektrnde genel olarak orta ve byk lekli zel riskler olarak tanmlanyor. Infrastructure projects are generally described as special mid and large-scale risks in the insurance sector. 26. KAPAK / COVER 24 MAYIS - TEMMUZ / MAY - JULY 2014 27. strategy 25 HOW WLL THECLMATEOFECONOMY CHANGEN2014? WhileTurkeyisplanningtocontinueitsgoldenageineconomy, ithasstartedgoingundertheinfluenceofadifferentclimate startingfromthemid2013. Infactthisclimatethathasbeen enteredisnotonlyspecifictoTurkey.ThedeclerationofFed's decisioninthemid2013hassurroundedtheworldwiththe sameclimate.Turkeyhadtofacerevisionofits 4%growth targetbythebeginningof2014. Trkiye ekonomide altn alarn yaamay srdrmeyi planlarken 2013 ylnn ortalarndan itibaren baka bir iklimin etkisi altna girmeye balad. Aslnda girilen bu iklim sadece Trkiye'ye has deil. 2013 yl ortasnda aklanan Fed karar dnyay da ayn iklim ile kuatt. % 4 byme orann kendine hedef olarak belirleyen Trkiye, 2014 ylnn bandan itibaren bu hedefi revize etmekle yz yze kald. Figen AYPEK AYVACI 2014'te ekonominin ikliminasl deiecek? 28. KAPAK / COVER 26 MAYIS - TEMMUZ / MAY - JULY 2014 G etiimiz yl dnya ekonomisi ok du- raan geerken Trkiye nispeten daha iyi bir grnm sergiledi. Elbette bu yorumu Trkiyenin karabasan cari a gz ard ederek yapmak mmkn olacak. nk cari ak 2011 ylndan sonra 2013te tarihin en yksek oranna ulat ve 65 milyar dolar olarak gerekleti. Cari ak hep bir glge olarak Trk ekonomisinin zerinde duruyor ama yine de geldiimiz nokta Trkiye iin ok nemli bir ekonomik baar. 2000li yllara dnp baktmzda Trkiye ekonomisinin dnya zerinden neredeyse silinmek zere olduunu pek oumuz hatrlarz. 2002 ylnda GSYH 124 milyar dolar iken 2012 ylnda GSYH cari fiyatlarla 786.3 milyar dolar olarak gerek- leti. Muazzam bir ekilde bymeyi baaran Trkiye bu sayede adn tekrar dnya ekonomi liginde duyurmaya balad. Ancak ABDdeki parasal genilemenin sona doru ilerlemesi, 2014 yl ile birlikte Trkiyenin seim havasna girmesi, ihracatn yz gldrmesine ramen yatrmlarda beklenen olas daralma ekonomi- mizin krlganlkla anlmas iin yetiyor. Benzer bir yorumu stanbul niversitesinden Prof. Dr. Murat Birdal yapyor: 2014 yl ierisinde de getiimiz yl boyunca olduu gibi dnyann gz Fedin varlk alm programnda gerek- letirecei kesintiler ve faiz politikas zerinde olacak. Artk gelimekte olan piyasalarn uzunca bir sredir keyfini srd ucuz dolar giriine dayal byme srecinin sonuna geldi- imiz aka grnyor. Yeni dnemde d bor stoku ve cari ak oran ile Trkiyenin bu de- iimden olumsuz adan en fazla etkilenecek krlgan ekonomiler arasnda n plana kt gze arpyor. Marmara niversitesinden Do. Dr. Nuray Terzi de gelien ekonomi- lerin istikrar sinyalleri vermelerine ramen hala krlgan olma zelliklerini koruduklarn sylyor. Trkiyede seim rzgrlar esiyor Belediye seimleri, hemen arkasndan cum- hurbakanl seimi ve genel seimler derken Trkiye epey youn bir gndeme doru yol alyor. Btn bu gndemlerin iinde bir de eko- nomik istikrar salamakla uramak zorunda kalacak. Ancak enflasyon verilerindeki sapma- lar bile Trkiyenin iinin ok zor olduunu ve gemite gsterdii baarl performansn daha iyisini nmzdeki gnlerde gsterme- si gerektiini sylyor. Merkez Bankas son zamanlarda enflasyon hedefi olarak belirledii yzde 5 oranna bir trl yaklaamyor ve 2014 yl enflasyon orann da yzde 5in zerinde gelecei imdiden ekonomistler evresinde W hile the world economy has been pretty stagnant last year, Turkey has performed a rather better outlook. Surely this comment is made disregarding the current account deficit which is Tur- keys