Gulf Capital gives $15m to Turknet

Abu Dhabi-based investment firm Gulf Capital has provided $15 million to telecom provider Turknet Iletisim Hizmetleri, through Gulf Credit Partners, its regional credit and mezzanine fund.

By Staff Report

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Published: Wed 17 Jul 2013, 10:51 PM

Last updated: Tue 7 Apr 2015, 8:01 PM

“The growth capital financing facility from Gulf Credit Partners will assist Turknet in its growth trajectory at an exciting time for the Turkish telecommunications sector. Turknet’s market leadership in this growing sector, its sound strategy and strong management are the precise ingredients that our credit and mezzanine fund is looking for in a business partner,” Gulf Capital chief executive officer Dr Karim El Solh said.

The telecommunications market in Turkey is emerging rapidly, as the number of Internet users showed a year-on-year growth of 42.3 per cent from 14.1 million to 20.1 million in 2012. The market share of alternative providers in the ADSL market has gone up to 10.8 per cent in 2012 from nine per cent in 2011. The country is showing potential growth in the Internet broadband market as household penetration in Turkey is 41 per cent, compared to Europe’s 61 per cent.

— haseeb@khaleejtimes.com



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