Turkey will be a major partner in Qatar's FIFA projects

Dubai, November 11, 2013: Doha Bank, the leading private commercial bank in Qatar, hosted the “Opportunities in Qatar and the GCC” conference in Istanbul, Turkey on November 08, 2013. The guest of honour was the Consulate General of the state of Qatar Sultan Bin Ibrahim Al Mahmoud. Senior Turkish and international bankers, top managements of the leading Turkish corporate particularly from the construction sector evinced interested to explore business in GCC participated in the event.

Speaking on the occasion, Dr. R. Seetharaman, Group CEO, Doha Bank, gave insights on the Global economy. He said “IMF‘s World Economic Outlook update, October 2013 forecasted that the global economy would grow by 2.9 per cent in 2013. Growth has been revised marginally downwards in 2013 in developed economies such as U.S. and Euro region. U.S. economic growth has been brought down by IMF to 1.6 per cent for 2013.  However, the growth has been revised up by IMF for Japan and UK to 2% and 1.4per cent respectively for 2013. Emerging economies growth has been revised downwards by IMF to 4.5 per cent for 2013 from its earlier forecast of 5 per cent.”

Dr. R. Seetharaman gave his outlook on Turkey economy and Banking Sector. He said “Turkey's economy grew by 4.4 per cent during the second quarter of 2013 as compared to 2.9 per cent  growth in first quarter of 2013.The rebound, led by private consumption and public investment, and was driven by the policy stimuli since the second half of 2012. Turkey maintained a positive growth and low unemployment, which in turn set the stage for the acceleration of economic activity in 2013. The economic growth in 2013 is expected to between 3 and 4 per cent. The current account deficit by end of August 2013 was 6.5 per cent of GDP. Turkey's banking sector expanded by 12.6 per cent in 2012 and the loans in the banking system grew by close to 15 per cent YoY until first half of 2013. In Oct 2013 meeting Turkish central bank has kept rates on hold to support economic growth. It decided not to defend Turkish lira on hopes of support for the currency due to delay in trimming of US stimulus.”

Dr. R. Seetharaman highlighted the bilateral trade between GCC - Turkey. He said “GCC - Turkey merchandise trade was at US$9 billion in 2010 and has surged to US$19.6bn in 2012, mainly due to Saudi Arabia and UAE. The merchandise exports to GCC increased from US$6.4 billion in 2010 to US$12.9 billion in 2012. The merchandise imports from GCC increased from US$2.6 billion in 2010 to US$6.7 billion in 2012.”

Dr. R. Seetharaman gave his insights on bilateral developments between GCC and Turkey. He said “Saudi Arabia was Turkey's 12th largest goods export market in 2012. Saudi's bilateral trade with Turkey has increased by 63 per cent between 2010- 2012 and has touched US$5.8 billion in 2012. Turkish foreign direct investment (FDI) in Saudi Arabia was US$41 million. Turkish direct investment in Saudi Arabia is led by the retail and contracting sectors. UAE was Turkey's third largest export market in the Middle East. The UAE is Turkey's largest export market in the Middle East. Turkey - UAE merchandise trade has increased by 192 per cent between 2010- 2012 mainly on account of increase in exports to UAE. Turkish foreign direct investment (FDI) in UAE between 2002 - 2012 amounted to US$114 million. As of May 2013, the total amount of the projects undertaken by Turkish firms in Bahrain is US$ 284.7 million. FDI of Kuwait in Turkey was US$1.14 million in 2012. Oman- turkey bilateral trade exceeded US$300m in 2012.”

Dr. R. Seetharaman gave his insights on bilateral developments between Qatar and Turkey. He said “Qatar- Turkey bilateral trade has increased from US $340 million in 2010 to US$723 million in 2012 mainly on account of surge in imports from Qatar. Major exports to Qatar included Electrical machinery, apparatus and appliances, iron and steel, metals, textile and non-metallic mineral products. The major imports from Qatar are Gas, natural and manufactured, non-ferrous metals, plastics, organic chemicals and metals alloys.Qatar is the seventh biggest market for Turkish contractors. Turkish firms are holding 108 projects in Qatar with a total value of US$12.2 billion until May 2013. Companies from Turkey are targeting up to US$25 billion -US$30 billion of contracts from Qatar in the run-up to the FIFA 2022 World Cup. Turkish FDI in Qatar was US$14 million in 2012. Turkish direct investment in Qatar is led by the construction sector. FDI of Qatar in Turkey was US$274 million in 2012.”