knightmare as, in 2013, this deficit has reached USD 65 billion that is the highest rate of its history after 2011. Current account deficit always casts a shadow over Turkeys economy, however, the point we have reached is a very importatant economic success for Turkey. When we look at the era of 2000s, we all remember that the Turkish economy was about to be diminished from the face of the world. A USD 124 billion GDP in the year 2002 has increased to USD 786.3 billion in 2012 with the current prices. Having per- formed an enormous growth, Turkey has put its name again in the world economy league. However, as the monetary expansion in the USA is moving towards an end and also with trkiye'nin seim havasna girmesi ekonomide de benzer bir hava estiriyor. TURKEYGONG NANELECTONS ATMOSPHEREALSO CREATESASMLAR ATMOSPHEREN THEECONOMY 29. strategy 27 konuuluyor. Enflasyon cephesini deerlen- diren PwC Finansal Hizmetler Aratrma ve Analiz Mdr Baar Yldrm da enflasyonun TCMBnin hedefinin zerinde gerekleece- i konusunda hemfikir: Enflasyon byk olaslkla, kur geikenliinin srmesi, maliyet basks ve elektrik/doalgaz fiyatlarndaki olas zamlarn yukar ynl basksna maruz kalmaya devam edecek ve TCMB tahmininin zerinde yl tamamlayacaktr. Trk Lirasnn deer kaybetmesi enflasyon oranndaki beklentileri ykseltirken ihracatta da nispeten olumlu bir hava estirecei algs da maalesef gereki bir yaklamdan uzak kalyor. yatrmn da seimlere kitlendii u dnem- de d yatrmc da benzer bir bekleme srecine girdi. hracat 2002 ylndan 2012 ylna kadar yaklak 4.5 kat artt ama 2014 ylndan byle bir baarnn beklenmemesi gerektii ekono- mistler tarafndan dillendiriliyor. Gelimekte olan lkelerde olduu gibi Trkiyede de ihracat bymenin itici gc ama Yldrmn altn izdii noktalardan dolay byme iin tek bana yeterli olmayacak ve byme de aa ynl bir seyir izleyecek gibi grnyor: Fedin parasal genileme programn kademeli olarak azaltmas ile siyasi risk algsndaki art, Trkiyenin dier gelimekte olan lkelerde izlendii gibi para biriminde deer kayplar izlenmesini beraberinde getirdi. lenmemi gda fiyatlar, petrol fiyatlar ile vergi artlarna ek olarak TLde gzlenen deer kaybnn enf- lasyon zerindeki basklarn azaltmak adna Turkey having entered an atmosphere of elec- tions, the expected possibility of narrowing in the investments is enough for our economy to be mentioned with fragility inspite of the pleasing exports. Prof. Dr. Murat Birdal from Istanbul University makes a similar com- ment: In 2014, as it was during the previous year, the wolds attention will be on the cuts and interest policies that Fed will substanti- ate on the asset purchase program. We have obviously come to an end of the cheap dollar entry related growth period that the develop- ing markets have been enjoying for a long time. In the new period, Turkey stands out as one of the fragile economies that will be most effected negatively from this change due to its external debt stock and the current account deficit rate. Associate Prof. Dr. Nuray Terzi from the Marmara University says that the de- veloping economies, although giving signals of stability, are still keeping their fragility. WINDS OF ELECTIONS IN TURKEY Turkey is moving towards a very intense agenda with the municipality elections, the presidency elections right after and the general elections. Together with this agenda, Turkey will also have work on keeping the stability of the economy. However, even the deviations on the interest rates data show that Turkey will have a very hard time and that it will