Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 65

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 65
---
ing of President Bashar al-Assad. Türkiye faced the challenge of managing over 3.7 million
Syrian refugees and oversees the return of over half million refugees by the end of the 2025. In the fourth quarter of 2024, Türkiye
and the EU took cautious steps toward reconciliation, but unresolved issues like migration and trade persisted. The Syrian Civil War’s
conclusion led to

In Africa, Türkiye’s trade with the
continent increased by 12%, focusing on economic partnerships and military cooperation. Türkiye continued balancing its NATO commitments
while fostering relationships in Africa, where its investments surged by 20%, competing with growing Chinese influence.

As of March 2025, over 50,000 casualties reported
at the Israel’s war on Gaza. Türkiye’s support for Palestine grew stronger, and it criticized Israel’s actions,
further distancing itself from the West.

Turkish municipal elections were held on March
31, 2024, with significant results in key cities like Istanbul and Ankara, where opposition parties made gains. The election outcomes
were seen as a reflection of growing dissatisfaction with the ruling party’s policies, signaling a shift in the political landscape ahead
of upcoming national elections. In March 19, 2025, mayor of Istanbul, Ekrem Imamoglu, was detained on charges of corruption and aiding
a terrorist organization. This action was widely perceived as politically motivated, given Mr. Imamoğlu’s status as a leading opposition
figure and potential challenger to President Recep Tayyip Erdoğan. The arrest sparked nationwide protests, with citizens expressing
concerns over democratic backsliding and the targeting of political opponents.

The above-mentioned events, future elections and/or
other political circumstances may cause volatility in the Turkish financial markets, have an adverse effect on investors’ perception
of Türkiye and/or Türkiye’s ability to support economic growth and manage domestic social conditions, result in (or contribute
to) a deterioration of the relationship between Türkiye and the EU, certain members of the EU, the United States, the United Kingdom,
Russia and/or other countries and/or have an adverse impact on the Turkish economy or Turkish institutions, any of which in turn might
have a material adverse effect on our business, financial condition and/or results of operations and/or on the market price of an investment
in the securities.

We are subject to certain anti-corruption
laws, trade sanctions laws and regulations, and anti-money laundering laws and regulations, and we could