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Akfen Holding in Brief

Having established its first company in 1976, Akfen gained holding status in the year 1999 and eventually became one of Turkey’s top infrastructure investment holdings. Akfen Holding invests in, manages and coordinates its subsidiaries and affiliates active in industries such as airport management and operations, construction, port operations, marine transport, water distribution and waste water services, energy and real estate.

The holding has joint ventures with such well-renowned national and international corporate enterprises as Tepe İnşaat Sanayi A.Ş., PSA International, Souter Investments LLP and Kardan N.V. Akfen also has a strategic cooperation agreement with the leading global hotel chain ACCOR S.A., related to the construction of Novotel and Ibis brand hotels in Turkey.

In 2010 Akfen Holding went public with a free-float rate of 28.26% and the shares of the company, trading on the Istanbul Stock Exchange (“ISE”) under the ticker symbol “AKFEN”, were delisted on 12.05.2016, following the completion of the Squeeze-Out and Sell-Out Rights process.

One of the top business groups in Turkey with a robust management structure, a strong human resources base and a commitment to transparency policy, Akfen Holding continues to grow by multiplying the riches of Turkey.

The other Akfen Group company, Akfen Altyapı Danismanlik A.S. is the holding company of Akfen Construction, which was transferred from Akfen Holding in 2015. Currently, Akfen Construction is constructing PPP city hospitals, student housing, residences and energy investments of Akfen Group.

For detailed Company information
Please click here for Akfen Altyapı Danışmanlık web site

Akfen Group Structure


Akfen Milestones

1976 1977 1986 1997 1999 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

- Hamdi Akın laid the
foundation for Akfen by
establishing AKINISI AŞ,
a company engaged in
manufacturing of heating
equipment and pressure


- Akfen Mühendislik
Müşavirlik Müteahhitlik
ve Mümessillik AŞ
(Akfen Engineering,
Consultancy, Contracting
and Representation)
was established.


- Akfen won its
first public-sector
tender, solidifying
its market position
in the sector. Akfen
İnşaat Turizm ve
Ticaret AŞ
(Akfen Construction,
Tourism and Trade)
was established.


- TAV was established as a Tepe-Akfen partnership and
was awarded the İstanbul Airport tender, paving the way
for Akfen’s leadership in the sector.

- IBS Sigorta Brokerlik Hizmetleri AŞ (IBS Insurance Brokerage Services)
and Akfen Turizm Yatırım ve İşletmeleri AŞ (Akfen Tourism Investment and Ventures) were established.


- All Akfen group companies were reorganized under the Holding corporate structure.

- Two subsidiaries of TAV, ATÜ for duty-free shop operations and BTA for catering services, were established.

- The Human Resources Foundation of Turkey was established.


- TAV Construction was established
and airport construction activities
were consolidated under this company.


- BTA began to operate the İstanbul International Airport Hotel.

- TAV assumed the construction and operation of the Esenboğa
Airport Domestic and International Terminal.

- TAV Esenboğa Yatırım Yapım ve İşletme AŞ (TAV Esenboğa
Investment, Construction and Operation) was founded.

- TAV İşletme Hizmetleri AŞ (TAV O&M) was established

- TAV Construction Dubai and Egypt offices were established.


- TAV won the tender for the operation of the Atatürk Airport Domestic and International Terminal Building, the Car Park and the General Aviation Terminal through leasing for 15.5 years.

- TAV İstanbul Terminal İşletmeciliği AŞ (TAV Istanbul Terminal Operations) was established.

- TAV began to operate the Atatürk Airport Domestic Terminal as well.

- 60% of the outstanding shares of Havaş were acquired.

- TAV assumed the construction and operation of the İzmir Adnan Menderes International Terminal. TAV İzmir Terminal İşletmeciliği AŞ (TAV İzmir Terminal Operations) was established

- TAV Bilişim Hizmetleri AŞ (TAV IT) was founded.

- TAV won the tender for Georgia’s Tbilisi International Airport.

- TAV Urban Georgia LLC, the operating company, was established.

- TASK Su (TASK Water) and TÜVTURK were founded.

- The Mersin Port tender was won.

- TAV Havacılık A.Ş. (TAV Aviation) was establihed.

- Tav Construction Sharjah office was established.


