September 2026

After a summer marked by strong geopolitical and energy-related uncertainties, the return from the summer break confirms a mixed economic picture in Türkiye: inflation remains high and financial conditions remain restrictive, but several indicators show that the economy continues to demonstrate resilience.

Inflation is gradually moving along a disinflationary path, although it has not yet stabilized. In August, annual inflation stood at 31.51%, while prices increased by 1.84% month-on-month. The rise continues to be driven by energy, services and certain food products. The Central Bank of the Republic of Türkiye kept its policy rate at 37% in September, while reaffirming its commitment to maintaining a restrictive monetary policy until price stability is durably restored.

On the growth front, GDP increased by 2.3% in the second quarter of 2026, bringing first-half growth to 2.5%. Industry returned to growth in Q2 (+2.4%), while the information and communication sectors recorded an 8.6% increase. For 2026 as a whole, forecasts vary among institutions: the OECD expects 3.1% growth, while the World Bank forecasts 2.8%, against a backdrop of geopolitical tensions and their impact on energy prices.

Foreign trade provides a more positive signal. In August, Türkiye’s exports reached USD 23.5 billion, up 8.1% year-on-year, making it the strongest August on record. During the first eight months of the year, exports reached USD 185 billion, an increase of 4%. This momentum is helping to support economic activity as domestic demand remains constrained by high interest rates and the ongoing disinflation process.

At the regional level, August was also marked by the signing in Mecca of a joint defense agreement between Türkiye, Saudi Arabia and Pakistan. Signed on August 7, the agreement provides, among other provisions, that an armed attack against any one of the three countries would be considered an attack against all three, strengthening their defense cooperation. The first meeting of the Strategic and Defense Committee was held in Istanbul on August 31. Beyond its security dimension, the agreement illustrates the strengthening of Türkiye’s relations with the Gulf and South Asian economies, against a backdrop of evolving regional partnerships.

Despite this challenging environment, investment momentum remains strong. September was notably marked by accelerated investment in digital infrastructure: Türkiye aims to increase its data center capacity to 1 GW by 2030 and attract at least USD 10 billion in private investment in artificial intelligence, cloud computing and related infrastructure. This momentum is already taking shape with the inauguration, on September 4, of Vodafone and DAMAC Digital’s first data center in Izmir. With an initial capacity of 4 MW, the facility can gradually be expanded to 20 MW, with total investment potentially reaching USD 300 million. Digital Realty has also announced its entry into the Turkish market, with plans for a data center campus of more than 22 MW in Ankara, scheduled to become operational in 2028.

The return from the summer break in 2026 therefore points to an economy that continues to face significant constraints, but whose fundamentals are gradually evolving. Growth remains positive, exports are increasing and investment activity remains strong. In an international environment that remains uncertain, Türkiye continues above all to demonstrate its ability to attract projects and position itself in high-potential sectors. For international companies, this continued resilience makes the Turkish market a field of opportunities that should be assessed carefully and from a medium- to long-term perspective.



Economic & business news from Türkiye

Azimut acquires Yapı Kredi Portföy for USD 346 million

Italian investment group Azimut Group is continuing its international expansion with the signing of an agreement to acquire 100% of Yapı Kredi Portföy Yönetimi, a major asset management company founded in 2002 and a subsidiary of Yapı Kredi, Türkiye’s fourth-largest private bank.

Transaction value: TRY 16.4 billion, equivalent to approximately USD 346 million. More than a straightforward acquisition, the transaction includes several strategic components:

• With TRY 1.21 trillion in assets under management, Yapı Kredi Portföy is a major player in the Turkish market.
• Following the transaction, Azimut will become the largest private-sector portfolio management company in Türkiye, behind Ziraat Portföy.
• The deal will be accompanied by an exclusive 15-year distribution partnership with Yapı Kredi, giving Azimut access to a customer base of more than 18 million clients.
• Türkiye will become Azimut’s third-largest market worldwide.

As highlighted by Gokhan Erun, CEO of Yapı Kredi, the alliance represents a new type of partnership in Türkiye’s asset management market and is expected to create greater value for customers. For Giorgio Medda, CEO of Azimut, the transaction is part of the group’s strategy of developing long-term partnerships with leading banks and demonstrates the strength of its investment offering. According to Alessandro Zambotti, CEO and CFO of Azimut Group, the transaction is also expected to contribute EUR 65–75 million to combined net profit in 2026 and generate an average 10% increase in earnings per share over the following three years.

