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Turkiye’s Kalyon goes global

26 June 2025

 

Construction firms in Turkiye have developed their resources and capabilities over the past two decades as they deliver major projects such as Istanbul Grand airport, which is one of the world’s largest and most technically advanced airports. 

Contractors are now using that expertise to export their services to international markets, including the Middle East and GCC. 

One of the companies leading the push is Kalyon Holding, which has interests operating in the construction, infrastructure, real estate and energy sectors. 

“We have put international growth at the top of our agenda,” says Kalyon Holding’s CEO Mustafa Kocar. 

“It’s both a short-term and long-term strategy. We were a local company just a few years ago, but now we’re positioning ourselves as a global player.”

Kalyon, a diversified conglomerate with origins in contracting, has evolved over the past 15 years into a major investor in energy, transportation and infrastructure. Among its assets is a 55% stake in Istanbul airport, which is “the biggest airport in Europe and the region”, says Kocar.

This operational expertise, he says, is the foundation of Kalyon’s global expansion strategy. 

“We tested our capabilities on megaprojects. Now, we want to leverage that know-how in other markets.”

Exploring expansion

While Turkiye remains the central hub, the group is scouting opportunities across the Middle East, North Africa, Eastern Europe and the US. 

“We’ve already studied projects in Algeria, Libya, Morocco, Romania and Poland. In the US, many project opportunities have been offered to us.”

Despite this global outlook, Kocar emphasises Kalyon’s independence. “We don’t need anyone to deliver these projects,” he says. “We have the technical expertise, the equity, the financing network – everything in-house. But if a strategic partnership adds value, we’re open to that.”

In the GCC, Kalyon is eyeing opportunities in Saudi Arabia, where it is “getting prepared” for upcoming projects such as King Salman International airport, where the company hopes to leverage the experience it gained on the Istanbul airport scheme. Kocar adds that the firm is also forming consortiums for infrastructure projects. 

“We’re selective. We don’t bid on everything. We focus on our core areas,” he says.

Kalyon is also watching the development of public-private partnership models in Saudi Arabia. “It’s a big market … and everyone can get a piece. But you have to differentiate yourself with technical expertise and execution capability.”

In the UAE, the company has prequalified for the high-speed rail project between Dubai and Abu Dhabi in partnership with a local and a Chinese firm.

Kalyon is also undertaking post-war reconstruction in Syria. The group is part of a consortium that signed a memorandum of understanding in May to invest $7bn in energy infrastructure, including a combined-cycle gas turbine (CCGT) plant and solar projects.

“The need [in Syria] is clear, and we believe the international commitment is there,” Kocar says. “Of course, it’s a challenge under current conditions, but we believe things will improve. We’re just at the beginning of the process.”

The solar project could be operational within two years, while the CCGT plant may be completed three years after financial closure.

We were a local company just a few years ago, but now we’re positioning ourselves as a global player

Diverse expertise

The work in Syria will lean on the group’s renewables experience. Kocar says Kalyon Energy is Turkiye’s biggest investor in renewables, with more than 2GW in operation and a target to more than double that to 5GW in the next five years.

“Turkiye has great potential, especially in solar and wind,” he says. 

“Our projects are already receiving strong support from European governments and financial institutions. We’ve worked with UK Export Finance, and one of our solar plants received the largest green financing ever from them, globally.”

Kalyon Energy is a 50:50 joint venture with Abu Dhabi’s International Holding Company, through its subsidiaries. “It’s currently focused on renewables – solar and wind,” Kocar says. “There’s a view to go into other areas, but there’s no contractual arrangement yet.”

Vertical integration is another  of Kalyon’s strengths. The group owns one of the world’s only fully integrated solar panel factories, producing everything from ingots to modules. 

It also owns a floating storage regasification unit vessel – one of only two in Turkiye – and operates hydropower plants, as well as over 400 kilometres of toll roads under build, operate and transfer models.

Kalyon has also entered the real estate market with the country’s first luxury designer outlet near Istanbul airport, and runs a private university in Gaziantep, providing scholarships to 40% of its 10,000 students through the Kalyon Foundation.

While Kalyon has strong equity backing, it relies on project finance to optimise costs and competitiveness. 

“The cost of equity is much higher than the cost of debt,” Kocar says. “The name of the game is leverage.”

The group has worked with at least eight European export credit agencies and international banks such as JP Morgan and Standard Chartered. 

“Once you build that expertise and network, it carries you to other markets,” Kocar says. “But this was always a planned strategy, not opportunistic.”

UAE-Turkiye trade gains momentum 

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Colin Foreman

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