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AUGUST 2009
U.F.U.K. SERVES GLOBAL BUSINESS HORIZONS
TURKOFAMERICA, one of Turkey's most respected American business magazines, recently interviewed Mehmet Bayraktar to discuss U.F.U.K. Group's strategies, projects and future plans. |
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According to the study "Critical Factors to Company Success in the Construction Industry" conducted by G. Arslan and S. Kivrak, the Turkish construction industry is one of the major industries in Turkey. It represents approximately 6% of Turkey's Gross National Product (GNP). Turkey started to export contracting services in the first half of the 1970s; currently, many Turkish contractors have been operating within the international market.
The Turkish Contractors Association announced that they have carried out $65 billion worth of projects internationally so far. The majority of them have been operating in the Russian Federation, Middle East Republics, Northern Africa and Far East regions. There are more than 30,000 active local cirms and approximately 130 firms operating internationally.
U.F.U.K. Group is one of the construction companies extending their operations to the U.S. market. Having developed projects in Iraq, Libya and Turkey, Mehmet Bayraktar, CEO of U.F.U.K. Group, said that he recognized their ability to establish a larger market presence. It was then that he decided to make a formal move to America and institutionalize their organization. Mehmet Bayraktar told U.F.U.K. Group's story.
What is U.F.U.K. Group's growth strategy given the current financial crisis? How will your plans change once the economy improves?
Our philosophy, regardless of the economic climate, is portfolio diversification. Since U.F.U.K. Group-aka Orizzonte Development- is internationally involved in a variety of industries, it is impossible to implement a universal strategy. Each sector is affected differently by this "crisis". We are conservative spenders and investors, and fortunately we operate with low overhead costs. Our investments are all made deliberately in order to reduce unnecessary risk and preserve our market position. We do, however, foresee additional international opportunities in developing countries.
Can you tell us about your current projects?
The construction portion of our business is very active. Domestically, we have recently partnered with a well-known American real estate development company to construct both commercial and residential units; independently, we are constructing residential buildings and luxury boutique hotels. Recent international investments include both hydroelectric and wind power plants in Turkey as well as healthcare projects in Iraq.
Your team is not only involved in many different industries (energy, construction, real estate & finance) but is also active in many countries. What are the advantages and disadvantages to your position in the economic crisis?
We love having the ability to select from a wide variety of projects. Our diversity allows us to be less distracted by both industry-specific and regional crises than we would if our business was narrowly focused. We also relish the opportunity to travel and explore original concepts in foreign economies.
Do you prefer to form strategic partnerships or manage projects independently?
My philosophy is that people should work together in order to achieve common goals. Therefore, though Orizzonte is composed of individuals with both a shared vision and work ethic, we recognize that there are projects we are attracted to that greatly benefit from collaboration. We enjoy forming strategic partnerships with industry experts for mutual benefit.
One must adapt to foreign work cultures when doing business abroad. How would you compare the business culture of the United States to those of other countries with which you do business?
The primary attributes that define a quality organization-- such as goals, proper leadership and efficiency-- are universal. Other elements will differ from country to country. Culture, politics and legalities certainly may have an effect on business relationships, but they've never prohibited our business from being successful.
What advice would you give to a company trying to establish a business in the United States? Please address the five most important points.
Being knowledgeable about both your industry and your consumer is the most important factor in positioning your business in any market. Your knowledge will not only determine the way you market your product or service in relation to your competitors, but it also may highlight opportunities to be innovative and fulfill an industry need. Differentiation in today's economy is essential to success. If you are not aware of the existing market players and the potential challenges you may face, then you may be unprepared to handle situations that will ultimately destroy your business.
The best way to gain this knowledge is to network and become familiar with industry leaders. Even if you already have local contacts, research your competitors and the businesses that complement yours. You can learn from their experiences and even create allies. The teams you create will be your most important asset. Whether it be establishing your own loyal organization-or strategically collaborating with others, as Orizzonte often does-mutually beneficial partnerships almost always result in accelerated performance.
What are your future expansion plans? For example, forming new partnerships, becoming a publicly held company, or entering new markets?
We are always interested in expanding our company. Though we have no immediate plans to become a publicly held company, our strategy is to assess each opportunity on a case-by-case basis.
Is there any particular meaning behind the U.F.U.K. name?
"Ufuk" means "horizon" in Turkish. Not only does it refer to the diversity of our business prospects across all industrial and global horizons, but it also indicates our desire for continual self-improvement. We believe that regular innovation enables us to outperform ourselves as we pioneer across future horizons. "Orizzonte" is the Italian translation of "ufuk".
Please tell us a little bit more about yourself. How long have you been in the business?
My family is also in the international construction business, so I began formulating my ideas at an early age. I initially came to America to receive my education, but upon completing family projects in Iraq, Libya and Turkey, I recognized our ability to establish a larger market presence. It was then that I decided to make a formal move to America and institutionalize our organization. After careful research, I introduced more of a global business model to our firm and began implementing strategic marketing. I deliberately chose the members of my team and formed alliances with experts. As a result, I am proud to say that we have established an organization that is prepared to serve global business horizons. |
JULY - 2009
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Turkish Visit to Tajikistan and Kyrgyzstan |
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On May 28, Turkish President Abdullah Gul arrived in the Tajik capital of Dushanbe with a committee of bureaucrats and entrepreneurs. Mehmet Bayraktar was among the group of entrepreneurs in attendance. After being welcomed by Tajik Prime Minister Akil Akilov, the committee proceeded to a ceremony at the Shah Ismail Monument in the city center. There, President Gul laid a wreath at the Monument after both national anthems were sung.
President Gul later met with Tajik President Imamali Rahman, where the two signed several bilateral trade agreements.
The committee also attended a Turkish-Tajik Council Meeting in Dushanbe. President Gul emphasized the importance of evaluating the opportunities within the hydroelectric and energy transfer line projects in Tajikistan. Mr. Gul also said that the current trade volume between two countries of $500 million could be increased.
Tajik President Imamali Rahman pointed out the importance of Tajikistan in terms of hydroelectric energy resources by stressing the energy potential Tajikistan was three times of the energy need of the region.
Upon his return to the United States, Mr. Bayraktar explained that the visit was very beneficial for empowering present economic relations and taking them to further levels. He also added that the visit was also very effective in terms of building bilateral relations with other entrepreneurs, business professionals and government officials. |
JUNE - 2009
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