Gulf companies Aramex, GCM seek opportunities to invest in Turkey.

By bne IntelliNews September 13, 2011
Daily Sabah reports that Jordan-based courier company Aramex plans to acquire a company in Turkey and Kuwait-based Global Investment Houses (GIH) Global Capital Management (GCM) plans to establish a USD 350mn fund to invest in Turkey. CEO of Aramex, Fadi Ghandour, told the daily that e-commerce sector in Turkey grows rapidly and the company plans to expand its operations in Turkey with acquisitions in addition to its organic growth phase. On a related note, Managing Partner of GCM, Rajiv Nakani, told the daily that the company allocated a USD 350mn to invest in the country and it plans to establish a fund which will focus on Turkey. Please note that GCM acquired an 80% stake in local medical company Bicakcilar Tibbi Cihazlar and its group companies for an undisclosed sum in February; and it also controls a minority stake in local ready-made clothing company Yargici.

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