This acquisition confirms Türkiye’s growing attractiveness to international asset management players and further strengthens its role as a bridge between local and international capital.

Source: Dünya, July 29, 2026

French group FAREVA acquires pharmaceutical site in Türkiye

The new site, located in Lüleburgaz, at the heart of one of Türkiye’s main pharmaceutical regions and close to Istanbul, strengthens French group FAREVA’s international industrial network and its ability to support pharmaceutical companies across their international markets. A few figures illustrate the scale of the transaction:

• 338,000 m² of total site area, including 72,000 m² of industrial facilities
• Up to 445 million packs produced per year
• Nearly 750 employees joining FAREVA
• Expertise covering solid, liquid, semi-solid and sterile dosage forms, as well as penicillins and cephalosporins
• Products already distributed across Europe, Asia, South America, Africa and Oceania

The site, previously owned by Sanofi, has been acquired by FAREVA from the French pharmaceutical giant, further strengthening its international pharmaceutical manufacturing network. “The Lüleburgaz site brings together major strengths: a strategic location, significant industrial capacity, diversified technical expertise and a strong customer portfolio,” highlights Alexandre Bastit, CEO of FAREVA’s Pharma & API Business Unit.

The transaction once again illustrates Türkiye’s appeal as a strategic industrial hub for companies seeking to combine proximity to European markets, manufacturing capabilities and access to international markets.

For FAREVA, the objective is to continue building one of the world’s leading pharmaceutical CDMOs by combining industrial excellence, an international presence and long-term partnerships.

Source: FAREVA press release, September 15, 2026

Great Rich establishes its first production facility outside China in Türkiye

Chinese advanced materials group Great Rich Technology is set to establish its first production facility outside China in Kırklareli, northwestern Türkiye.

The project will benefit from financing of up to USD 75 million from the Asian Infrastructure Investment Bank (AIIB), with co-financing from the International Finance Corporation (IFC). Once operational, the facility will produce:

• High-energy-efficiency window films
• Paint protection films for automotive applications
• Materials designed to absorb CO₂ and volatile organic compounds

The project reflects several important trends in the Turkish market:

• A strategic location providing access to European and regional markets
• An increasingly high-value-added industrial base, driven by the development of advanced materials and high-value technologies
• Accelerating green manufacturing, with a focus on energy efficiency and emissions reduction

The AIIB’s level of commitment to Türkiye is itself significant: with nearly USD 9 billion invested in around 40 projects over the past ten years, Türkiye has become its second-largest investment destination, behind India.

For international groups, Türkiye therefore represents not only a market, but also an industrial and regional platform from which to develop, manufacture and export.

Source: Anadolu Agency, September 8, 2026

MAIR Group acquires 70% of Turkish Espressolab

Emirati investment group MAIR Group has signed an agreement to acquire a 70% stake in ESLAB, the owner of the Turkish Espressolab brand.

Founded in 2014, Espressolab has experienced strong international expansion and now operates more than 400 coffee shops across 21 countries, including more than 310 in Türkiye.

Its growth is primarily driven by a franchise model, complemented by sourcing, roasting, brand management and distribution activities.

For MAIR Group, this is its first international acquisition since its listing on the Abu Dhabi Securities Exchange in late 2024. The transaction also marks a diversification of its portfolio beyond its traditional activities in distribution and commercial real estate in the United Arab Emirates.

ESLAB’s founders and current shareholders will retain a 30% stake and remain involved in the company’s next phase of development.

The transaction opens a new chapter in Espressolab’s development. With the support of MAIR Group, the brand aims to continue expanding its franchise network in Türkiye and internationally, while strengthening the customer experience and its presence across both existing and future markets.

Source: MAIR Group press release, September 23, 2026

Digital Realty enters the Turkish market

US-based Digital Realty, one of the world’s leading data center operators, has announced the creation of a joint venture with Rönesans Infrastructure, a subsidiary of Turkish conglomerate Rönesans Holding, to develop and operate next-generation data centers in Türkiye.