have to put in a better performance than the previous years success. The Central Bank just can not reach its recent target of 5% inter- est rate and the circle of economists are al- ready predicting that the interest rate of 2014 will actualize over 5%. Evaluating the infla- tion front, PWCs Financial Services Research and Analysis Manager Basar Yildirim aggrees that the inflation rate will be exceeding TCMB (Turkish Central Bank)s target: Inflation will most probably continue to be exposed to continuous currency transitivity, cost pressure and the upward pressure of the increase in the electricity/natural gas prices and the TCMB will complete the year above its predictions. While the depreciation of the Turkish Lira increases the expectations in the interst rates, the perception that it will also have a rather positive impact on the exports is unfortunately far from a realistic approach. During this period where even the internal investment have focused on the elections, the external investors have also entered into a similar standby process. The exports have increased approximately 4.5 times from 2002 to 2012, however, the economists are stating that such a success should not be expected in 2014. Just Baar Yldrm PwC Finansal Hizmetler Aratrma ve Analiz Mdr PwC Financial Services Research and Analysis Manager Avrupa ekonomilerindeki grlmesi muhtemel topar- lanma, TL'deki deer kaybyla birlikte ihracatnn %41'inden fazlasn Avrupa Blgesi'ne yapan Trkiye asndan pozitif bir gelime.2014 ylnda yurtiinde gerekleecek iki seim, zellikle yln ilk yarsnda kamu harcamalar ile bymeyi destekleyecektir. tharcamalarnn GSYH zerinde %70'in zerinde pay olduunu dnrsek bahsettiimiz gelimeler ile 2014 yl ekonomik byme orannn 2013'n altna kalacan syleyebiliriz. Ancak uzun dnemli bakldnda Tr- kiye ekonomisinin yatrmclarn itahn artracak gl potan- siyelini korumaya devam ettiini vurgulamakta fayda var. The potential recovery in the European economies is a positive developmen for Turkey with the depreciation in Turkish Lira and more 41% of its exports being to the Europen Region. The two elections that will take place in the country in 2014 will support growth especially with the public spendings especially during the first half of the year. When we consider that these spendings have over 70% share in the GDP, with the above mentioned developments, we can say that the growth rate of 2014 will stay below that of 2013. However, when considered long term, it makes sense to emphasize that Turkish economy contiues to keep strong potentials that will increase the investors urge. TRKYE HEDEFLED BYME ORANINDAN OK UZAKLAMI DEL TURKEY IS NOT SO FAR FROM THE GROWTH RATE THAT IT HAS TARGETED Kaynak:tik /Source:tik YZDE / PERCENT 6,22002 5,3 9,4 8,4 6,9 4,7 0,7 -4,8 9,2 8,8 2,2 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 30. KAPAK / COVER 28 MAYIS - TEMMUZ / MAY - JULY 2014 Do. Dr. Nuray Terz Marmara niversitesi Ass. Prof. Dr. NURAY TERZI Marmara University ABD'ninbymehzndakibir ncekiylagregelimetahmini dierekonomilerdebirnebzede olsalmlbiratmosferyaratt. AncakABD'ninparapolitika- sndakideiim,dierlkelere kendilerinitoparlamalariinbir uyarniteliitayor.Bunedenle buyllkelerinekonomilerineeki dzenverdiklerivekararlarnda dahatemkinlidavranacaklarbir ylolacaktr.ABDekonomisininde bazrisklerlekarlamasolasdr. rneinfaizoranlarnnykselme- sininemlakpiyasasnetkilemesi yadagelienpiyasalardakikur deiimlerininolumsuzetkileriile karlamasgibi. EuroBlgesi verilerihalaglvesrdrlebilir