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Friday, April 16, 2021

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

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The Doha-based firm reportedly secured the deal with one of Istanbul’s largest companies.

Qatar Holding is reportedly securing a $1 billion deal to purchase 42% of Turkey’s Istinye Park, one of the country’s most prominent malls, the Daily Sabah reported on Monday.

The mall’s owner and head of Turkey’s Doğuş Group, Ferit Şahenk, has been reportedly searching for investors since 2018.

According to the Turkish media, Qatar Holding will take over Doğuş’s ownership along with the shares of Orjin Group, which owns the remaining 58% stake.

Located near “Qatar Street”, Istinye Park is one of Turkey’s biggest and most visited malls, with 300 stores and a car park with a capacity of 3,200 vehicles. Visitors from all over the world flock to the vibrant shopping centre during their trips and it’s a favourite among Qataris and other Gulf nationals and citizens.

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

The potential deal marks another significant investment by Qatar in the Turkish economy and further strengthens the financial ties between entrepreneurs from both countries.

In October, Qatar’s terminal operating company QTerminals purchased Antalya’s Port Akdeniz in a $140 million deal signed with Global Ports Holding (GPH).

Both countries have been allies since 1972, but relations have grown closer since the Gulf crisis was triggered in 2017 after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt imposed an illegal blockade on Qatar.

In 2019 alone, Turkish exports to Doha saw a 10 percent increase compared to the previous year, with 500 Turkish companies currently operating in Qatar.

Moreover, the total value of the projects undertaken only by Turkey’s contracting companies in Qatar stands at $18.5 bn.

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