The huge potential for Qatar Inc in Turkey is all set to bring in more opportunities for Alternatif Bank, which is wholly owned by Qatar's Commercial Bank.
Qatar’s investments in Turkey are on the increase, especially in strategic sectors such as finance, retail, energy, agriculture and construction, Commercial Bank managing director and Alternatifbank chairman Omar Hussain Alfardan told Ekonomist magazine in an interview.
Qatar has directly invested about $23bn to date in Turkey and is ranked the 19th country in direct investments, he said, highlighting that investments are predominantly in the banking industry.
Finding that these investments are predominantly in the banking industry and are mostly in the form of share acquisitions; he said, "In this respect, we witness the fact that the Qatari companies see a great investment potential in Turkey and invest in various industries, including banking, as part of their medium to long term plans.”
The strength of the strategic relations with Turkey was emphasised during the interview by pointing out that Commercial Bank holds a key position as an investor that believes in the long-term potential and power of the Turkish economy, and supports the development of ever-increasing business relations between Turkey and Qatar.
"It is one of the bank’s highest priorities to provide financial and trade support for the increasingly strong strategic collaboration between these two allied and friendly nations, which have stood side by side in challenging times and Turkey lies at the centre of our international strategy," according to him.
Commercial Bank’s investment in Alternatif Bank will continue to grow and add value to the economies of both countries; simply because Turkey is closely known and embraced by the Qatari people since the recent developments have also brought the two countries closer.
Commercial Bank owns 100% of Alternatif Bank’s shares. It became the majority shareholder in 2013 holding an initial 74.24% stake and purchased the remaining stake from the Anadolu group in December 2016.
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