First project: a data center campus of more than 22 MW in Ankara, scheduled to become operational in 2028. The land, power supply and permits have already been secured, and initial construction work has begun.

A second site is also planned in Istanbul.

“Türkiye is becoming an increasingly important hub for digital transformation, cloud adoption and AI innovation,” said Paula Cogan, Managing Director EMEA at Digital Realty.

The announcement comes just days after the opening in Izmir of the data center developed by Vodafone and DAMAC Digital, with an initial capacity of 4 MW, set to reach 20 MW.

Digital Realty is one of the world’s leading digital infrastructure and data center companies. Present in more than 30 countries and over 55 metropolitan areas, the group operates more than 300 data centers.

Digital Realty’s entry into Türkiye further confirms the growing interest of major international players in the country’s digital infrastructure market.

Source: Digital Realty press release, September 14, 2026

Vodafone and DAMAC Digital inaugurate a data center in Izmir

Vodafone Türkiye and Emirati group DAMAC Digital have inaugurated the first phase of their new data center in Izmir, with an initial capacity of 4 MW and an investment of USD 100 million. The project is expected to scale up significantly in the coming years.

Announced in 2024, the first phase was initially planned to cover 13,500 m², with a capacity of 6 MW, expandable to 12 MW, and an expected commissioning date in 2025.

Today, the project has greater ambitions, with capacity expected to gradually reach 20 MW, for a total investment of USD 300 million. Key figures for the data center include:

• 7,500 m² of floor space
• 650+ IT racks
• 4 MW of initial capacity, with expansion planned up to 20 MW
• USD 100 million invested to date, with a target of USD 300 million ultimately

Designed to meet growing demand for cloud computing, artificial intelligence and next-generation GPU technologies, the facility also incorporates seismic isolation technology to strengthen its resilience against natural hazards.

Its proximity to submarine cable landing stations connecting Europe, Africa and Asia further enhances its potential as a regional hub for connectivity and digital infrastructure. Once fully developed, the facility is expected to become the largest data center in the Aegean region.

Another international investment confirming Türkiye’s attractiveness as a regional platform for digital infrastructure and the technologies of tomorrow.

Source: Developing Telecoms, September 10, 2026

HubX raises USD 75 million from US-based Point72

HubX, a Turkish technology company based in Izmir and specializing in AI, has surpassed the USD 1 billion valuation threshold following an investment of up to USD 75 million from US-based Point72 Private Investments, at a USD 1.2 billion pre-money valuation.

HubX joins Turkish technology companies such as Insider, Trendyol, Hepsiburada, Getir, Peak Games, Dream Games and Loom Games among the country’s unicorns. In just four years, the company has developed:

• 40+ mobile and web products
• 370+ employees in Izmir and Istanbul
• 600+ million users across more than 190 countries

This is HubX’s first external funding round since its establishment in 2022.

HubX plans to use the new funding to further develop its existing portfolio while accelerating acquisitions and strategic partnerships with consumer-focused mobile and web product companies worldwide.

The transaction highlights the momentum of Türkiye’s technology ecosystem, supported in particular by the Turcorn100 program, launched in 2022 with the goal of helping create 100 Turkish unicorns by 2030.

Source: Türkiye Today, August 29, 2026

Opel Combo to be produced in Bursa

The Opel Combo will be produced locally from Q3 2026 at the TOFAŞ plant in Bursa, a joint venture between Koç Holding and Stellantis.

The Combo will join the Zafira, Vivaro and Vivaro Van, which are already produced in Bursa. Local production is expected to enable Opel to:

• Strengthen its competitiveness in the Turkish market
• Improve supply chain and logistics efficiency
• Respond more quickly to local demand
• Offer solutions better adapted to market needs

In 2025, Opel sold 27,471 light commercial vehicles in Türkiye, ranking third among brands in the segment. The Combo alone accounted for 15,722 sales.

During the first seven months of 2026, the model continued to gain ground, with 7,779 units sold and a 15% market share in the C-Combivan segment.

Local production of the Combo marks another step in the development of Opel’s industrial footprint in Türkiye, while further strengthening Bursa’s role as one of the country’s major automotive hubs.

Türkiye continues to consolidate its position as an industrial and manufacturing platform for major international groups.

Source: Donanım Haber, August 10, 2026