- Operations and construction services were restructured under
two separate companies: TAV Havalimanları Holding
(TAV Airports Holding) and TAV İnşaat (TAV Construction).

- İzmir Adnan Menderes Airport International Terminal commenced service.

- Esenboğa Airport Domestic and International Terminal commenced operation.

- TAV Özel Güvenlik Hizmetleri AŞ (TAV Security) was established.

- Akfen Gayrimenkul Yatırım Ortaklığı AŞ
(Akfen Real Estate Investment Trust) was founded.

- TAV Construction Doha office was establihed.


- TAV Airports Holding’s initial public offering was held.

- The new passenger terminal of the Tbilisi International Airport commenced service.

- The Batumi International Airport commenced operation.

- TAV Batumi Operations LLC was established.

- TAV Airports won the tender for the Monastir Habib Bourguiba and Enfidha Zine El Abidine Ben Ali International Airports in Tunisia. TAV Tunisie SA was founded.

- The 40% minority share of Havaş was acquired.

- Havaş became a wholly-owned subsidiary of TAV Airports Holding.

- TAV Airports Holding became the 100% shareholder of TAV Izmir and TAV Esenboga.

- TAV Airports won the tender for the operation of the Antalya Gazipaşa Airport.

- The Hopa Terminal, operated by Havaş, commenced service.

- Akfen Enerji Üretim ve Ticaret AŞ (Akfen Energy Production and Trade) began operations.

- Akfen Gayrimenkul Ticaret ve İnşaat AŞ (Akfen Real Estate Trade and Construction) was established.

- The operating agreement for the Mersin Port was signed and operations commenced.

- TÜVTURK signed an agreement for the operation of vehicle inspection stations.

- Novotel & Ibis Hotels 436 (rooms) in İstanbul Zeytinburnu, and Ibis Hotel (108 rooms) in Eskisehir started its operations.

- Mercure Girne Hotel and Casino (300 rooms) in Kyrenia, Turkish Republic of Norhern Cyprus started its operations.

- TAV Construction established its Tunisia, Bahrain and Libya offices.


- Adana-Hatay-İçel Taşıt Muayene İstasyonları İşletim AŞ (Adana-Hatay-İçel Vehicle Inspection Stations Operation) began operations.

- TÜVTURK İstanbul Taşıt Muayene İstasyonları İşletim AŞ (TÜVTURK Istanbul Vehicle Inspection Stations Operation) commenced operations.

- TAV Airports assumed the operation of Tunisia’s Monastir Habib Bourguiba International Airport.

- TAV Gazipaşa Yatırım-Yapım ve İşletme AŞ (TAV Gazipaşa Investment-Construction and Operation) was founded to operate the Antalya Gazipaşa Airport.

- TAV Airports won the tender for the operation of the Alexander the Great International Airport in Macedonia’s capital, Skopje, and the St Paul the Apostle International Airport in Ohrid, Macedonia, as well as the construction of the Shtip Cargo Airport, which TAV Airports Holding also retains the optional right to operate. The related concession contracts were signed.

- Havaş won the tender and became %50 partner of Turkish Airlines affiliate company TGS (“Turkish Ground Services Co.)

- Novotel Trabzon (200 rooms) started its operations.

- TAV G Otopark Yapım, Yatırım ve İşletme A.Ş. (TAV G Car Park Construction, Investment and Operations Inc.) was founded.


- The construction of Samara IBIS (204 rooms) and office block started in Russia

- Akfen Sırma HEPP started its operations.

- Akfen Holding divested its stakes in vehicle inspection (TÜVTURK) companies.

- The affiliate of TAV Construction, TAV Construction Muscat LLC was founded

- Havaş has acquired 50% of TGS.

- TAV Construction Qatar LLC the subsidiary of TAV Construction was founded.


- Akfen Holding successfuly issued corporate bond with 100.000.000 TL face value.

- Novotel & Ibis Hotels (269 rooms) in Gaziantep started to operate.

- Novotel & Ibis Otel (256 rooms) in Kayseri started to operate.

- Tav Construcion established its Abu Dabi office.

- TAV Airports has taken over the operations of Alexander the Great Airport in Macedonia’s capital and St. Paul the Apostle International Airport in Ohrid.


- The Holding obtained an electricity generation license for the Laleli Dam-HEPP project.

