Category: Business

  • Turkey aims to be one of top 10 economies in 2023

    Turkey aims to be one of top 10 economies in 2023

    ISTANBUL – Turkey is one of the fastest growing emerging markets in the world with impressive economic growth rates, expanding by 8.5 percent in 2011 – ahead of IMF expectations of 7.5 percent.

    Over the last decade, its GDP per capital tripled, reaching $772 billion in 2011, up from $231 billion in 2002.

    As part of its Vision for 2023, the country aims to be one of the top 10 economies in the world, to achieve a gross domestic product of $2 trillion, increase annual Turkish exports to $500 billion and achieve a foreign trade volume of $1 trillion.

    “Turkey is aiming high, but its goals are obtainable. The country’s geographical location makes it a natural bridge between the East to West and North to South axes, providing easy – cost efficient access to businesses around the world. Its young, dynamic and growing workforce also continues to be a key contributor which, according to the 2009 World Bank numbers, is the 5th largest among the European countries. And more recently, the World Bank stamped its belief in the Vision by awarding the country with $6.5 billion of financial support,” said Tim Reid, Regional Head of Commercial Banking for HSBC UAE and North Africa (MENA) during his welcome address at the HSBC MENA / Turkey Forum recently.

    Resulting actions have strongly attracted foreign trade to its already large domestic market. Foreign direct investment totaled $15.9 billion in 2011, up from $9 billion the year before. The MENA region now accounts for 18 percent of this. Vice versa, Turkey’s exports reached $135 billion by the end of 2011 of which the MENA region now accounts for approximately a fourth.

    Key sectors of interest for MENA investors include tourism and energy.

    Turkey is currently the 6th most popular destination to visit in the world with the UAE’s Jumeirah Group, the Rotana Hotels and Viceroy, as well as Saudi Arabia’s My Tuana have already announced investments.

    Through the liberalization of its market and geographical location, Turkey is also strongly positioned as an energy transit hub. With MENA accounting for two thirds of the world’s discovered crude oil reserves, Turkey is on a clear path to anchor its partnership with the region.

    Construction and contracting is also one of Turkey’s strongest international sectors – consistently exceeded annual targets over the last decade. In the MENA region, several of the large Turkish contracting companies already have extensive involvement in Libya. Aside from the UAE market, we continue to see widespread interest and activity through bids for lead positions on projects in Qatar, Saudi Arabia, Kuwait and Oman.

    “Turkey has an extremely strong long-term story,” said Reid. “The combination of strong fundamentals and good demographics should see Turkey maintain a very respectable pace of growth throughout the forecast horizon”. Gathering business leaders, the Forum is the third leg of its series, held as part of its Global Connections campaign.

    Trade flows between MENA and the emerging markets is a key theme of HSBC’s Global Connections story in the region.

    According to the HSBC Global Research “World in 2050” report, economies we currently call “emerging” are going to power global growth over the next four decades. As a result, in October 2011 HSBC held its first forum on discussing international trade between UAE and India.

    Speaking about Turkey’s economic growth, Ambassador of the Republic of Turkey to the United Arab Emirates Vural Altay said “I would like to encourage Emirati and Arab brothers and investors to further boost their engagement in the highly lucrative Turkish market. Turkey offers rich opportunities for MENA companies in the areas of agriculture and food, energy, tourism, real estate, finance, healthcare and many others.”

    “My message to the MENA business community, in particular to the UAE business community is to utilize the vast opportunities that the Turkish economy offers needless to say to the benefit of both sides. And if we can do that I am sure that our relationship and togetherness will reach higher levels,” he added. – SG

    via Saudi Gazette – Turkey aims to be one of top 10 economies in 2023.

  • Which Airline Has Made The Biggest Comeback?

    Which Airline Has Made The Biggest Comeback?

    Slumbering with the ebb and flow of airlines, I have flown the foolishness of dreams. Since my first overseas flight to Africa in 1973, I’ve watched so many carriers vanish or be swallowed. Pan Am is the poster child, the mighty carrier upon which I first winged around the world. The Alexander Calder-painted planes of Braniff made my flights to South America vibrant and bright. I joined the mile-high club on UTA on a flight from Tahiti to Easter Island. Zambia Airways got me to Victoria Falls, where I made the first descent of the Zambezi back in 1981.

