The Investment Promotion Agency of Qatar (IPAQ), an investment promotion agency specifically for the State of Qatar, recently announced the expansion of Doğuş Group Holding, one of Turkey's largest private-sector conglomerates into Qatar's food/beverage, hospitality and construction sectors in an agreement signed on the sidelines of the Doha Forum, the region's leading policy forum.
The Agreement, which was signed by Sheikh Ali Alwaleed Al-Thani, Chief Executive Officer, Investment Promotion Agency of Qatar and Mr. Ferit Sahnek, Chairman, Doğuş Group Holding, lays the groundwork for collaboration between the two sides and aims to increase cooperation to help them achieve mutually-beneficial common objectives.
Under the Agreement, the entities will work together to launch more food and beverage brands into the Qatari market, invest in Qatar's flourishing tourism and hospitality market, as well as further facilitate Doğuş Holding's expansion into the country's construction sector. To date, Doğuş Holding has been actively involved in developing Qatar's infrastructure through construction projects such as Al Rayyan Road among others.
In order to achieve these objectives, the Investment Promotion Agency of Qatar will provide Doğuş Group Holding with relevant information on market and investment opportunities in Qatar, assistance in the company's business setup and establishment process, access to relevant Qatari public entities, such as ministries and state agencies, as well as support in seeking strategic investments in Qatar.
H.E Sheikh Ali Alwaleed Al-Thani, Chief Executive Officer, Investment Promotion Agency of Qatar, said: "This agreement with Doğuş Group Holding further underscores Qatar's attractiveness as an FDI hub as well as the importance that the State of Qatar places on its economic and political relations with the Republic of Turkey. We are delighted that the Investment Promotion Agency of Qatar can serve as a catalyst strengthening these relations."
Mr. Ferit Sahnek, Doğuş Group Holding, said:
The significant national economic measures, directives and stimulus, which were introduced to mitigate the negative impacts of the unprecedented global circumstances surrounding coronavirus (COVID-19), showcases Qatar's commitment and support of its private sector in alleviating financial burdens and ensuring the continuity of business. The Qatar Financial Centre sees it imperative to complement national measures and remains committed to offer its own relief and continued support to QFC firms during this crisis.
Qatar and Turkey continue to enjoy robust bilateral relations and the combined value of their trade exchange hit $2 billion in 2018, registering a sharp jump of around 54% compared to 2017. A commercial and economic partnership agreement signed between the two countries in September 2018 aims to expand such cooperation by promoting trade exchange and easing restrictions on investments, among other areas. Turkish companies are handling projects worth over $11.6 billion in Qatar, most of which are geared towards preparations for the 2022 FIFA World Cup Qatar.
As part of its mandate to attract more FDI into Qatar, the Investment Promotion Agency LLC, will aim to be a single and complete source for investment solutions in the State of Qatar by attracting FDI in all of the country's priority sectors. The entity will also pursue targeted, sector-specific investment promotion agendas and coordinate investment promotion and marketing activities with key stakeholders, as well as develop policy advisory.
Doğuş Group Holding, through its subsidiaries, focuses on financial services, automotive, construction, media, tourism, real estate, energy, and entertainment businesses and serves clients worldwide. The conglomerate was established in 1951 and boasts an impressive portfolio of 300 companies, including high-end car dealerships, retail stores, restaurants, cafes, construction companies, radio stations, TV channels and tourism businesses, as well as a workforce of over 35 thousand.