Major Turkish investment company ceased its operations in Russia
Photo: the Turkish company Rönesans Holding left the market of the aggressor state (Getty Images)
The Turkish company Rönesans Holding has ceased its operations in the Russian Federation, according to the company's website.
It is noted that Rönesans Holding has exited the Russian market and is focusing on an ambitious growth strategy worldwide.
Rönesans Holding is a Turkish contracting and investment company operating in the fields of construction, real estate development, energy, industrial facilities, and healthcare. The holding operates in Türkiye, CIS countries, Europe, the Middle East, and North Africa.
The company's headquarters is located in Ankara, and its owner is Erman Ilıcak.
Rönesans Holding constructs shopping centers, offices, hotels, residential buildings, composite structures, heavy industrial plants, infrastructure projects, light metal construction factories, factories, government buildings, and energy facilities as the main contractor or investor.
The group has set a target turnover of 4.5 billion euros for the year 2024, expecting significant revenue growth from construction due to international and local investment projects, including hospitals and wind power plants.
Exit of foreign businesses from Russia
In December of last year, the international payment system Payoneer, providing financial services and online money transfers, ceased its operations in Russia.
During the summer of the previous year, Match Group, the owner of the dating service Tinder, left the Russian market. The company explained its decision as a necessity to protect human rights.
Overall, due to the full-scale invasion, hundreds of global companies and brands have withdrawn from the Russian market.