birbymeninhabercisiolmaktan uzakgrnyor. Ayrca,deflasyon beklentileriyaygnlayor. The USAs prediction of growth rate compared to the previous year has created a positive atmosphere in the othe economies. However, the change in the USAs monetary policy carries a quality of warning for the other countries to recover themselves. Therefore, this year will be a time when the countries will straighten up their economies and will be more cauitous in their decisions. It is possible that the US economy may face some risks as well. For example, the increase in the interest rates might influence the property markets or they may face nagative impacts of the currency rate changes in the developing countries. The Euro Zone data seems far from still being a herald of strong and sustainable growth. Also, deflationary expectations are becoming more common. Merkez Bankasnn (TCMB) faizleri sert bir e- kilde artrmasnn yan sra BDDKnn finansal istikrar artrc (kredi kart taksit snrlamas ve kredilere ynelik) dzenlemeleri, tketim kanalyla bu yl ekonomik byme zerinde aa ynl etkide bulunacaktr. Kresel arenada sular duruluyor gibi Uluslararas Para Fonu (IMF), kresel ekonomi iin 2014 yl byme tahminini yzde 3ten yzde 3.7ye ykseltirken 2015 yl byme tahminini de yzde 3.9a ykseltti. te yandan IMFye gre 2014 ylnda gelien ekonomiler yzde 5.1, gelimi ekonomiler ise yzde 2.2 orannda byyecek. Do. Dr. Nuray Terzi de IMFnin raporuna atfta bulunarak kresel ilikilerin karlkl bamll artrmas eko- nomileri daha krlgan hale getirdiine dikkat ekiyor ve lke iinde politika yapclarnn manevra alann daralttn sylyor. Buna ramen, IMFnin Dnya Ekonomik Grnm Raporunda kresel byme tahminini gn- cellemesini de dnya ekonomilerinde byme zerinde olumlu bir hava yarataca eklinde yorumluyor. Terzi, Bymenin srkleyici gleri bu ylda gelien ekonomiler olmaya devam edecek. Ancak daha nceki byme hzlarnn gerisinde kalmaya devam edecekler- dir. diye ekliyor. Sonu olarak 2013 ylnn sonlarna doru dnya ekonomisi daha iyimser rotaya doru like in the developing countries, exports is the driving force behind growth in Turkey but it will not be sufficient for growth due to the aspects underlined by Yildirim and it seems that that growth will tend to follow a down- ward movement: As the Fed progressively decreased its monetary expansion program, increase in the political risk perception resulted in depreciation of Turkish currency just like in the other developing countries. In addition to unprocessed food prices, petrol prices and tax increases, in order to reduce the pressure of depreciation observed in Turkish Lira over inflation rates, as the Central Bank (TCMB) rigorously increases the interest rates, BDDKs (Banking Regulation and Su- pervision Agency) financial stability increas- ing procedures (credit card deferred payment restrictions and loans) will have a downward impact on economic growth via consumption this year. THE WATERS SEEM TO BE SETTLING IN THE GLOBAL ARENA International Monetary Fund (IMF) in- creased its growth prediction for the year 2014 from 3% to 3.7% and it prediction for the year 2015 to 3.9%. On the other hand according to IMF, in 2014 the developing economies will grow by 5.1 percent while the advanced econo- mies will grow by 2.2percent. Ass. Prof. Dr. Nuray Terzi draws attention to the fact that the increase of the mutual dependence in the global engagements makes economies more fragile referring to the report of IMF and says that it contrains the policy makers shifting lines in the country. Inspite of this, she