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    All are gone now, just contrails of memories. And that doesn’t include the U.S. carriers, such as TWA, National, Western or Eastern. Since commercial air travel began, more than 130 airlines have started and folded in the United States alone.

    KLM was the carrier I used to get to Arusha, Tanzania to climb Kilimanjaro, but it was acquired by Air France in 2004. Swiss Air, which carried me to the Eiger, was picked up by Lufthansa. And of course Northwest folded into Delta, Continental into United and the dance continues.
    Why do so many airlines, lifted with initial promise and hope, end up shuttered or absorbed on the ground? Sometimes it is bad luck or timing, politics or bad business decisions. However it begins, when an airline starts its descent, it is difficult to lift the nose and wheel the clouds again.

    In 1978 I set out to make the first descents of the Euphrates, which spills from Mount Ararat and snakes its way into Syria; and the Çoruh, which cuts along the Karadeniz Range and efflues into the Black Sea. The most efficient way to get to these waterways falling off the Anatolian Plateau was via Turkish Airlines, which offered flights to Istanbul from New York. Memory plays tricks and bends the light of time, but I recall it being among the worst air experiences ever.

    The plane was packed and unpleasantly fragranced, the food unappetizingly alien, the windows sooty and I was seated in the non-smoking area, which consisted of the final two rows before the bathroom, with a curtain separating me from mixing clouds of cigarette fumes. I coughed through much of the flight. This was not an airline, in my mind, with a big future.

    Today, of course, airlines everywhere are scaling back service and unraveling ways to charge customers for every amenity once de rigueur. So, it is with delectation I can report that no airline has roared back so exceedingly as Turkish Airlines, and it has become part of an elite club of the best carriers in the world.

    My flight of the Phoenix was last month, after researching the best way to get from Los Angeles to Delhi, where I planned to connect to Ladakh to make an expedition down the Zanskar River. Air India, which was plagued by a pilot strike for much of the summer, flies via Frankfurt, a sterile stopover. Emirates connects via Dubai, but it is expensive, and the city has no soul. But Turkish Airlines offers up a smooth connection via Istanbul. Istanbul? Where time seems like syrup, the city often cited as the most beautiful in the world. Why, then connect directly through? It seemed the ideal layover to shed some jetlag and soak in the snaking sounds and exotic perfumes of Asia Minor before heading onwards. So, with some residue of trepidation from 40 years back, I take the chance and book a business class seat, LAX-Delhi, with an overnight in Istanbul.

    And so it is with some Turkish delight I board a brand new Boeing 777-300 ER and find my way to a seat as comfortable as a La-Z-Boy, with a hot towel and sparkling mimosa waiting. The toiletry kit looks like an iPad briefcase — biggest I’ve ever seen — and is filled with Crabtree & Evelyn accoutrement. Everything is clean, gleaming like a needle, a far cry from my remembrances of an ashen interior. Then a man wearing a crisp white uniform and chef’s hat, signatures of multi-star restaurants everywhere, appears and hands me the menu and a tray of Godiva chocolates. He’s Gökay Kizilok, the “Flying Chef,” veteran of two celebrated earthbound restaurants in Istanbul, and he says he will create made-to-order dishes during the flight. This is a touch I’ve not seen before in trans-ocean business class.

    Not long after take-off the table is set, with real silverware, fine table linens and porcelain salt and pepper shakers. I order up a Mercimek Çorbası (traditional Turkish lentil soup); Kuzu Şiş Kebap (lamb, grilled tomato and green pepper on a skewer), along with a Prestige Narince wine, a distinctive Anatolian varietal. Then, of course, for dessert, an immaculate confection: Ekmek kadayıfı, the Turkish bread pudding smothered in clotted cream. Nostalgia often evokes flavors from the past, which are never as flavorsome in a modern setting — think grandma’s apple pie. But this is the opposite dynamic, as I recall a meal back in the ’70s that was closer to Top Ramen kippered with tobacco smoke than anything like the epicurean offering today. It turns out, according to Skyscanner, which polls airline passengers, for Turkish Airlines ranked best for on-board food in 2012, better than Singapore, Emirates and Cathay. (American Airlines was dead last.)

    After the meal I set the seat to “cradle” and watch a movie on the digital AVOD, read a book, and then recline to the full 177 degrees, stretch out my 6’1″ frame to the fullest and sleep like a pasha on a magic carpet.

