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Turkey and Qatar sign cooperation and investment deals

President of Turkey, Recep Tayyip Erdogan (R) and Qatari Emir Sheikh Tamim bin Hamad al-Thani in Ankara, Turkey on 26 November 2020 [Emin Sansar/Anadolu Agency]
President of Turkey, Recep Tayyip Erdogan (R) and Qatari Emir Sheikh Tamim bin Hamad al-Thani in Ankara, Turkey on 26 November 2020 [Emin Sansar/Anadolu Agency]

Turkey and Qatar signed ten new deals yesterday during a joint meeting at the Presidential Palace in Ankara, furthering cooperation and investment between the two allies.

In the closed-door meeting between Turkish President Recep Tayyip Erdogan and Qatar's Emir, Tamim Hamad Al-Thani, the deals agreed includ the sale of 10 per cent of shares in Turkey's stock exchange, Borsa Istanbul, and a transfer of shares of the luxury Istanbul shopping mall Istinye Park.

Memorandums of understanding were also signed for the joint investment in Turkey's Made in Istanbul Golden Horn Project and the joint promotion of activities between Turkey's Commerce Ministry and Qatar's Free Zone Administration. Issues relating to water administration, economic cooperation, and family and social services were also covered.

Another major issue agreed upon was Qatar's management of Turkish ports. Shares of Middle East Antalya Port Operators from Turkey's Global Ports were transferred to and purchased by Qatari port operator Terminals WLL.

READ: Is Turkey really against the Arab countries and people?

The meeting was also attended by the Turkish and Qatari foreign ministers and various other ministers in the trade, labour, social services and infrastructure sectors. It revealed further cooperation and investment between the two countries, which are regional allies and have assisted each other financially and militarily in recent years.

Erdogan praised the relationship and bilateral ties in a tweet following the meeting. "We will continue our solidarity with the brotherly people of Qatar, with whom we have deep-rooted ties of affection, in every field," he wrote.

Qatar's Shura Council added that, "Turkey and Qatar reaffirmed that the two sides are determined and willing to enhance the strong brotherhood ties and strategic partnership ties in various fields."

According to Turkey's Embassy in Doha, trade between the two increased to $1.6 billion in 2020, while the value of Qatar's investments in Turkey reached $22 billion. Such an increase has raised hopes of boosting the Turkish economy, as it comes at a time when Ankara has been suffering the devaluation of the lira amid economic instability and uncertainty.

The Turkish government has attempted to stabilise its economy in recent weeks by appointing a new financial team and announcing new monetary reforms that look to improve the situation and gain the trust of global investors.

READ: Saudi Arabia saw Turkey as a security guarantor in 2011, why not in 2020?

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Europe & RussiaMiddle EastNewsQatarSaudi ArabiaTurkey
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