inter- prets the IMFs update of the global growth prediction in ist World Economic Outlook Report as a positive impact on the growth of world economies. Terzi adds, The develop- ing economies will continue to be the driving forces of growth. However, they will continue tos tay behind their previous growth rates. As a result, even though the world econ- omy has moved forward to a more positive path by the end of 2013, Feds decision to slow down the monetary expansion in the begin- ning of summer 2013 has created an anxiety environment fort he developing countries. 31. strategy 29 ilerlese de FEDin 2013 yaz banda parasal ge- nilemeyi yavalataca karar gelimekte olan lkeler iin endie ortam oluturdu. Ancak 1990l yllarda birok lke sabit kur rejimini benimsedikleri ve ksa vadeli olarak yabanc para cinsinden borlandklar iin ciddi krizler atlattlar. Daha sonra ABDnin ald parasal genileme karar ile bu lkelere ciddi para girileri oldu ve hzl bymeler kaydettiler. imdi ise rzgar tersine dnm gibi gzkse de genel kan 1990l yllarda yaanlan krizler- le kar karya kalnmayaca ynnde. nk Trkiye de dahil btn bu lkeler ciddi dersler aldlar ve sistemlerini daha salam bir ekilde konumlandrdlar. Bu nedenle de gelimekte olan lkelerin tamamnn krizle karlaaca varsaym zerinden gitmek yerine bu lkelerin ayraca ve bymeye bir ekilde devam ede- cei ngrs daha doru bir tespit olacaktr. Trkiye iin umulan da olumlu ynde ayran lkeler arasnda yer almasdr. However, as many countries have adopted fixed currency rate policy and have taken on short term foreign currency debts in the 1990s, they have gone through crucial crisis. With the USAs monetary expansion decision later on, there has been considerable amounts of monetary input into these countries and they have recorded high growth. Although now it appears as if the situation has reversed, the general opinion is that the crisis of the 1990s will not be faced again. Because all the countries including Turkey have drawn important lessons and have positioned their systems more strongly. Therefore, instead of moving forward with the assumption that all the developing countries will face crisis, the foresight that these countries will be decom- posed and will somehow contiue to grow would be a beter evaluation. What is expected of Turkey is also to be among the countries that are decomposed in the positive direction. Yabanc yatrmcnn trkiye'ye ilgisi artarak devam ediyor THE FOREIGN INVESTOR'S INTERST IN TURKEY CONTINUES INCREASINGLY Yabancyatrmlarnlkeleregredalm thedIstrIbutIonofforeIgnInvestmentsbycountry Kaynak: TCMB demeler Dengesi statistikleri / Source: TCMB (Turkish Central Bank) Payments Balance Statistics. 2013 2012 2011 1.845 1.024 868 776 659 574 531 493 469 344 297 295 10.189 Almanya Ispanya Rusya Katar Avusturya IngIltere Hollanda Japonya Azerbaycan ABD Lbnan Lksemburg Toplam GERMANY SPAIN RUSSIA Qatar AUSTRIA UK NETHERLANDS JAPAN AzerbaIJan USA LEBANON LUXEMBOURG Toplam 491 1.381 11 338 1.519 315 193 106 46 439 2.044 1.186 10.759 665 1.425 762 1.226 2.418 45 2.251 231 50 1.403 905 562 16.136 Prof. Dr. Murat Brdal stanbul niversitesi Istanbul University 2013ylnnikinciyarsndanitiba- renyukarynlsertbirhareket sergileyendvizkurundakiistikrar- szlknmzdekiaylardadaeko- nomigndemininnsralarndayer alacak.Yksekzelsektrdbor stokukurdakikeskinhareketlerin irketbilanolarzerindekiolum- suzetkisiniarlatryor. Enflasyon cephesindedeMerkezBankas veBDDK'nnkredigenilemesini snrlandrmayadnktedbirleri italebiksmenbasklamasna ramenkurunykseliinedeniyle