Zeynep Özal, daughter of the late Turgut Özal, Turkey’s eighth president, has entered the construction sector in Iran with various projects estimated to be worth $400 million.
The Özal Investment Group’s first project in the Islamic republic is to construct a 32-story shopping center, Özal told daily Hurriyet.
“We have invested nearly $56 million so far. This figure will reach a total of $400 million with the addition of two other projects to be constructed,” she said. Besir Yayla, owner of Selçuk İnsaat, is Özal’s partner in the construction business in Iran.
“Our sole problem in Iran is receiving letters of guarantee,” Özal said. “Lenders do not want to give this letter to businesses in Iran due to the sanctions imposed by the United States. This problem should be solved.”
Özal said relations between Iran and Turkey had been improving in recent times.
“Turkish Prime Minister Recep Tayyip Erdogan has built very good bridges for me,” she said.
“Turkish constructors are directed to Iran. Turkey had only two flights to Iran before, but now the number of flights has increased and the size of the airplanes has been enlarged.”
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