    “If the Earth was a single state, Istanbul would be its capital,” so said Napoléon Bonaparte. Istanbul, of course, is the city that straddles two continents, so it makes geographical sense that it become a cardinal hub between East and West. The executives at Turkish Airlines somewhere along the way recognized the clout of its strategic base location, and shape-shifted from a local line to a concourse to the world.

    The airline links to over 200 destinations, including a number of provocative African capitals, relevant to my business, such as Addis Ababa (where runs The Blue Nile), Kigali (the portal to the mountain gorillas) and Nairobi, Dar Es Salaam and Johannesburg, all entry points for the great safaris of the continent.

    But the sweet add-on to the whole proposition is this: Passengers arriving in Istanbul on Turkish Airlines international flights and continuing on with another Turkish Airlines international flights get a free hotel in Istanbul, and a free city tour, with all transportation, meals and museum fees covered.

    I take up half the offer, as I have a friend, Mesut Ozgen, who is a local guide and who offers to show me around. I check-in, then grab a taxi to the Four Seasons Hotel Istanbul at the Bosphorus, a converted Ottoman palace, where a friend of mine, Brett Scharf, is preparing for the Dardanelles (Hellespont) Swim 2012. We dine on the water’s edge, entertained by the moving colored fairy lights of the Bosphorus bridge, the garishly lit boats cruising by and an appropriate crescent moon hanging above Asia across the Golden Horn. We penultimate the evening with a Raki, then a Turkish coffee and finally collapse into the uninhabited dreams of a mechanical Turk.

    The next day Mesut gives me the grand tour, the Blue Mosque, Topkapi Palace, Hagia Sophia, the Hippodrome, the labyrinthine corridors of the Old Bazaar, the Basilica Cistern and a mosaic of cafes, museums and galleries between. But it’s an abbreviated tour, as my onward flight to Delhi is late afternoon, so after lunch it’s back to Atatürk Airport. There, however, I sashay into the final surprise, the mark that the transformation from Flintstones to Jetsons is complete. The CIP Lounge is 32,000 square feet of swank aerotropolis, a destination in itself, and once settled in, you don’t want to leave. It has a billiard table, library, Feurich piano, nine television screens, Play Stations, a movie theater with deep leather chairs and popcorn machine, showers, massages, prayer room, live trees, hot meals cooked to order, mezes, köftes and olives, olives, olives everywhere. It’s the kind of place you want to park and read a Byzantine novel, write a great Anatolian novel or just veg. It is with keen disappointment they call my flight.

    So, Turkish Airlines has done the unimaginable, the impossible really and metamorphosed from a déclassé flagship that Pan Am, Braniff and many fliers discounted or dismissed. And while the once great names in aviation have bled into some graveyard in the sky, Turkish Airlines has risen and polished and done a honeyed Pygmalion, so it now truly ranks as one of the great airlines of the world.

    https://www.huffpost.com/entry/airline-comeback_b_1896202#slide=1541635

  • Paris Hilton pairs up with Arda Turan for new ad

    Paris Hilton pairs up with Arda Turan for new ad

    n 30560 4U.S. celebrity Paris Hilton will be pairing up with Turkish football player Arda Turan as part of a clothing brand’s ad campaign, daily Hürriyet has reported.

    Hilton will be spending three to four days in Istanbul to shoot the ads, in which she will be sharing the spotlight with Arda.

    Rumors of a relationship between Hilton and Arda, who played for Galatasaray before moving last year to Spain’s Atletico Madrid, were the subject of popular chants among Lions’ supporters during his time for the Istanbul club.

    via TURKEY – Paris Hilton pairs up with Arda Turan for new ad.

  • ‘Desperate Housewives’ Gets Turkish Twist as Disney Looks Abroad

    ‘Desperate Housewives’ Gets Turkish Twist as Disney Looks Abroad

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    Actress Nicolette Sheridan poses outside her on set house of ‘Desperate Housewives’ in Los Angeles, California. Media companies say increased availability of satellite and cable systems in fast-growing emerging markets have spawned a growing appetite for localized versions of American dramas and sitcoms. Photographer: Mark Davis/Getty Images

    Bloomberg News

    ‘Desperate Housewives’ Gets Turkish Twist as Disney Looks Abroad

    By Kristen Schweizer on September 18, 201

    The “Desperate Housewives” of Wisteria Lane have a new address: Istanbul’s Gul street. In Russia, Peg and Al Bundy of “Married With Children” have morphed into Gena and Dasha, who inhabit an apartment in Yekaterinburg rather than a suburban home near Chicago.

