Thanks to its strategic location and strong economic fundamentals, Turkey’s status as an investment destination for the Middle East has strengthened over the past few years. With the lira still low and the Qatari riyal pegged to the dollar, longstanding trading partner Qatar is upping its investment into Turkey.
Turkey’s president Recep Tayyip Erdogan has repeatedly voiced his ambition to see Turkey become one of the world’s top ten economies. Today, it sits at number 13, up from 18th in 2003. The country’s annual rate of growth sits at around six percent, and this momentum is expected to continue. The economy has been driven by a strong domestic market, growing export opportunities, diversified sectors and a young population that’s driven the emergence of a large middle class with money to spend.
These factors are driving foreign direct investment in the country, and at the moment, Middle Eastern investors are among the largest.
Turkey to become one of Qatar’s top five investment destinations
Qatar and Turkey have a longstanding trading relationship, with current annual trade volume standing at around $834 million. Now, Qatar is gearing up for its biggest investment in Turkey so far next year, preparing to invest $20 billion across various sectors in 2018.
The multi-billion dollar investments will put Turkey into Qatar’s top five foreign investment destinations, and marks a 50 percent increase in investment.
Head of the Middle East Economic Platform Erdin Ozel says the prevailing opinion - one backed up by the International Monetary Fund - that Turkey is a safe haven has had a significant impact on investor opinions.
The investments will target a variety of sectors including energy, telecoms, tourism, food, health, insurance, banking and construction. Thermal power plants will attract the bulk of energy investments, with $1 billion earmarked for one project. Turkey’s growing health sector is also in the spotlight, with city hospital projects coming in second place for investment. Qatar and Turkey already have a strategic relationship in the food sector, and the third largest investments will be in the agricultural and livestock industries.
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