Qatar plans new investment in Turkey’s banking, agricultural sectors: Envoy

ANKARA

Qatar is in talks to buy stakes in a number of Turkish banks and hopes to conduct significant investments in Turkey’s agricultural sector, Qatar’s envoy to Turkey has said, according to business daily Dünya.

Qatari Ambassador to Turkey Salem Mubarak Shafi al-Shafi said the talks with a number of Turkish banks had been ongoing to acquire stakes. 

The Qatar National Bank (QNB), the Gulf Arab region’s largest bank, agreed to buy Turkey’s Finansbank from the National Bank of Greece (NBG) for 2.7 billion euros ($2.95 billion) in December 2015, as it steps up its search for larger markets overseas. With the latest acquisition, Qatari companies have strengthened their hands in the Turkish market. 

The ambassador also said Doha’s initial investment in the Turkish agricultural sector would be around $500 million, adding that Turkish businesses would be given priority for a planned stadium and other construction contracts in Qatar for the 2022 World Cup, according to Dünya. 

Arguing that the oil plunge would not negatively affect Qatar’s investments, al-Shafi also said Doha was targeting tourism investments in Turkey.