    For decades, American situation comedies and dramas dubbed into other languages have been standard fare on TV screens worldwide. Today, broadcasters in Turkey, Russia, and elsewhere are instead padding their prime-time schedules with locally produced versions of shows licensed from U.S. studios.

    The Istanbul housewives — named Yasemin, Nermin, Elif, Zelis and Emel and known as “Desperate Women” — star in the eighth-most watched series on Turkish TV courtesy of Walt Disney Co. (DIS), which owns global rights to the show. Sony Corp. has remade “Married With Children” a dozen times for international markets.

    “Right now we see that in the Middle East, the TV world has an exploding appetite for everything,” said Andrea Wong, president of international production at Sony Pictures Television. (6758) “Turkey is a key market and Israel is being explored, as is India.”

    Reality- and game-show concepts have been sold in multiple markets for many years — think “Survivor” or “Who Wants to be a Millionaire?” Now, media companies say, increased availability of free and paid channels on satellite and cable systems in emerging markets have spawned a growing appetite for localized versions of American dramas and sitcoms.

    Social Mores

    Media companies say the shows appeal to audiences who don’t want to watch dubbed or subtitled programs, and in conservative cultures plot lines can be adjusted to avoid offending social mores.

    “We have high hopes for this side of the business and continue to work with our local broadcasters in order to engage large local audiences,” said Michael Edelstein, president of international TV production for NBC Universal, which has adapted “Law & Order” in Russia.

    Developing countries including Brazil, Turkey, Colombia and Vietnam make up nine of the top 10 fastest-growing markets in terms of ad revenue, according to Informa Telecoms & Media in London. Global advertising, worth $149 billion last year, is forecast to grow 4 percent in 2012, Informa says.

    Disney’s operating profit (DIS) from the U.S. and Canada in the year through Oct. 1, 2011 was $6.4 billion, little changed from three years prior. Asia-Pacific earnings gained 62 percent to $627 million during the same period and profit from Latin America and other markets rose 67 percent to $293 million.

    Turkish Doctors

    Disney says it plans to announce today that a Turkish version of “Private Practice,” a spinoff of the hit ABC medical drama “Grey’s Anatomy,” will start airing next month on the FOX Turkey channel. That may offer further profit because Turkish dramas are often sold across the Middle East.

    “Turkish products appeal in the entire region and we can get secondary revenue by licensing the Turkish drama to other countries,” said Catherine Powell, senior vice president of media distribution for Disney EMEA. Turkey’s “Desperate Women,” now in its second season, was licensed by Disney to Dubai’s MBC Group, a free-to-air satellite company covering the Middle East.

    As ad revenues in emerging markets rise, broadcasters have more money to spend on programming, said Stewart Clarke, editor of London-based magazine Television Business International. “International TV companies are increasingly keen to have a presence in these markets,” he said, noting that adaptations are also thriving in countries like France and Germany.

    Cannes Market

    TV executives gather early next month at the world’s largest TV content market, Mipcom, in Cannes, France, where adaptations from the U.S. and other countries will be bought and sold. One session at the event will focus on the market for Turkish dramas and their international adaptation.

    “Lots of these markets will continue to grow over the years, as western markets mature and growth is leveling,” said Guy Bisson, TV research director at IHS Screen Digest in London. “Russia, Turkey, Latin America are moving from a small offer of TV or cable to a large choice of channels and new pay-TV platforms.”

    Once a format is sold to a particular country, the reformatted script and production are almost always overseen by a representative of the U.S. companies.

    “We will have a consultant on each show who spends a fair amount of time in that territory,” said Andrew Zein, senior vice president of creative format development and sales at Warner Bros. International TV Production. (TWX) “Pre-production is the most important time and we want to see location, designs, casting.”

    Chinese Gossip

    Warner Bros.’s Chinese version of “Gossip Girl,” called “V Girl,” will premier in the second quarter of next year, Zein said. Russia, which Zein calls a “significant market with an appetite for scripted format,” will see the “Without a Trace” series air later this year.

