Latest news with #Turkcell
The Citizen
5 days ago
- Business
- The Citizen
Sued for a staggering R78 billion, MTN turns to the Constitutional Court
However, 12 years later, MTN and Turkcell are still fighting over whether South African courts have jurisdiction to hear the case. Africa's largest mobile network operator, MTN, is appealing a decision made by the South African Supreme Court of Appeal in the $4.2 billion (R78-billion at the time the legal battle began) by Turkish telecommunications and technology services provider, Turkcell. The Supreme Court of Appeal recently upheld 'aspects of the legal appeal' brought by Turkcell. Turkcell is accusing MTN of being awarded a multi-billion-dollar GSM telecom license in Iran irregularly. MTN has previously denied this, supported by an independent forensic report by the Hoffman report. However, 12 years later, MTN and Turkcell are still fighting over whether South African courts have jurisdiction to hear the case. ALSO READ: This was South Africa's best mobile network in 2024 MTN approaches the Constitutional Court The MTN Group has confirmed to The Citizen that it is appealing the SCA decision. However, the decision does not concern the merits or allegations of the case, but rather whether South African courts have jurisdiction in the matter. 'MTN Group confirms that it submitted its notice of intention to appeal the recent decision of the South African Supreme Court of Appeal in the matter brought by Turkcell,' the Group told The Citizen. MTN Group stated, 'The appeal was lodged against a High Court judgment, in which the High Court had dismissed Turkcell's case against MTN Group on the basis that the South African courts did not have jurisdiction. 'The SCA has set aside the judgment and decided that the South African courts do have jurisdiction. The SCA, however, upheld the High Court ruling that Iranian law is applicable to key aspects of the dispute.' MTN confident it will win 'The decision to uphold the appeal does not relate to the merits of Turkcell's claims or the allegations made against the Group, which have not yet been tested in court. 'MTN has always maintained that the Turkcell litigation was without merit and has expressed confidence that it would successfully defend these proceedings,' added the Group. In response to The Citizen, the Group further said, 'MTN maintains that, while it agrees that Iranian law governs the underlying dispute, the allegations raised by Turkcell should be adjudicated in the courts of Iran, which are the appropriate and competent forum for this matter.' ALSO READ: Iran haunts MTN and SA Was anyone bribed? The legal battle between MTN and Turkcell began in 2013, when the Turkish telecommunications company accused MTN of bribing Iranian and South African officials to secure a multi-billion-dollar GSM telecom license in Iran. Cedric Soule, global counsel for Turkcell, stated that the license was initially awarded to the Turkish telecommunications company, but it was subsequently overturned in 2005. Former Chairman of the Group Phuthuma Nhleko and director Irene Charnley have also been accused of being influential figures who were closely involved in the deal. Tactic to delay the trial 'This is the latest attempt by MTN and the other defendants to delay the trial. The SCA clearly decided that South African courts have jurisdiction in this matter and unequivocally rejected all the objections raised by MTN,' added Soule. 'We remain confident that when the full evidence is presented at trial, it will demonstrate that MTN engaged in corrupt practices to secure the Iranian licence initially awarded to Turkcell.' Turkcell believes the Constitutional Court should decline to hear the appeal filed by MTN and the other defendants. 'The SCA's decision represents a significant victory for the principle that South African companies should be held accountable in South Africa for their conduct abroad.' Hoffmann report 'After twelve years of procedural delays, Turkcell looks forward to the opportunity to present its evidence in court and seek appropriate redress for the more than $4.2 billion in damages suffered due to MTN's alleged misconduct,' said Soule. In 2013, the Hoffmann report found that the license to MTN was awarded lawfully, clearing the group of any wrongdoing. The Committee, which compiled the report, was appointed by MTN in 2012. It was found that two statements by Kilowan 'shown to be a fantasist and a conspiracy theorist'. NOW READ: MTN suffers R11.2 billion loss. What went wrong?
