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Monday, December 6, 2021

Qatar and Turkey ink 10 new deals in latest round of ‘Strategic Dialogue’ meetings

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The signings are mainly economic and are an addition to the previous 52 Doha-Ankara agreements.

Qatar and Turkey have signed ten new agreements during the sixth Strategic Dialogue between the two countries, held on Thursday in the Turkish Capital Ankara.

During the Qatar-Turkey Strategic Dialogue, co-chaired by Sheikh Tamim bin Hamad Al Thani and Turkish President Recep Tayyip Erdogan, the countries finalised the sale of 10% of shares in Turkey’s stock exchange, Borsa Istanbul.

The Memorandum of Understanding [MoU] was signed by Zafer Sönmez, CEO of the Turkey Wealth Fund [TWF], and Mansoor bin Ebrahim Al-Mahmoud, CEO of the Qatar Investment Authority [QIA]. 

The Turkey Wealth Fund is the biggest shareholder of Borsa Istanbul, the country’s main stock market, with a stake of 90.6%. 

Both countries also inked an agreement finalising the transfer of shares in Istanbul’s IstinyePark, one of the country’s most famous luxury shopping malls.

According to a previous report by The Daily Sabah released last week, Qatar Holding paid $1 billion to purchase 42% of Istinye Park.

Read also: Qatar Holding ‘to purchase Turkey’s Istinye Park mall in $1 billion deal’

The two countries also signed another MoU for joint investment in the ‘Made in Istanbul Golden Horn Project’, a prominent, historical waterway that links the Bosphorus and the Marmara seas.

Also known as the Halic project, which translates to “Gulf”, its initial phases were an important initiative, completed in late 2012 to revive marine life in the area. Historically, the Golden Horn or Halic served as a natural port during the Byzantine and Ottoman periods.

In another marine-related agreement, the transfer and purchase of shares of the Middle East Antalya Port Operators from Turkey’s Global Ports to Qatar’s Terminals W.L.L. was also finalised.

Last month, Qatar’s terminal operating company purchased Antalya’s Port Akdeniz in a $140 million deal with Global Ports Holding [GPH], the world’s largest independent cruise port operator.

Read also: Qatar inks $140 million deal to buy Antalya port

During the dialogue, Doha and Ankara signed an agreement for joint promotion activities between Turkey’s Commerce Ministry and Qatar’s Free Zone Administration.Furthermore, both countries also reached a deal to establish a joint trade commission.

Some non-economic agreements were also reached, including an exchange program for diplomats from both countries.

Read also: Sheikh Tamim arrives in Ankara for Qatar-Turkey Strategic Dialogue

Prior to this latest meeting between the two leaders, Qatar and Turkey had signed a total of 52 agreements and five joint declarations, that number has now gone up to 62.

Those deals cover numerous sectors, including the economy, military, safety, investment, energy, culture, intellectual property, education, and youth. During the past 12 months, the trade volume between Doha and Ankara has increased by 6%, reaching $1.6 billion. 

Qatar’s total investments in Turkey have now reached $22 billion, with 533 Turkish companies operating in the Gulf country in numerous projects that are worth at least $18.5 billion. In turn,179 Qatari companies currently operate in Turkey.

Both countries have been allies since 1972, with relations growing increasingly stronger over the past three years after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt imposed an illegal blockade on Qatar.

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