    Warner Bros. and Sony Pictures Television have purchased production houses in recent years to film original content or remake hit versions. Warner bought Shed Media, the U.K. production company behind “Supernanny” and “Footballers’ Wives” in 2010. Sony has 18 production companies worldwide.

    More conservative markets like the Middle East may require alterations. Sony says that the Arabic version of “Everybody Loves Raymond” eliminated a scene where the couple was in bed.

    TV executives in China requested their adaptation of the high school musical show “Glee” show the actors in university, said Yoni Cohen, senior vice president for development and sales at 20th Century Fox. “Glee,” one of the top-rated shows in the U.S., could prove problematic in some markets as the show has openly-gay actors and discusses teen sex and teen pregnancy, he said.

    “We try very hard not to let other cultures dictate,” Cohen said. “And we’d rather not do a show in the end if it steps beyond an adaptation and into a reinvention.”

  • Deutsche Telekom Sets up IP PoP in Istanbul

    Deutsche Telekom Sets up IP PoP in Istanbul

    Deutsche Telekom Sets up IP PoP in Istanbul

    18th September 2012 15:16 IST

    Bonn, Germany (Business Wire (Business Wire India))

    Deutsche Telekom International Carrier Sales & Solutions (ICSS), the international wholesale arm of Deutsche Telekom AG, announced today that it will expand its international Tier 1 IP network into Turkey and set up a new IP PoP (Point of Presence) in Istanbul.

    Together with its partner Turkcell Superonline, ICSS will set up the IP PoP at one of Istanbul’s most frequented telehouses in order to address the increasing demand arising from public and private IP-traffic consumption.

    Acting as a gateway from Turkey to Western Europe, the new global IP PoP will deliver quality access to Deutsche Telekom’s reliable and efficient high-capacity network so that ICSS can better serve carriers, service providers, content networks, and enterprises in Turkey and its surrounding countries with high-quality IP services in the public and private IP sector.

    Holger Magnussen, Senior Vice President Deutsche Telekom International Carrier Sales & Solutions, states: “As a strong emerging market, Turkey and its neighboring countries offer valuable opportunities to the global IP transit industry, and the new Istanbul-based PoP will directly enable not only the growth of the local market, but also the ability of global players to connect effectively and efficiently to regional infrastructures. Due to the resulting, significantly increasing data traffic, we believe that Turkey will become a ‘hub’ for exchanging IP data among service providers and carriers in the region.”

    Murat Erkan, General Manager of Turkcell Superonline, says: “Turkcell Superonline is very pleased to see Deutsche Telekom’s interest in Turkey, enabling access to their global Tier 1 IP network from Istanbul. This partnership will contribute to the implementation of our strategy of making Istanbul the region’s Internet exchange hub and promoting Turkey as an intersection point for the global communication network. We firmly believe that our cooperation with Deutsche Telekom will contribute significantly to the Internet services of Turkey, the Middle East, and the Caucasus.”

    About Deutsche Telekom

    Deutsche Telekom is one of the world’s leading integrated telecommunications companies with almost 130 million mobile customers, 33 million fixed-network lines and over 17 million broadband lines (as of June 30, 2012). The Group provides products and services for the fixed network, mobile communications, the Internet and IPTV for consumers, and ICT solutions for business customers and corporate customers. Deutsche Telekom is present in around 50 countries and has over 233,000 employees worldwide. The Group generated revenues of EUR 58.7 billion in the 2011 financial year – more than half of it outside Germany (as of December 31, 2011).

    About Deutsche Telekom International Carrier Sales & Solutions (ICSS)

    International Carrier Sales & Solutions (ICSS), an integral part of Deutsche Telekom’s International Businesses unit within the Europe organization, is the global communications enabler of the Deutsche Telekom Group and more than 700 external customers worldwide. As one of the largest carriers in the world, ICSS provides global voice communication, Internet connectivity to millions of eyeballs, and global roaming and messaging on next generation platforms, as well as smart content distribution, media exchange, and virtual carrier solutions. The international customers of ICSS experience seamless service provisioning, including global reach, and the highest quality. The variety of solutions provided by ICSS is based on an expanding ultramodern infrastructure: Deutsche Telekom’s international network.

    For further information, see www.telekom-icss.com.

