Qatar Starts Its Investment Sequence in Turkey
Last several years have been quite challenging for Turkey. However, with its strong economy, Turkey remains an attractive location for foreign investors. It still offers many opportunities and is still regarded as one of the important markets.
Turkey is famously a bridge between Europe and Asia. Thanks to its unique position, the country is immensely popular among high net worth investors. Turkey’s position also allows investors to have access to multiple business hubs simultaneously. Turkey is close to Europe, CIS countries, and the Middle East.
Reasons for Turkish Real Estate’s Attractivity:
1- Housing is still very cheap compared to other countries
2- The variety and the innovation in the real estate sector is immense
3- Ideal for long term investment
4- The cost of living
5- Location
Turkish Business on the Rise
According to figures published by the Central Bank of the Turkish Republic, foreign direct investment reached USD 4.1 billion in the first half of 2017 with an increase of 50.1% when compared with the same period in 2016. The top twenty countries, which invested in Turkey between 2010-2017 include countries such as the Netherlands, Austria, the UK, Spain, the USA, Russia and Gulf countries such as the United Arab Emirates, Saudi Arabia, Kuwait and Qatar. There have been many features which have encouraged foreign investment into various sectors.
Qatar Initiated its Investment Program
Qatar has announced a QR55bn ($15bn) investment program in the Turkish economy in August 2018. According to the Turkish Ambassador to Qatar Fikret Özer, Qatar has implemented almost a third of the total investment already in the Turkish economy. The financial support and investment program was announced by the Amir H H Sheikh Tamim bin Hamad Al Thani after meeting with President of Turkey Recep Tayyip Erdogan, during his official visit to Ankara last year.
During the third anniversary memorial of the failed coup attempt on July 15, 2016, Fikret Özer said that, “Nearly one-third of that proposed $15bn financial package has already been implemented and transferred, and the rest of the amount are expected to be implemented in terms of investments in Turkey. Qatar Investment Authority (QIA), Qatari Diar, Katara Hospitality and several other big companies are in the process of making further investments in different sectors of the Turkish economy, including real estate, hospitality and other promising sectors.”
Turkey – Qatar Relationships Get Stronger through Business
Turkish Ambassador to Qatar, Fikret Özer, also remarked that, “The bilateral economic ties between Qatar and Turkey has been growing sharply and steadily. For instance, in the year 2016, Turkish exports of goods to Qatar stood at $450m (QR1.63bn), and within two years it increased to $1.1bn (over QR4bn) in 2018, registering a remarkable growth of over 144 per cent.”
Özer also stated that Turkey and Qatar have similar interests and mutual benefits regarding economic matters. Turkish companies have invested in Qatar and several Qatari companies are also investing in various sectors of the Turkish economy. The amount of business transactions getting made between the countries promotes the political friendship of Turkey and Qatar.