maliyetlerdeyaananartnfiyatla- ryukartadngrmekteyiz.Fed kararlarnyansraUkrayna,Suriye gibievrelkelerdeyaanansiyasi kaosortamnnkazanacaboyut dakurhareketleriveelbettefaizler zerindebelirleyiciolacak. Startingthesecondhalfof 2013,theinstabilityofthe currencyexchangeratesthat haveperformedasharp upward movementwillcontinuetobein thefrontlinesoftheeconomiy's agendainthecomingmonths. Thehighprivatesectorexternal debtstockintensifiesthenegative impactsofthesharpcurrency exchangeratemovementsoverthe companiesnetresults. Ontheinflationfrontage,although thepoliciesoftheCentralBank andtheBankingRegulationand SupervisionAgencytowards limitingtheloanexpansion, becauseoftheriseintheexchange rates,theincreaseinthecosts carriesthepricesupwards.Aside fromtheFeddecisions,thesize ofthepoliticalchaostaking placeintherurroungcountries suchasUkraineandSyriawillbe determiningovertheExchange ratemovementsandtheinterest rates. 32. ANALZ-SEKTR / ANALYSIS-SECTOR 30 MAYIS - TEMMUZ / MAY - JULY 2014 33. strategy 31 IncekLoftisgettingreadytomeet theresidentsofAnkara Dynamism in the real estate sector in Ankara, the new limelight of luxury residence market, is continuing. Life at Incek Loft project where Akfen Holding is working with Tabanlioglu ArchitectS is starting in April 2016. Ankarallarlabulumayahazrlanyor Lks konut pazarnn yeni ilgi oda Ankara'da gayrimenkul sektrndeki hareketlilik devam ediyor. Akfen Holding, Tabanlolu Mimarlk ile birlikte alt ncek Loft projesinde Nisan 2016'da hayat balyor. ncekLoft, 34. ANALZ-SEKTR / ANALYSIS-SECTOR 32 MAYIS - TEMMUZ / MAY - JULY 2014 A KFEN Gayrimenkul Gelitirme Genel Mdr Bar Barak, insanlarn barnma anlayndan uzaklaarak belli aralklarla evlerini yenileriyle deitirdikleri tespitinde bu- lunuyor ve Ankaral konut alcs ile stanbullu alclar arasnda yle bir farklla deiniyor: stanbul ile kyasladmzda, Ankara konut tketicisinde dikkatimizi en ok eken zellik, tasarruf bilinlerinin ykseklii oldu. Son yllarda Ankara, lks konut pazarnda irketlerin yeni gzdesi oldu. Bu kapsamda Ankarann gayrimenkul piyasasn nasl gryorsunuz? zellikle rekabet noktasnda deerlendirir misiniz? Evet, Ankara, lks konut pazarnn yeni gzdesi. Ankarallar tm ihtiyalarn ayn bahe iinde karlama fikrine artk iyiden iyiye alt. Bugn yksek arz ile birlikte, talebin de tatminkr seviyelerde olmas, gelecekte birok yeni projenin retileceinin habercisi diye dnyorum. Ancak, Ankarann lks konut pazarnda irketlerin yeni gzdesi olmas, arazi sahipleri tarafndan fiyatlandrlm durumda. Bu nedenle konut sat fiyatlarnn olmas ge- rekenin biraz zerinde seyrettiini dnyo- rum. ncek Blgesinde brt m2 baznda 4.000 TL bandna oturan fiyatlar mevcut. Doru maliyetle gelitirdiimiz arazimiz sayesinde, balang iin 3.000 TL/m2 gibi blge rayi- lerine gre ok dk ve ncek Loftun gerek ederinin ok altnda bir fiyat frsat oluturduk. Bu da, rekabette elimizi ok glendiriyor. Oluturduumuz kar modeli dorultusunda; teslimde brt metrekare sat fiyatmz 4.000 TL olacak. Haziran 2015e kadar 3.450 TL/m2 fiyatla ilerlerken, 8 Haziran 2014e kadar 3.000 ncek Loft'un gerek ederinin ok altnda bir fiyat frsat oluturduk. Bu da, rekabette elimizi ok glendiriyor. WEHAVE FORMEDAPRICE OPPORTUNITY THATISWAY BELOWINCEK LOFT'SREALVALUE. THISISGIVING USSTRENGTHIN COMPETITION. A KFEN Real Estate Developing General Manager Baris Barcak determines that people are moving away from the under- standing of sheltering and occasionally changing their homes and mentiones a difference between property buyers in Ankara and in Istanbul: When compared