Russia loses major Turkish investor

Turkish company Rönesans Holding has suspended its activities in the Russian Federation.

The company has left the Russian market to focus on an ambitious global growth strategy, Caliber.Az reports citing the company's website.

Rönesans Holding is a Turkish contracting and investment company that operates in the construction, real estate development, energy, industrial and healthcare sectors. The holding company is active in Turkey, the CIS, Europe, the Middle East and North Africa.

The company is headquartered in Ankara and is owned by Erman Ilicak.

As a general contractor or investor, Rönesans Holding builds shopping centres, offices, hotels, residential buildings, composite structures, heavy industrial plants, infrastructure facilities, light metal structures, factories, government buildings, and energy facilities.

The group has set a sales target of 4.5 billion euros for 2024. It expects significant growth in construction revenues due to international and local investment projects involving hospitals and wind farms.