    About Turkcell Superonline

    Turkey’s innovative telecom operator Turkcell Superonline is a fully-owned Turkcell Group company. Turkcell Superonline continually invests in new generation fiber-optic infrastructures in the advancement of its own. Turkcell Superonline offers ultra-wide broadband services to its residential and corporate customers through its own nation-wide deployed fiber network. The company also provides a full portfolio of wholesale and corporate services such as cloud computing, point-to-point circuits, virtual private networks, datacenter, hosting, security and back-up services. The company is the first and only telecom operator to provide 1000 Mbps Internet to residentials. Turkcell Superonline reaches all neighboring countries via its own 30,000 kms fiber network, realizing the vision of “Transforming the Silk Road into the Fiber Road”.

    For further information, visit www.superonline.net

    via Deutsche Telekom Sets up IP PoP in Istanbul – Moneylife.

  • Turkey Prepares to Sell First Islamic Bond

    Turkey Prepares to Sell First Islamic Bond

    By ART PATNAUDE

    Turkey is gearing up to sell its first bond compliant with Islamic law, targeting emerging-market investors as the country tries to diversity its funding sources.

    The sale of a dollar-denominated sukuk, as Islamic-compliant bonds are called, is due to be completed on Tuesday and could raise more than $1 billion, said one investor.

    About half, or $13 billion, of the Middle East’s $24.3 billion of bonds sold in the first six months of 2012 were sukuks, according to data provider Dealogic, compared with $3 billion in Islamic bonds in the year-ago period out of $13 billion in deals. Conforming with Shariah law, which prohibits interest payments, sukuks also have attracted interest from investors in nations outside of the region, including Malaysia and Indonesia, which have large Muslim populations.

    In the sukuk, Turkey will sell certificates to investors, who will then lease them back to the issuer at a fee. This fee takes the place of a traditional interest rate.

    “Turkey is looking to broaden its investor base, and this makes good sense for the borrower,” said Jeremy Brewin, head of the emerging-market division at Aviva.

    A banker involved in the deal said there has been strong demand for Turkey’s debut sukuk offering, with orders ballooning to $6 billion. More than half of the orders came from the Middle East, $1 billion from Asian investors and the rest from the U.S. and Europe, the banker said.

    Turkey conducted a series of investor meetings last week in the Middle East and Asia in a run-up to the deal. Much of the country’s debt is short term, and the government wants to raise funds with longer maturities to improve management of its finances.

    “There’s a lot of money floating around out there and not a lot of places to invest in for those forbidden from other markets,” said a banker working on the deal.

    Sukuks are backed by assets. In Turkey’s case, the banker said this mostly entailed government buildings. In the past, the sovereign assets also have included airports and hospitals.

    Investors in Persian Gulf countries will “be supportive because there is a great deal of interest in Turkey from that part of the world,” said Daniel Broby, chief investment officer at London-based emerging-market investor Silk Invest, which has $130 million in assets under management.

    The sukuk market was hit hard during the financial crisis beginning in 2008. Interest from investors has slowly revived over the past two years. Turkey’s deal shows the market is continuing to rebuild and paves the way for future sukuk offerings by the country and its companies.

    “Doing a sovereign sukuk is positive because it establishes a benchmark, and behind that you can get corporates to issue,” said Abdul Kadir Hussain, chief executive of Dubai-based asset manager Mashreq Capital.

    The sukuk will yield about the same as comparable Turkish government bonds, which pay an interest rate of 2.87%, according to market participants. Initial price guidance on the sukuk, maturing in 5½ years, is between 1.9 and 2.0 percentage points above the midswap rate, a benchmark in bond deals, which is about 1%.

    “From a pricing standpoint it’s not something you’re really going to jump up and down about,” said Abdul Kadir Hussain, chief executive of Dubai-based asset manager Mashreq Capital.

    Citigroup Inc., C -2.10% HSBC Holdings PLC and Liquidity House, a Kuwait Finance House subsidiary, are lead managers of the sukuk deal.

    A total of 17 Mideast sukuk deals have been sold in first half of this year, compared with six deals in the year-ago period, according to Dealogic. Saudi Arabia was the biggest issuer, raising 15 billion Saudi riyals ($4 billion) to fund an airport expansion and $1.75 billion for Saudi Electricity Co., 5110.SA +0.76% the kingdom’s biggest utility company.

    —Emre Peker, Tim Falconer and Carol Dean contributed to this article

    via Turkey Prepares to Sell First Islamic Bond – WSJ.com.