Autoweek: Businessman wants to revive Turkish GP and F1 finalizes agreement with Hungaroring
Turkish businessman Vural Ak has purchased an 11-year lease on the Istanbul Park race circuit, and will press Bernie Ecclestone to revive the Turkish Grand Prix when the Formula One CEO is in Istanbul next week for the FIA World Motor Sport Council meeting.
Ak has already had preliminary talks with Formula One, and is looking to revive the event as early as next year. He believes it can be slotted into the calendar in either June or August.
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Bloomberg Businessweek: Turkish Grand Prix Hopes Pinned on Ecclestone Talks
Formula One motor racing may return to Turkey if talks next week between the sport’s supremo Bernie Ecclestone and the operator of Istanbul’s Grand Prix track are successful, a local executive said.
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Credit Rating
JCR Eurasia Rating has upgraded the credit rating of INTERCITY (Ekim Turizm Ticaret ve Sanayi A.Ş.) to ‘BBB-(Trk)’ on the Long Term National Scale and to ‘A-3 (Trk)’ on the Short Term National Scale along with a ‘Stable’ outlook.
Earn your scholarship from trees!
Intercity Fleet Leasing Company owner Vural Ak started producing walnuts-almonds in Manisa Kula and pomegranate-almonds in Çanakkale-Ezine through his agriculture company Eylül Tarım. They have started the distribution of 10 walnut and almond seedlings each to 100,000 underprivileged families. The main theme is “earn your scholarship from trees starting with primary school to university!”
115 Million Euro Syndication Credit for Turkish fleet leasing company Intercity
The Hague, 14 September 2011. Intercity, the leading car leasing company in Turkey with a fleet of approximately 25,000 cars, has secured a EUR 115 million syndicated loan arranged by Dutch development bank FMO. Lenders and participants include FMO, Dutch bank ING (also Security Agent), German development bank DEG, Canadian emerging market investor Cordiant and French development financier Proparco.
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Bosporus University alum starts his career as a driver and now he is entering the global market with a fleet of 30K vehicles.
Do you believe in fairy tales? There must have been times when you said “it can’t be possible” but still had the hope ”but perhaps it can be”.
For me, Intercity Rent A Car’s general director and Administrative Board Chairman Vural Ak’s story is one those stories.
The businessman who buys 10 thousand cars at once
Intercity shall add 10 thousand vehicles to its fleet of 30 thousand vehicles, at once. In addition to this investment of EUR 225 million, the company is starting its air rental era and has purchased 1 jet and a naval aircraft.
Intercity, which became Turkey’s biggest fleet rental company by expanding its vehicle fleet to 30 thousand, is getting ready to make a big leap. The company shall add 10 thousand more vehicles to its fleet which shall mark an investment of EUR 225 million. This step which shall be taken on August 1st, shall be followed by a second one which shall be in the aerial transportation field. The company which had its feet on the ground since 1991, has concluded the purchase of two aircrafts. General Director of the company, Vural Ak said: “We are entering the aircraft rental business. We made two purchases at this time. One of them is a jet, Bombardier, which seats 17 and can fly intercontinental. The second one is a naval aircraft. It seats 12 people. The financial crisis was an opportunity for us. We purchased two aircrafts that the aircraft manufacturer had built upon receiving purchase orders. They were sitting in the inventory. We purchased the jet for EUR 30 million and the Cesna for EUR 2.5 million. For instance, the real value of the jet was $41 million.”
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Turkey shall be one of the three strongest countries of Europe
Turkey’s biggest fleet rental company, Intercity, is on its way to become a global brand with its advancement in the last few years
The company has 30 thousand vehicles in its fleet and Administrative Board Chairman Vural Ak has attracted all of the attention by concluding a deal of 3 billion dollars with the Japanese Mitsubishi Group. Vural Ak, who is an expert in international economy and who is a graduate of the Bosporus University, talked about the developments in the global economy and their recent steps towards becoming a leader in Turkey.
Intercity “high in the air” with the biggest jet
Vural Ak, who got attention with the “Ali Vural Ak Global Islam Research Center”, which was established with his own donations and which was inaugurated by Prime Minister Tayyip Erdogan, is now entering into the aviation sector.
Ak founded a new company in April, which was named “April Aviation”, he stated that they purchased two aircrafts and added: “We work with 7500 – 8000 companies in the car rental business. Our customers have been saying “You should also purchase aircrafts and rent it to us” for a while now. So we decided to purchase two aircrafts and start serving both our existing clients and prospective clients”.
Jet Speed Miracle
Upon establishing Intercity, Vural Ak, coming from a civil servant family, recovered from bankruptcy with the help of friends. Today, Ak is the owner of the largest vehicle rental company and he shall be starting to serve the business world with the newly purchased jets.
Intercity CEO Vural Ak speaks to The New York Times
The New York Times, Jun 05 2010.
Landon Thomas Jr.
ISTANBUL — For decades, Turkey has been told it was not ready to join the European Union — that it was too backward economically to qualify for membership in the now 27-nation club.
That argument may no longer hold.
Today, Turkey is a fast-rising economic power, with a core of internationally competitive companies that are turning the youthful nation into an entrepreneurial hub, tapping cash-rich export markets in Russia and the Middle East while attracting billions of investment dollars in return.
One Company, One Story
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INTERCITY
Intercity supplied service of 1500 vehicles in its fleet to IMF and World Bank Istanbul Summit 2009 participants
Not to have a hitch, Ministry of foreign affairs went out to tender one year ago. In so far as the awarded party could not meet the demands due to the lack of technical competence. Under this circumstances the Authorities opt for the fleet management companies.
Vural Ak said that; despite of all the efforts they both failed to achieve sufficient amount and qualities of vehicles which made the IMF participants altered the course to us. Then, we allocated 1400 luxury cars from our 30.000 vehicle. We have enough capacity to lease out 1500 cars daily that’s why IMF asked us get service.
Credit Rating
Istanbul – June 1, 2009
JCR-ER has assigned a credit rating of ‘BBB-(Trk)’ along with a ‘stable’ outlook to Intercity on the long term national scale, which denotes investment grade. For the long term international foreign currency category, the Company has been assigned a ‘BB-’ rating, while the long term international local currency credit rating also has been assessed at ‘BB-’. Other notes and details of the rating are given in the table below.
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