Qatar to buy 10 percent of Borsa Istanbul shares amid deepening economic crisis in Turkey

Turkey and Qatar on Nov. 26 signed 10 new investment deals worth millions of dollars for the Turkish economy amid a currency crisis. Among the agreements that was signed was the transfer of 10 percent of shares in the Borsa Istanbul stock exchange to Qatar.

Turkish President Recep Tayyip Erdoğan (R) and Qatari Emir Sheikh Tamim bin Hamad al-Thani attend a signing ceremony at the Presidential Palace in Ankara on Nov 26.

Duvar English - Anadolu Agency

Turkey and Qatar on Nov. 26 inked a deal to finalize the sale of 10 percent shares of Turkey's stock exchange Borsa Istanbul.

The agreement was signed by Zafer Sönmez, CEO of the Turkey Wealth Fund (TVF), and Mansoor bin Ebrahim Al-Mahmoud, CEO of the Qatar Investment Authority, at the Presidential Palace in Turkish capital Ankara.

The signing ceremony was held after Turkish President Recep Tayyip Erdoğan welcomed Qatar's Emir Sheikh Tamim bin Hamad Al Thani at the Turkey-Qatar Supreme Strategic Committee meeting in Ankara. 

Turkey Wealth Fund is the majority shareholder of Borsa Istanbul with a shareholding of 90.6 percent. After the sale, the fund will continue holding 80.6 percent of the Borsa Istanbul shares.

Qatar Investment Authority is the sovereign wealth fund of the Gulf state.

Ankara and Doha enjoy strong relations, particularly since the 2017 blockade of the Gulf country by Saudi Arabia and others.

The two countries have strengthened military and economic ties in recent years.

On Nov. 26, apart from the sale of shares of Borsa Istanbul, nine other agreements were signed between Turkey and Qatar. The agreements will mean $300 million in capital flows to Turkey. 

The agreements signed are as follows:

--Agreement Regarding the Transfer of Shares of İstinye Park,
--Memorandum of Understanding Regarding Potential Joint Investment to be Made in Istanbul Golden Horn Project,
--Between Global Port Operations and QTerminals WLL Antalya Port Operations AŞ Share Transfer and the Agreement on the Purchase,
--Free Zones Joint Promotion Activities of the Memorandum of Understanding,
--Joint Economic and Trade Commission Establishment Declaration,
--Cooperation Memorandum of Understanding on Water Management Area
--Improved Economic and Memorandum of Understanding on Financial Cooperation Areas
--Family, Women and Social Services Related Cooperation
--Intent Regarding Diplomat Exchange Institute of Diplomacy

In the past, the two countries made a total of 52 agreements and five joint declarations.

With the latest meeting, the total number of agreements has risen to 62.