- İDO Istanbul Deniz Otobüsleri Sanayi ve Ticaret A.Ş. (İDO) was privatized via the block sale method and the share transfer was completed in June 2011.

- Antalya Gazipaşa Airport welcomed its first passengers from abroad.

- Çamlıca 3 HEPP commenced commercial energy production in April.

- At the Skopje Alexander the Great Airport, the terminal building was modernized and recommenced operations on September 6, 2011.

- The 177-room Yaroslavl Ibis Hotel began operations on September 8, 2011 in Russia.

- Karasu 4.2 HEPP started commercial energy generation in November.

- TL 80 million worth of Akfen Holding bonds were successfully offered to the public in December.


- Mersin Port container capacity has reached 1.8mn TEU.

- Took over Izmir Domestic Terminal operation in January and Medinah Terminal operations in June.

- Won the tender for the construction of the new terminal building in Abu Dhabi airport and King Abdul Aziz airport hangar project.

- Demirciler and Yagmur HEPP projects became operational.

- 40% of Ideal sold to Aquila Samara Ibis in Russia and Adana Ibis in Turkey became operational.


- Won the tender for the design and construction of the Terminal 5 in King Khaled Airport, in Riyadh, Saudi Arabia.

- Kavakcali, Gelinkaya HEPP projects became operational.

- Sale of remaining 60% of Karasular completed in June.

- Isparta City Hospital bid won in February.

-Esenyurt Ibis and Izmir Alsancak Ibis hotels became operational.



- Akfen Holding issues bonds with an aggregate nominal value of TL 400 million, and completes the Share Buyback Program in April 2014. As preparation for another buyback program, in January 2015 the Holding cancels shares amounting to TL 29.1 million from the shares obtained through the previous buyback program.

- MIP makes a new investment of US$ 170 million to increase pier draft and to expand port capacity.

- MIP wins the “Port of the Year” award by Logitrans Logistics for the fourth consecutive time.

- TAV Airports assume the operation of Milas-Bodrum Airport Domestic Terminal.

- TAV Airports acquire the operating rights of the new terminal in Zagreb Airport in Croatia until 2042.

- The new Domestic Terminal of the İzmir Adnan Menderes Airport commence operations.

-  TGS, which is owned in half by TAV Airports’ subsidiary HAVAŞ, wins the Turkish Airlines’ tender for the provision of ground services in 8 airports.

- TAV Construction signs a contract for the construction of a residence, shopping mall and parking garage as part of the Emaar Square project.

- Construction begins in the Saudi Airlines Catering Building in Medinah and Medinah Airport Hotel Project.

- TAV Construction is announced as the “World’s Largest Airport Contractor” by Engineering News Record magazine, which annually lists the top 250 largest global contractors.

- Preliminary work for the Isparta City Hospital continues, while Akfen Construction makes the best offer in the Eskişehir City Hospital tender.

- A partnership agreement is entered, regarding 45% of the dormitory project that will operate within the Hacettepe University campus.

- Following the April launch of the İncek Loft Project, 672 out of 1.199 housing units are sold.

- Ibis Hotel Ankara Esenboğa commences operations.

- Sekiyaka II HEPP 1, Doruk and Doğançay HEPPs begin their operations with a combined installed capacity of 60.8 MW.


- In July 2015, Akfen Holding completed the second share buyback program launched in February 2015. The subsequent capital reduction was completed in January 2016 with the cancellation of shares amounting to TL 14,819,314 in nominal value.
- A gross cash dividend of TL 20 million was distributed in April 2015.
- As Hamdi Akın and shareholders acting in concert became the controlling partner, investors became eligible to exercise their sell-out right for the period from December 23, 2015 to March 22, 2016.

- MIP: Construction continued in the investment project to increase depth and expand port capacity.
- In April 2015, MIP distributed TL 63 million in cash dividends.
- In June 2015, Moody’s confirmed MIP’s Baa3 issuer and credit rating as stable. Fitch also confirmed the BBB- rating as stable in July 2015.

- In May 2015, TAV Airports distributed TL 306 million in gross cash dividends.
- In March 2015, ATÜ, a subsidiary of TAV Airports, acquired operating rights of the duty-free stores at Houston George Bush Intercontinental Airport in Texas, USA.
- In September 2015, the consortium comprising ADP and Metro Pacific Investments Corporation passed preliminary qualification in the PPP auction for operation, maintenance and repair rights relating to five local airports at Philippines.

