Quotes: 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
 Oct 4 2015 - UAE says to invest $35 bln in clean energy by 2021AFP
(MENAFN - AFP) The gas-rich United Arab Emirates will invest $35 billion in clean energy by 2021 as it seeks to reduce its dependence on fossil fuels following crude's global price slide, it said ...

 Oct 4 2015 - Qatar's Central Bank governor cuts hopes of rate hikeMENAFN
(MENAFN) Qatar's central bank governor sought to cut expectations for rising interest rates after a jump in local bill yields suggested liquidity in the Qatari banking system was beginning to ...

 Oct 4 2015 - Jordan- UAE delegation visits the Mrajeeb Al Fhood campJordan News Agency
(MENAFN - Jordan News Agency) A delegation from the UAE Ministry of Development and International Cooperation visited on Friday the Mrajeeb Al Fhood camp for Syrian refugees to check on services ...

 Oct 4 2015 - Russian airstrikes in Syria will strengthen Daesh, ObamaJordan News Agency
(MENAFN - Jordan News Agency) US President Barack Obama said on Friday that Russia's airstrikes in Syrian that started last Wednesday, will ultimately empower Daesh terrorist group.Speaking from the ...

 Oct 4 2015 - Jordan- Border guards receive 209 new Syrian refugeesJordan News Agency
(MENAFN - Jordan News Agency) A total of 209 Syrian refugees from various age groups, entered the Kingdom through various crossing points during the last 72 hours, according to a military source on ...

 Oct 4 2015 - Israeli forces kill Palestinian young man in JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces Sunday morning shot dead a Palestinian teen near Damascus Gate in occupied Jerusalem.Eyewitnesses said that Israeli forces opened fired on 19 ...

 Oct 4 2015 - Israel prevents Palestinians from entering JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation police on Sunday banned Palestinians from entering the old city in East Jerusalem for two days, after two attacks against Israelis occurred in less ...

 Oct 4 2015 - First Gulf offers start-up financeThe Arabian Post
(MENAFN - The Arabian Post) FGB claims to be the first bank in the UAE to offer a one-stop financing solution to start-ups. The bank's new 'Startup Proposition' offers new businesses a range of ...

 Oct 4 2015 - Dubai Holding net up 24% to AED2.6bThe Arabian Post
(MENAFN - The Arabian Post) Dubai Holding Commercial Operations Group (DHCOG) announced a net profit of AED 2.6 billion for the first half of this year ending 30th June 2015, an increase of 24 ...

 Oct 4 2015 - Qatar to improve rank in Competitiveness Index-QBAThe Peninsula
(MENAFN - The Peninsula) Sheikh Faisal bin Qassim Al Thani, the Chairman of the Qatari Businessmen Association (QBA) in press conference said that Qatar's economy is moving in the right direction and ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help