Qatar's five major conglomerates turn to Turkey for investments
Days after Doha, one of Ankara's closest allies in the Gulf region, pledged $15 billion in direct investment in Turkey, Qatar's private sector has also turned to the country as five major conglomerates are looking to invest $300 million.
As Daily Sabah writes in the article Qatar's five major conglomerates turn to Turkey for investments, Qatar's Emir Sheikh Tamim bin Hamad Al Thani (above) visited Ankara last month in an apparent show of support for Turkey, pledging $15 billion in direct investments in the country that found itself embroiled in a crisis with the U.S. Now that Qatari businesspeople have set their sights on Turkey for individual investments, Ahmet Hasan, the general manager of Royal Link, which manages the investments of Qatar Holding, Essa, Nora Raşit Al Doosori, Al Sumeiti and Raşit El Kubeysi, said that if an office for investors is established in Qatar, private sector investment could reach $50 billion.
In a statement to the Turkish newspaper Sabah, Hasan said the people of Qatar are "quite willing" to invest in Turkey. "The sheikhs and bosses, who are the owners of the five major companies that I consult, are willing to invest in Turkey in every field, from energy to agriculture and real estate," he continued. "We do research all over the country. We initiated our first acquisition with a wallpaper factory in Adana. In addition, a huge tract of land was purchased for the production of dried fruit. Now, we are in talks to get a site of villas." Hasan added that the same names will invest $300 million in the first phase.
TTR Investment Chairman Fatih Tataroğlu said Turkey's support for Qatar won great sympathy in the region, peaking with the struggle against the U.S, adding that the Qatari companies are seeking Turkish partners under the directive of Al Thani. "Qatar has launched an industrialization campaign. Investors are in talks with the potential partners in Turkey. Soon major partnerships will emerge with great investments to provide employment for thousands of people," Tataroğlu said.
Qatar Holding LLC is mostly investing in factories through the acquisition of industrial lands. The company has investments in energy, agriculture and industry.
Rashid El Kubeysi is one of Qatar's leading businesspeople investing in renewable energy. He is looking to buy agricultural land from Turkey and open a factory.
Essa stands out as one of Qatar's leading electrical construction and engineering companies.
Noora Rashid Al Dosari has farmland projects in Turkey, with 110,000 square meters of agricultural land in Manisa.
Al Sumaity has a 43,000 square meters of land in Manisa with projects in the field of agriculture.
In June 2017, a handful of Arab states, led by Saudi Arabia, abruptly severed diplomatic relations with Qatar and imposed a blockade on the tiny Gulf country, accusing it of supporting terrorism. The Qatari government has denied the accusation, blasting the blockade as unjustified and a violation of international law. Amid the rift, Turkey has provided increased support to Qatar, boosting food and other exports to meet any shortages.
Days after Al Thani's visit, Qatar and Turkey's central banks signed a currency swap agreement to provide liquidity and support for financial stability. The agreement, which was signed by the heads of the two central banks, will establish a two-way currency exchange line, the statements by the two banks said. The deal will facilitate trade between the two allies as the Turkish currency is battered by a deepening spat with Washington, the Central Bank of the Republic of Turkey (CBRT) said.
The swap agreement was signed over Turkish lira and Qatari riyal and concluded with an overall limit of $3 billion, according to the CBRT, who said the core objective of the agreement is to facilitate bilateral trade in respective local currencies and support the financial stability of the two countries.
The row between Ankara and Washington escalated when U.S. President Donald Trump decided to levy sanctions on Turkish ministers Süleyman Soylu and Abdülhamit Gül on Aug. 1 and also increase tariffs on imported steel from Turkey by 50 percent and aluminum by 20 percent, respectively, while threatening the country with more sanctions over the legal case of pastor Andrew Brunson. The pastor is under house arrest in Turkey on charges of links to the Gülenist Terror Group (FETÖ) and the PKK, a U.S.-designated armed terrorist organization. In retaliation, Turkey increased the tariffs on certain U.S. goods up to 100 percent and more.