Omar Alfardan highlights Commercial Bank’s growing interests in Turkey

DOHA:  Commercial Bank’s investment in Alternatif Bank will continue to grow and add value to the economies of both countries. Turkey is closely known and embraced by the Qatari people. The recent developments have also brought the two countries closer, Commercial Bank’s Managing Director and Alternatif Bank Chairman, Omar Hussein Alfardan has said.

In an interview to the leading Turkish magazine, The Ekonomist, Omar Hussein Alfardan (pictured) said: “Qatar’s investments in Turkey are on the rise, especially in strategic sectors such as finance, retail, energy, agriculture and construction. Qatar has directly invested about $23bn to date in Turkey and is ranked the 19th country in direct investments”.

“These investments are predominantly in the banking industry and we see that these investments are mostly in the form of share acquisitions. 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”, he added.

Emphasizing on the strength of the strategic relations with Turkey, he pointed 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 center of Commercial Bank’s international strategy.

The interview shed light mainly on the strategic relations with Turkey and the Commercial Bank’s acquisition of Alternatif Bank, the largest investment undertaken by the Qatari private sector to date. The investment strategy behind Commercial Bank’s decision to acquire a bank in the Turkish market were explained in detail in the interview elaborating that Alternatif Bank is considered to be the largest investment made by the Qatari private sector to date.

Source from: The Peninsula