- In December 2015, a partnership contract was signed with the European Bank for Reconstruction and Development, for 20% stake in Akfen Renewable Energy, which will include Akfen HEPP, Akfen WPP, Akfen Electricity Wholesale, and Karine SPP (after its transfer to the Holding) and operate in the field of renewable energy.
- In July 2015, a decision was made to buy stake in companies investing in solar and thermal energy to expand the energy portfolio. The process commenced to acquire 29.75% stake in Akfen Thermal, and 100% stake in Karine SPP, which has investments in solar energy. In October 2015, 40% additional stake in Adana Ipekyolu was acquired.
- In September 2015, Sekiyaka II HEPP 2 began operations with an installed capacity of 1.09 MW.

- For the second year in a row, TAV Construction was announced as the “World’s Largest Airport Contractor” by Engineering News Record magazine, which annually lists the top 250 largest global contractors.

- All loans of Akfen REIT and its affiliates were refinanced as of November 2015.
- Ibis Hotel Moscow commenced operations in July 2015.

- EIA activities for the Ro-Ro port project commenced following the start of the EIA process in Ambarlı in July 2015. In November 2015, IDO started offering Ro-Ro transportation services for trucks and semi-trailers along the Ambarlı-Topçular line.


• Upon CMB’s approval, trading of Akfen Holding shares ceased on April 29, 2016, and the company’s shares were delisted as of May 12, 2016.
• In June 2016, the company’s Board of Directors r determined that all assets excluding MIP, TAV Airports and Akfen Renewable Energy will be transferred to Akfen Engineering. The demerger was concluded in February 2017.
• On March 30, 2016, MIP distributed TL 58.9 million in cash dividends. In addition, on June 10, 2016, the company distributed advance dividends of TL 40.8 million.
• MIP completed the first phase of its port expansion project on August 8, 2016. The expansion increased MIP’s berth capacity to 2.6 million TEU, and its yard capacity to 2.2 million TEU.
• On September 1, 2016, Fitch Ratings confirmed MIP’s credit rating as “BBB-” stable. In addition, on September 26, 2016, Moody’s Investors Service affirmed MIP’s long-term credit rating and senior unsecured bond rating as an above country average Baa3, and its outlook as “stable”.
• MIP won the “Port of the Year” award by Logitrans Logistics for the sixth consecutive time.
• On February 15, 2016, BTA Yiyecek İçecek Hizmetleri A.Ş., was awarded the tender for the operating rights of food courts at New Muscat International Airport.
• In March 2016, the company distributed TL 347.6 million in gross cash dividends.
• As of August 1, 2016, BTA Yiyecek İçecek Hizmetleri A.Ş. has begun providing in-flight catering services by taking over the operation of the food courts at the Zagreb International Airport.
• On August 5, 2016, TAV Airports announced that it, along with AdP and Bouygues Bâtiment International, was invited to negotiate for a concession contract involving the operation and development rights of the José Marti and San Antonio de los Banos airports in Cuba.
• The restructuring of Akfen Holding’s energy group was finalized in March 2016.
• In June 2016, Akfen Holding signed partnership agreements with EBRD and IFC, selling 16.667% stake in Akfen Renewable Energy to each for US$100 million.
• Akfen Renewable Energy offered the winning bid of TL 1.25 billion in the Directorate of Privatization Administration’s tender of November 2016 for operating rights of the 124-MW Menzelet and 54-MW Kılavuzlu hydroelectric power plants and related properties owned by EUAS for a period of 49 years.
• Novotel İstanbul Bosphorus became operational on February 16, 2016.
• In the second half of 2016, IDO expanded its all-inclusive offering on Eskihisar-Topçular ferries with the addition of new services such as complimentary buffet and playground areas.
• On January 25, 2016, TAV Construction and its partner Arabtec won a tender worth US$1.1 billion for the construction of the Bahrain International Airport’s new terminal building and associated works.
• In 2016, the Engineering News Record magazine, which lists the top 250 construction companies worldwide, named TAV Construction the “World’s Largest Airport Contractor” for the third consecutive year.
• Akfen Water started providing solid waste management services to MIP and also began preparations for providing solid waste management services at Yozgat City Hospital, Mersin Integrated Healthcare Campus, and Isparta City Hospital.