with Istanbul, one characteristic that attracts our attention of the property buyers in Ankara is that they have a very high savings consciousness. In recent years Ankara has become the com- panies new favorite. In this context, how do you perceive Ankaras real estate market? Would you evaluate it especially in terms of competition? Yes, Ankara is the new favorite of luxury property market. People in Ankara have become fully ac- customed to meeting all their needs in the same area. I think that todays high supply together with a satisfactory demand level is a sign that several new projects will be implemented in the future. However, while Ankara has become the new favorite of the companies in the luxury property market, it is quoted by the land owners. Therefore, I believe that the property sale prices are a little above what they really should be. In the region of Incek, there are prices at TL 4000 per m2 gross. Owing to the land that we have developed with the right costs, we have set off a starting price oppor- tunity of TL 3000/m2 which is quite low compar- ing to the regions avarages and that is way below Incek Lofts real value. This is giving us strength in competition. In accordance with the profit model that we have established, our gross square meter sale price at hand over will TL 4000. While continuing at a price of TL 3,450/m2 untill June 2015, we will be selling at a very advantageous price of TL 3000/m2 untill June 8, 2014. In short, even in case that todays avarages are valid in April 2016 which is the Project delivery date, the profit opportunity that we are offering is above 30%. And yet, our expectation of the regions price average at this date is way above TL 4000/m2 . What do you think about the luxury property need in Ankara? How will this demand shape in the coming period? With the increasing income per person, chang- ing residences occasionally has become a routine behaviour. Having moved away from the understanding of meeting the sheltering need, the property sector will continue swiftly with its production towards the renewd needs. As long as this differentiation in production and moving forward continue, I believe that the demand will also increasingly continue. 35. strategy 33 TL/m2 gibi ok avantajl bir fiyatla satta ola- caz. zetle bugnn rayilerinin, proje teslim tarihi olan Nisan 2016 iin de geerli olmas halinde bile sunduumuz kr frsat %30un zerinde. Kald ki bu tarihteki blge rayici bek- lentimiz 4.000 TL/m2 nin ok zerinde. Ankaradaki lks konut ihtiyacn hakknda ne dnyorsunuz? nmzdeki dnemde bu talep nasl ekillenecek? Artan kii ba gelirle birlikte, meskenlerin belirli aralklarla yenileriyle deitirilmesi rutin davran haline geldi. Barnma ihtiyacn kar- lamak fikrinden ok uzaklaan konut sektr, yenilenen ihtiyalara ynelik retimini hzla devam ettirecektir. retimdeki bu farkllama ve ileriye gidi devam ettii srece, talebin de artarak devam edeceini dnyorum. Mtekabiliyet yasasyla birlikte yabanc yatrmcya gayrimenkul satnn n ald. Bu proje zelinde yabanc yatrmcnn pay ne olacak? Mtekabiliyet yasas yabanc yatrmcya sat- n nn at, doru. Ancak bu durum yabanc yatrmcnn projenizle ilgilenmesi iin yeterli olmad. Tm vatandalarmzn satn alma hakk olsa da, sadece iletiime geebildiimiz ksm projelerimize ilgi gsteriyor. Mtekabiliyet yasas ilk ktnda tm sekt- rn itah kabard, fakat yabanc mteriler iin neredeyse hi denecek kadar sat-pazarlama aksiyonu alabildiimiz iin ok dk faydalar elde edebildik. Hedef lkelerin, hedef ehirle- rinde, yerinde