After getting a lucrative oil and gas deal – on terms that favours it – Ankara now turns its sights to dominating the fishing sector.
This week, Turkey signed a fisheries deal with Somalia to “generate jobs for Somalis.”
Guess who owns the contract?
The Turkish military’s investment/business conglomerate OYAK.
OYAK, formally known as Ordu Yardımlaşma Kurumu (Turkish Armed Forces Assistance and Pension Fund), is Turkey’s largest complementary occupational pension fund. Established in 1961 by law, it provides supplementary retirement, disability, and death benefits to members of the Turkish Armed Forces (including officers, non-commissioned officers, and certain civilian employees), independent of the national social security system. It has around 470,000 members and operates as a private entity under Turkish civil and commercial law.
In 2021, the group reported consolidated revenues of around TRY 139 billion, assets of TRY 296 billion, and exports contributing significantly to Turkey’s economy.
OYAK functions like a major institutional investor, managing members’ mandatory contributions (typically 10% of salaries) to generate returns through diversified investments. This has grown it into one of Turkey’s largest industrial conglomerates, with over 130 companies employing more than 38,000 people.
Rashid Abdi
@RAbdiAnalyst
