Zorlu Holding, Chairman of the Board Ahmet Zorlu

“We will create a new era in real estate”  

Ahmet Zorlu, Chairman of the Board of Zorlu Holding which moves also into real estate sector after textile, energy and technology says, “You will see our success and assertiveness we showed in other fields also in real estate.”

 Recently you have agreed to sell half stake of Vestel Beyaz Eşya to U.S-based Whirlpool, one of the most renowned white goods manufacturers in the world. What kind of results do you expect from this partnership? 

Vestel works and makes investments in order to grow with its technologic force and to strengthen its position both in Turkey and in the world pioneering innovations. It watches innovations in the world closely. At Vestel we establish strategic cooperations with global giants. The letter of intent we have signed recently with world’s white goods giant Whirlpool to the purpose of strategic cooperation is also a part of our efforts toward this aim. Our efforts to set up a joint company continue. With the synergy to be created by this cooperation, our procurement costs will decrease, product quality and diversity will increase. White goods of world-standard will be offered to consumers under Vestel brand. As a result of this planned partnership with Whirlpool, Vestel’s competitive power in the domestic market will increase to such a degree as to change the balance in the market.  

 After every sale, shareholders in question have worries. Is there any message at this point you would like to convey to Vestel Beyaz Eşya shareholders?  

Increase in the value of Vestel, the leading exporter for the last 7 years … These are pleasant developments also for our shareholders. As Vestel Beyaz Eşya, our purpose with this partnership is to get stronger in white goods field combining our productive capacity with the technical know-how and strength in foreign markets of Whirlpool thereby becoming a regional power just like in electronics. 

There are various “legends” about what Zorlu Center, the one you are going to build upon the Karayolları property you have bought in İstanbul Zincirlukuyu, will look like eventually… Can we hear from firsthand what kind of project awaits Istanbulities? Will it really be one of Istanbul’s brand marks?  

We are working with all our strength for a project that will draw attention worldwide and become Istanbul which is European Capital of Culture 2010. For this project, we have held a contest in which 13 domestic and foreign companies participated including some world-famous architects. We expect the contest process to be completed till year-end.  As Zorlu Group we focus on every stage of the project carefully. With Zorlu Center we will create a work which contains different functions such as, convention centre that is much needed in İstanbul, hotel, cultural-artistic spaces and open-space area. You will see the successes and assertiveness shown in its operations in other fields by Zorlu Group also in real estate sector. We are preparing to start a new era in real estate field. 

Works regarding legislation on nuclear power plants in Turkey go on. We already know that companies have a deep interest in energy issue. To what extent Zorlu Enerji plans to take part in nuclear power plant efforts? 

We have participated in all meetings held with the government concerning nuclear power plants. We might think of cooperating with a partner which has an expertise in the sector, is ready for investment, aware of its social responsibility, transparent and is complying with all regulations. Our prospective partner’s having qualities which can make real contributions to both our group and our country and can carry them forward would be our top priority. 

Do you also think of setting up partnership with a foreign company in textile group? 

We keep a close watch on all commercial activities in global home textile sector due to our globally operating companies and our partially global brands such as, Taç, Linens and Valeron. We are open to changes. If suitable commercial conditions arise, partnerships and acquisitions-sales can be evaluated.  

Did Turkish economy meet the expectations for 2007? Being one of the leading businessmen of Turkey what are your expectations for Turkish economy in 2008?

 Since this was an election year and because of the recent developments about Northern Iraq, 2007 was not much productive in terms of economy. It is difficult to be able to guess developments in international markets for 2008. However, I can say it will not be an easy one either for Turkey or the world. I think the government should take measures in 2008 primarily for increasing the competitiveness of exporters.  

What will be the priorities of Zorlu Holding on its agenda in 2008? Can we learn about new investment plans and fields?  

We will continue the big projects we have initiated. In energy field, we have such projects as; 135-MW wind power plant in our country and hydroelectric power plant projects with a combined capacity of 250 MW whose feasibility studies are still going on. Again in energy area, we will continue our 680-MW natural gas combined cycle plant project in Russia, natural gas power plants in Israel with a combined capacity of 1000 MW, and 50-MW wind power plant project in Pakistan. When it comes to real estate, Zorlu Center is our main project. In addition to this, we will also complete our relatively smaller real estate projects in İstanbul and İzmir in 2008.