Elif Karabay

General Manager 


Born in Kocaeli, Turkey, Elif Karabay started her undergraduate degree in Computer Technology and Programming at Bilkent University. She was awarded a full scholarship during her studies thanks to her triumphant entry into the “Smart Data Management” competition. Later she was transferred and graduated from the University of Politecnico di Milano.

She kickstarted her career in automation programming in Yokogawa, Italy. Afterwards as a Senior Executive, she developed valuable skills while working in private multinational companies on ERP projects, KVKK/GDPR processes, incorporation and legislative compliance in the media, technology, service, and finance sectors.

Karabay coordinated the legal practices of multinational companies in different countries with official institutions, as well as domestic and foreign company establishments and legislative compliance. Thanks to these projects she has completed, she has gained competence in European Union, American and South American legislation and practices.

She has worked with International Investment banks such as AFD, EBRD, Black Sea in finding financing for public institutions, multinational private companies and their projects, and has taken an active role in providing the necessary financing source for many important projects. She is one of the architects of Turkey’s first Municipality (IMM) Eurobond issuance.

As of June 2020, she started her duty at Istanbul Metropolitan Municipality (IMM) where she managed the KVKK compliance processes plus as a Advisor to the General Secretariat in the field of financial projects and foreign investor management. 

As of September 2021, Karabay started her duty at İYA Danışmanlık ve Ticaret A.Ş., the legal entity of the Istanbul Investment Agency.  She continues her duty as the General Manager.

She has a good command of both English and Italian. She plays an active role in non-profit organisations such as “Women in Computing”.


Turgut Tuncay Önbilgin

May 2021 – March 2022

Born in 1962 in Erzurum.

He completed his undergraduate studies in METU Chemical Engineering and his master’s (MBA) education was at the University of Toledo in the USA.

In 1990, he started working as a specialist in Budget Control Directorate at TÜPRAŞ, where he studied as a scholarship holder.

He took part in public offering and privatization research as Investor Relations Manager. After TÜPRAŞ’s privatization, he worked in various positions such as investor relations and planning manager, financial planning, and management compilation director.

Önbilgin has an advanced-level capital market activities license and corporate governance rating license.

Nihat Narin

February 2020 – April 2021

Nihat Narin presently is the general manager of BELBİM Inc., a subsidiary of the Istanbul Metropolitan Municipality (IMM).


Cem Oba

Senior Advisor


Having more than 25 years of experience in the investment banking sector, Mr. Oba is a graduate of İstanbul Technical University (B.S. degree in Mechanical Engineering in 1991), and University of Baltimore Maryland (M.S. in Finance in 1995). After graduation, was employed at Dean Witter-Morgan Stanley, where he conducted equity research on the NYSE & Nasdaq companies (Biotech-& Financials) and marketing of 401 Plan for regional companies.

In Turkey, Mr. Oba has worked for Interbank in Corporate Banking Department, at Kent Investments executing IPOs as a corporate finance manager. He held an executive position on restructuring of the state bank, and coaching the branches of Halk Bank. Later Mr. Oba worked with the Ireland-based M&A house, Jasper Capital, executing M&A deals. Later, as a managing director at ICBC Investment Securities Turkey, Mr. Oba was responsible for Investment Banking Department;the Fixed Income (Eurobonds), Project Finance, Global Syndication, M&A Department and investment banking activities of 16 regional countries of ICBC coverage.