Will Aselsan become Türkiye's most valuable company?

A country’s economic character is reflected in—or represented by—the most valuable companies on its stock market.For example, in the U.S., the most valuable companies in the main index are tech firms. In China, technology, e-commerce, and banking dominate. Japan’s leading firms are in automotive, industry, finance, and tech. In Germany, software, industry, finance, and telecommunications top the list.

In Türkiye, however, the composition at the top was long distorted. For years, no company outside the banking sector could even break into the top three. Even making it into the top ten was an exception for firms in non-banking sectors.

But eventually, a more balanced structure began to emerge. And by “eventually,” I mean over the past ten years.

Today, only three banks remain in the top ten. While the list varies slightly year to year, sectors like conglomerates, construction, retail, aviation, and energy have secured places at the top. One of the leading companies now comes from the defense industry.

This composition matters. Türkiye is a country that stands out globally through its airlines, contractors, and defense sector. The index has begun to reflect the economy—unless current eco-political trends reverse this progress.

Tourism and agriculture are also major sectors where Türkiye excels globally. But these sectors are highly competitive. No single company can dominate on its own. It’s the same in textiles, or in furniture. These are industries mostly driven by Türkiye’s SMEs. They lack the monopolistic structures necessary to produce giants.

To be among the most valuable on the stock exchange, a company usually needs to function as a natural monopoly—operating in a sector where competition is difficult to enter. That’s why e-commerce platforms, aviation, banking, and tech tend to lead. A retail company reaching the top ten would, at best, reflect a policy design flaw. It wouldn’t happen otherwise. If cooperatives were active, no retail firm could make the top ten.

As of now, Türkiye is the only G20 country with a defense company in its top three. In other countries, defense firms may not even be publicly listed. But recently, Türkiye has indeed become one of the leading nations in defense. While its industrial base has been shrinking, it has gained prominence through its defense sector.

So, which stock market company will become Türkiye’s most valuable?

In theory, if Türkiye is globally known for its defense industry, then Aselsan should be its most valuable company.

But the real question is whether Türkiye will make that choice. The market may operate on supply and demand—but which company becomes most valuable is also a matter of policy preference. Choosing Aselsan would bring certain advantages.

At the very least, making Aselsan the most valuable stock could serve as a powerful marketing tool for Türkiye’s defense sector. It would act as a lever for the entire industry.

So it’s reasonable to expect this outcome. Moreover, Aselsan is involved in digital currencies and other emerging technologies.

Yet despite these advantages, Türkiye may still opt against making Aselsan number one. That’s how this region is. It doesn’t like to showcase its strengths—and may even feel uneasy when they rise to prominence.

Take Saudi Arabia’s energy giant Aramco, for example. It became so big and valuable that it started to cause headaches.

Just as Aramco was about to go public in the U.S., Crown Prince Mohammed bin Salman (MBS) intervened. Some of his most controversial early moves were tied to halting this IPO process.

Yes, our region is like that. But Türkiye has regained its confidence—or rather, it has narrowed the gap between confidence and reality. It’s time for self-expression. And part of that communication will be about which company is the most valuable in the stock market.

If we do see Aselsan rise to the top, it will mean Türkiye has shifted from a political identity to an economic one.

Financial linkages will follow.

And by financial linkages, I don’t mean something trivial. I’m talking about reinforcing Türkiye’s political strength through economic tools.

Libya, Damascus, Djibouti—they’re waiting for Türkiye. In Africa, Türkiye must strengthen its role as an economic balancer to match its political presence. It should share the financial positions that the UAE holds—starting from eastern and northern Africa. Its financial engagement with Saudi Arabia should carry the same weight and meaning as it does with Qatar.

It should deepen its political ties with South Asia by bringing Malaysian and Indonesian banks into the Istanbul Financial Center.

What’s Islamic finance for, if not for exactly these kinds of missions?

Türkiye still doesn’t have a bank branch in China. It must rethink its financial positioning in the global balance of power.

It’s not right to approach these matters with a liberal mindset. They might not resolve organically. There’s nothing wrong with shaping financial ties through strategic policy.

If sanctions on Iran are lifted tomorrow, who will guide us on opening a bank branch in Tehran?

Türkiye can only succeed in transitioning from a trading economy to a profitable, host financial market this way. Only through this can it carve out its place in the new global order. These are all pieces of a much bigger architecture.

Yes, we’re strong in politics. But it’s not enough. Economy, finance, sports, culture, education—they must all rise together.

Organizing a Fenerbahçe match in Damascus should not be harder than doing so in Saudi Arabia.

If we can’t even organize a match, how will we manage capital and finance? These matters must be part of a political vision.

Türkiye is already doing well in many areas of integration.

Take Karabakh and Azerbaijan—just one folk song made them feel like part of Türkiye’s heart.

Iraq, Iran, Syria—they embraced Türkiye through İbrahim Tatlıses. We must rekindle the light of our poetry.

The Gulf nations have built bridges of brotherhood through Diriliş: Ertuğrul.

With the Turkic states, our connection has been built through universities.

Sure, we’re passionate—we act from the heart and don’t chase money. But when we don’t take the lead, others step in and upset the balance.

Now is the time to build financial bonds—especially through Islamic finance. These are not just monetary matters. They are matters of the heart. They are part of a larger framework of communication.