The National
6 days ago
- Business
- The National
Turkey seeks more UAE investments in AI amid strengthening of ties
Turkey is seeking more UAE investment in artificial intelligence amid a strengthening of ties between the two countries. 'The UAE is positioning [itself] as a hub for AI investments and we see a similar potential for Turkey. There are tangible outcomes already and there will be more,' Burak Daglioglu, president of the Investment Office of the Presidency of Turkey, told reporters in Istanbul on Wednesday. Turkey has a 'nice pipeline of infrastructure projects', including data centres, connectivity and renewable energy capacity to attract investments in the AI field, he added. UAE and Turkey trade and investment ties have surged after the two countries signed the Comprehensive Economic Partnership Agreement, also known as Cepa, in 2023. There have been several investment agreements spanning different sectors including technology, finance, manufacturing and infrastructure development. This week, Dubai Islamic Bank signed a $150 million sharia-compliant financing agreement with Turkcell, Turkey's telecoms and technology services provider, to support the company's continuing investments in digital infrastructure. The five-year deal will enable Turkcell to advance critical infrastructure in areas such as data centres, cloud technologies and renewable energy, DIB said on Wednesday. Last month, G42's Khazna also announced plans to build an AI-capable data centre in Turkey, with a potential capacity of up to 100 megawatts, after securing a site in Ankara. The Abu Dhabi-based company intends to continue investing in Turkey and expand its data centre network, following the completion of the new site, it said last month. Turkey is also looking to attract UAE investments in sectors such as HealthTech, renewable energy and manufacturing, Mr Daglioglu said. In 2022, Turkish President Recep Tayyip Erdogan made his first official visit to the UAE in almost a decade to strengthen ties with the Emirates. President Sheikh Mohamed visited Turkey at the end of 2021. The UAE's non-oil trade with Turkey grew by 11.5 per cent on an annual basis to Dh148.9 billion ($40.54 billion) last year, official data shows. 'The most important development in the recent years was the free trade agreement between the two countries because it paved the way for a larger trade volume,' Mr Daglioglu said. 'After trade, the opportunity for investment is also higher. In the following years, the investment pipeline from UAE to Turkey will be growing.' It's not just the UAE companies that are investing in Turkey, after the free trade agreement, 'Turkish companies have started investing in UAE as well', he added. Last year, the total UAE investments to Turkey was $307 million, while Turkey's investments in the UAE totalled $576 million, according to data provided by the Turkey Investment Office. Since 2002, the UAE has made $5.9 billion worth of investments into Turkey, while Turkey's investments into the UAE during the same period totalled $2.4 billion, the data shows. There were 604 Emirati companies operating in Turkey by the middle of last year. Turkey, whose economy is expected to grow by 2.7 per cent this year, is also focusing on boosting start-up ecosystem, Mr Daglioglu said. They brought in new legislations, supported start-ups with funding and encouraged more sovereign wealth funds to invest. 'We have successful start-ups, not focusing on exits … the previous trend was make an exit to a larger local player. Now, Turkish companies are becoming regional players,' Mr Daglioglu said. In 2022, Abu Dhabi's holding company ADQ and Turkey Wealth Fund formed a new $300 million technology fund to invest in start-ups in Turkey. Energy and utilities, health care and life sciences, food and agriculture, mobility and logistics, financial services, and education were the sectors that the fund targeted to invest.
Mid East Info
27-05-2025
- Business
- Mid East Info
DIB Signs USD 150 Million Murabaha Deal with Turkcell to Accelerate Türkiye's Tech Transformation - Middle East Business News and Information
Facility to drive infrastructure growth and diversify capital access for Türkiye's leading digital operator Strategic deal reflects DIB's expanding role in financing real economies and enabling digital expansion Partnership aligns with DIB's mission to advance sustainable impact through Sharia-compliant financ Dubai, UAE –May 2025: DIB, the world's first Islamic bank and the largest in the UAE, has signed a USD 150 million Murabaha financing agreement with Turkcell, Türkiye's leading telecommunications and technology services provider. The facility will support Turkcell's ongoing investments in digital infrastructure and further reinforces DIB's commitment to enabling growth in high-potential markets. As one of the most prominent Islamic financial institutions in the GCC, the Bank continues to foster cross-border partnerships that drive sustainable, innovation-led development. Structured as a five-year bullet-term facility, the Sharia-compliant financing will enable Turkcell to advance critical infrastructure in areas such as data centres, cloud technologies, and renewable energy—further solidifying Turkcell's role as a leading force in Türkiye's evolving digital economy. Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, commented: 'At DIB, we have long believed that banking goes beyond funding, we drive transformation. This partnership with Turkcell is not merely about leveraging our balance sheet; it is about enabling the organisation to unleash its true potential. Türkiye represents a market with vision, scale, and ambition, an economy investing heavily in the infrastructure of tomorrow, and a natural partner in our cross-border strategy.' Dr. Chilwan added: 'As the UAE's largest Islamic bank, our role increasingly lies in establishing and shaping meaningful connections between geographies, sectors, and the players within. We see Islamic finance as a bridge, one that supports real economies while remaining true to the principles of ethical finance. With this facility, we are supporting a business that understands the future: digital, decentralised, and inclusive essentially, a future that DIB fully believes in.' The deal also strengthens financial and commercial connectivity between the UAE and Türkiye, while offering Turkcell increased access to Islamic financial mechanisms and structures—particularly as it accelerates investment into strategic and sustainability-linked technologies. Dr. Ali Taha Koç, Chief Executive Officer of Turkcell, said: 'As Türkiye advances towards a more digital and data-driven economy, our focus remains on building the infrastructure that supports this evolution. Partnering with a trusted institution like DIB, with its strong regional presence and deep-rooted values, brings both credibility and strategic alignment. This facility is not just timely— it lays a strong foundation for our growth journey in the years ahead.' The agreement was formalised at a high-level signing ceremony in Istanbul, attended by senior leadership from both organisations, led by Dr. Adnan Chilwan and Dr. Ali Taha Koç. This agreement reflects DIB's strategic approach to financing the sectors and institutions shaping the next phase of economic growth. With a clear focus on long-term value, the Bank continues to enable real-world impact by backing businesses that are building the digital, sustainable, and resilient foundations of tomorrow's economies.
