Turkish companies are handling projects worth about $12bn in Qatar, most of which are geared towards preparations for the 2022 FIFA World Cup, according to the Qatar Financial Center (QFC).
This was disclosed by QFC Authority (QFCA) at the recently held fourth Turkish Capital Markets’ Summit in Istanbul, an annual flagship event that brought together regulators, exchanges, market professionals, academia and international and domestic investors to facilitate co-ordination and contribute to the development of its capital markets.
QFCA chief executive Yousuf Mohamed al-Jaida discussed the opportunities that are attracting companies to set up business in Qatar, for which the QFC provides an ideal platform. Businesses gain access to a robust local market, as well as regional markets worth $2.1tn which includes Turkey, Kuwait, Oman and Pakistan (under the New Emerging Belt Initiative).
"With our renewed focus on becoming a hub for the digital, sports and financial services industries – encompassing Fintech, Islamic finance, capital markets and asset management, the QFC is an important gateway for Turkish companies to grasp the investment opportunities in these promising sectors," he said.
Qatar and Turkey continue to enjoy robust bilateral relations and the combined value of their trade exchange hit $2bn during 2018, registering a sharp year-on-year jump of around 54%. A commercial and economic partnership agreement signed between the two countries in September 2018 aims to expand such co-operation by promoting trade exchange and easing restrictions on investments, among other areas.
Al-Jaida took part in a panel discussion "The Story of Transforming a City to a Financial Center." Moderated by Mark Howarth, Market Structure and Strategy Director, at Bloomberg, high-level executives on the panel included Farah Jaafar-Crossby, chief executive, Labuan Finance Center; Dr Kairat Kelimbetov, governor, Astana International Financial Centre, and Serkan Yuksel, director of Istanbul Finance Center.
The QFC’s participation and attendance in the summit is aligned with its commitment to strengthen bilateral relations with Turkey’s business community, as well as facilitate access to investment opportunities in Qatar’s market through the QFC business platform, which currently has seven Turkish companies registered.
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