Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar likely to invest $12bn in Turkey  Join our daily free Newsletter

MENAFN - The Peninsula - 21/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Qatar and Turkey are in talks to boost bilateral economic ties in a big way by exploring and expanding new areas of cooperation, which may include an investment of nearly 12bn in Turkey's power sector, Nihat Zeybekci, the Turkish Minister of Economy said here yesterday.

"We are negotiating with Qatar as it has expressed interest in investing in the ambitious coal-field development and power project," Zeybekci told The Peninsula on the sidelines of Qatari-Turkish Business Forum, which was attended by prominent business leaders from both sides.

The 20bn investment project, which was initially to be executed with the cooperation of an Emirati company, includes development of coal mines and building several coal-fired power plants at the Afsin-Elbistan site, located in the Southeastern Anatolian province of Kahramanmaras.

The Minister of Economy and Trade, H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani, said that accelerated development of Qatari-Turkish relations is a proof of the sincerity of the intentions, harmony of vision and the existence of many commonalities.

Sheikh Ahmed also said that the visit of the Turkish business delegation to Doha proved both sides' keenness on implementing the decisions and recommendations developed by the joint committees.

He also noted that it would have a positive impact on increasing the volume of bilateral trade as well as exploring new investments.

However, the Qatari side did not mention about any specific project it is negotiating with Turkey or agreements being signed for investments in coal field development or power project.

The coal field, which is estimated to have a proven reserve of over 4bn tonnes of lignite coal, constitutes nearly 45 percent of Turkey's total reserves.

According to reports, the Abu Dhabi National Energy Co (TAQA) had signed an agreement in early 2013, but TAQA opted to shelve the 12bn investment plan due to political reasons.

However, this newspaper has learned from reliable sources that an agreement between Turkey's Electricity generating company (EUAS) and Qatar Holding, a subsidiary of Qatar Investment Authority, has been signed to conduct feasibility studies on the site.

The Turkish minister, who did not provide further details about the project's current status, said that both countries enjoy vibrant relations and are looking forward to strengthen trade ties, and also create a joint investment company to invest in third countries.

"Qatar is a very important partner for Turkey. It is like my second hometown. Both the countries have great potential to deepen and strengthen mutual cooperation. Over the last ten years, bilateral trade has witnessed substantial growth, but we think it is not enough," he added.

"The combined GDP of Turkey and Qatar is nearly 1 trillion, but our bilateral trade volume in 2013 stood at merely 774m, which is less than 0.01 percent of the combined GDP. I just discussed with my brother Sheikh Ahmed to increase this volume to 1.5bn by 2015."

 


The Peninsula




  MENA News Headlines
 Sep 23 2014 - Ankara to keep secret behind hostage releaseArab News
(MENAFN - Arab News) ANKARA: Turkish President Recep Tayyip Erdogan says his government will not reveal details of a covert operation that ensured the release of 49 people held hostage by the Islamic ...

 Sep 23 2014 - Syrian Kurds who have fled to Turkey top 130000Arab News
(MENAFN - Arab News) ANKARA: More than 130000 Syrian Kurds have fled across the border into Turkey escaping an advance by Islamic State jihadists Turkish Deputy Prime Minister Numan Kurtulmus said on ...

 Sep 23 2014 - Saudi- Giordano celebrates National Day with special editionArab News
(MENAFN - Arab News) Showing the national colors with pride Giordano one of the world's major international apparel retailers is launching special limited edition polo shirts and t-shirts to ...

 Sep 23 2014 - Saudi- Rabea Tea makes history with a Guinness World recordArab News
(MENAFN - Arab News) Ahmed Mohamed Saleh Baeshen & Co. succeeded in registering its honorary brand Rabea Tea in the Guinness World Records breaking a new attempt for the largest tea bag in the ...

 Sep 23 2014 - Saudi- GE marks 4th year of operations in DammamArab News
(MENAFN - Arab News) GE is marking the fourth year of operations of the GE Manufacturing Technology Center in Dammam which has emerged as regional service and manufacturing hub and center of ...

 Sep 23 2014 - Saudi- CITC governor visits Mobily in Al-Mashaer areaArab News
(MENAFN - Arab News) Communications and Information Technology Commission (CITC) Gov. Abdullah bin Abdulaziz Al-Darrab inspected the preparations of Mobily for the 1435H Haj season. Nasser Al-Nasser ...

 Sep 23 2014 - Saudi- SpaceX launches 3-D printer other station gearArab News
(MENAFN - Arab News) CAPE CANAVERAL Florida: A SpaceX cargo ship rocketed toward the International Space Station on Sunday carrying the first 3-D printer for astronauts in orbit.In all the unmanned ...

 Sep 23 2014 - Dubai property prices show signs of coolingArab News
(MENAFN - Arab News) DUBAI: Dubai's booming property market is showing signs that it may be cooling off industry data showed after two years of soaring prices that had drawn warnings of possible ...

 Sep 23 2014 - Saudi- Pioneering real estate concepts unveiled at Cityscape GlobalArab News
(MENAFN - Arab News) Dubai Investments (DI) the major investment company listed on the Dubai Financial Market is showcasing its wide array of pioneering sustainable real estate concepts and solutions ...

 Sep 23 2014 - Saudi- NCB to start IPO next monthArab News
(MENAFN - Arab News) JEDDAH: Saudi Arabia's National Commercial Bank will begin its much-anticipated initial share sale next month a statement to the Kingdom's stock market said.The initial public ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help