pazarlama alar kurulmad srece, bu yasadan yeterince faydalanmak mmkn olmayacaktr. ncek Loftun pazarlama plannda yurt d aksiyonlar iin ayrlm bir bte bulunmu- yor. Ancak yurt dndaki emlak ofislerinde, Trkiyedeki konut projelerinden sat yapmak isteyen ve bize teklif ileten arkadalarla iletii- mimiz sryor. Ankaral konut alcsn nasl deerlendiri- yorsunuz? Beklentiler, ekonomik durum gibi noktalardan deerlendirdiinizde stan- buldaki potansiyelle kyaslayabilir misiniz? stanbul ile kyasladmzda, Ankara konut tketicisinde dikkatimizi en ok eken zellik, tasarruf bilinlerinin ykseklii oldu. stan- buldaki mterilerimiz arlkl olarak gelecek dnem gelir beklentilerini gz nne alarak alm karar verirken, Ankaral misafirlerimiz daha gvenli bir yaklamla hareket ediyor- lar. Bugne kadar yaplan satlarda, deme planlarmzda talep ettiimizden ok daha yksek peinatlar demeyi tercih ettiler. Doru With the reciprocity law, property sales to the foreign investors have been made possible. What will be the share of foreign investors in this project? It is true that the reciprocity law has made the sale of property to goreign investors possible. However, this has not been sufficient fort he foreign investor to show interest in your project. Although all our citi- zens have the right to purchase, only the ones that we can get in touch with show interest in our projects. When the reciprocity law was first issued, the appetite of the whole sector has increased, but, because we could take near to none sales-mar- keting action for foreign customers, we had very low benefits. As long as onsite marketing webs are not established in the target cities of the target countries, it will not be possible to benefit from this law sufficiently. There is no budget for overseas activities in Incek Lofts marketing plan. However, we are in touch with collegues at the estate agents abroad who want to make sales from the property projects in Turkey and make offers to us. How do you evaluate the property buyers in Ankara? When evaluated from the expectations, economics and such points of view, could you compare it with the potential in Istanbul? When compared with Istanbul, the quality that Projenaat alan 279BNM2 THOUSANDM2 PROJECTCONSTRUCTION AREA 36. ANALZ-SEKTR / ANALYSIS-SECTOR 34 MAYIS - TEMMUZ / MAY - JULY 2014 fizibiliteyle, doru rn sunduunuzda her pazarda yeteri sayda alcyla buluulabileceini dnyorum. E zamanl olarak birok proje gelitiriliyor olsa da, site yaantsnn avantajla- ryla yeni tanan birok Ankaral misafirimizin ilgisi, potansiyeli stanbul ile yarr seviyede. Levent Loft, mimarisiyle stanbulun en gzde binalarndan biri. Projede Tabanlolu Mimarlk ile allyor. Bu projede nasl bir mimari planladnz? Levent Lofttan sonra ncek Loftun da Ankarann en gzde projelerinden biri olacan gnl rahatlyla syleyebilirim. Tabanlolu Mimarlk ile gerekletirdiimiz konsept proje toplantlarnda hedef kitlemizin, ncelikli olarak yaam standartlarn ykselte- bilecekleri, albenisi ve prestiji yksek bir site ortamyla; optimum kullanm alanlaryla retilen ilevsel konut planlaryla; neredeyse tm ihtiya- larn karlayabilecekleri bir alveri alanyla ve standart st yap malzemeleriyle retilmi, gvenli binalarla ilgileneceklerini ilettik. Mimari mellifimiz ve projenin yaratcs Tabanlolu da, stn mimari birikimiyle bize istediklerimizden fazlasn ncek Loft olarak sundu. ok keyifli do- nat alanlar ile sslenmi baza stndeki bahe katlaryla balayan yksek bloklarmz, Mogan ve ehir manzaralaryla ykseliyor. Mogan cephesinde nde bulunan Ankara evleri, ala