Turkcell eyes Balkans, Middle East expansion as domestic growth slows

1 Jul 2016

Turkcell plans an ambitious global buying spree to offset slowing growth in its home market, the Wall Street Journal reports. Speaking in an interview with the business daily, CEO Kaan Terzioglu noted that the Istanbul-based company aims to boost revenues by expanding into North Africa, Eastern Europe, the Middle East and Central Asia. Although Mr Terzioglu projects 10% annual growth in Turkey over the next three years, he said acquisitions abroad would shrink domestic contributions to total revenue from 91% currently to around 60%, and hopes that international sales can make up the shortfall.

The CEO commented: ‘Our first priority markets are the Balkans and the Middle East, particularly Iraq, Iran and, in the future, Syria, though I don’t know when … Africa is also an important market … We must position ourselves as a regional player in mobile, and a global player in digital services.’

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