Al Bawaba
27-05-2025
- Business
- Al Bawaba
DIB Signs USD 150 Million Murabaha Deal with Turkcell to Accelerate Türkiye's Tech Transformation
DIB, the world's first Islamic bank and the largest in the UAE, has signed a USD 150 million Murabaha financing agreement with Turkcell, Türkiye's leading telecommunications and technology services provider. The facility will support Turkcell's ongoing investments in digital infrastructure and further reinforces DIB's commitment to enabling growth in high-potential markets. As one of the most prominent Islamic financial institutions in the GCC, the Bank continues to foster cross-border partnerships that drive sustainable, innovation-led as a five-year bullet-term facility, the Sharia-compliant financing will enable Turkcell to advance critical infrastructure in areas such as data centres, cloud technologies, and renewable energy—further solidifying Turkcell's role as a leading force in Türkiye's evolving digital Adnan Chilwan, Group Chief Executive Officer of DIB, commented: 'At DIB, we have long believed that banking goes beyond funding, we drive transformation. This partnership with Turkcell is not merely about leveraging our balance sheet; it is about enabling the organisation to unleash its true potential. Türkiye represents a market with vision, scale, and ambition, an economy investing heavily in the infrastructure of tomorrow, and a natural partner in our cross-border strategy.'Dr. Chilwan added: 'As the UAE's largest Islamic bank, our role increasingly lies in establishing and shaping meaningful connections between geographies, sectors, and the players within. We see Islamic finance as a bridge, one that supports real economies while remaining true to the principles of ethical finance. With this facility, we are supporting a business that understands the future: digital, decentralised, and inclusive essentially, a future that DIB fully believes in.'The deal also strengthens financial and commercial connectivity between the UAE and Türkiye, while offering Turkcell increased access to Islamic financial mechanisms and structures—particularly as it accelerates investment into strategic and sustainability-linked Ali Taha Koç, Chief Executive Officer of Turkcell, said: 'As Türkiye advances towards a more digital and data-driven economy, our focus remains on building the infrastructure that supports this evolution. Partnering with a trusted institution like DIB, with its strong regional presence and deep-rooted values, brings both credibility and strategic alignment. This facility is not just timely— it lays a strong foundation for our growth journey in the years ahead.'The agreement was formalised at a high-level signing ceremony in Istanbul, attended by senior leadership from both organisations, led by Dr. Adnan Chilwan and Dr. Ali Taha Koç. This agreement reflects DIB's strategic approach to financing the sectors and institutions shaping the next phase of economic growth. With a clear focus on long-term value, the Bank continues to enable real-world impact by backing businesses that are building the digital, sustainable, and resilient foundations of tomorrow's economies.
Zawya
27-05-2025
- Business
- Zawya
Dubai Islamic Bank loans $150mln to Turkcell to build Turkey's key digital infrastructure
Dubai Islamic Bank (DIB), the UAE's largest Islamic bank, has signed a $150 million Sharia-compliant financing agreement with the Istanbul-headquartered telco Turkcell to drive critical infrastructure development in Turkey. The five-year Murabaha facility will support Turkcell's investments in data centers, cloud technologies, and renewable energy, the Dubai-listed lender said. Turkcell CEO Ali Taha Koç said the transaction will accelerate the company's infrastructure investments and support long-term growth, opening doors to new Gulf-based investors. (Editing by Bindu Rai,
