Minister of Finance and Economy in Qatar, Youssef Hussein Kamal revealed at the 7th Turkish-Arab Economic Forum organized by Al-Iktissad Wal-Aamal Group end of last week, in cooperation with the Turkish government and the Arab League, that since Turkey's open policy with Qatar, and which gave the green light for the Qatari citizens to acquire properties on Turkish soil two weeks ago, in-line with the Turkish “openness policy", 16 Qatari businessmen have invested in the real estate sector in Turkey and particularly in Istanbul. He noted that the upcoming phase will witness further influx of Qatari investments to Turkey, estimated to reach according to the Qatari minister Billions of dollars. The Turkish side asked to bring to the investors' attention specific investment opportunities to facilitate the investment flow. Minister Kamal who was speaking during the first session entitled “Turkey and Arab Spring: laying new foundations for stability and prosperity", indicated that Turkey's geographic location-surrounded by Arab countries, Iran, ex-Soviet republics and Eastern Europe countries-render it a gate to the future financial market. Our role is to support Turkey in its transition towards being a platform and an axis for the mentioned counties; He stated: “we as State of Qatar are ready to invest in these countries in collaboration with the Turkish government". On his part, the Minister of Finance in Turkey, Mehmet Simsek indicated that the Turkish parliament ratified a convention allowing the acquisition of properties to countries deterring Turks from doing so on their territories i.e. without applying same treatment principle. He pointed out that the Arab region has huge natural resources, mainly oil and gas, while Turkey is endowed with demographic assets, showing hence great potentials of the Turkish -Arab economic integration. He admitted there are still a lot of reforms to be made, including the need to increase free trade agreements between Turkey and the Arab world. Finance ministers from Iraq and Tunisia Dr. Rafeh Al Issawi and Houcine Dimassi respectively went through the reforms conducted by their countries as well as the available investment opportunities. Audi-Saradar Group CEO Samir Hanna indicated that the Turkish experience over the past ten years constitutes a role model for Arab countries under economic pressures particularly in terms of sustainable economic growth that creates job opportunities and supports stability. Delta Petroleum Corporation Chairman Mohamed Habbab commended progress of Arab-Turkish relations, praising particularly free trade agreements which have increased commercial exchange and enhanced social ties between Turkey and Arab countries. Second day of the forum comprised of 5 sessions, focusing on the Turkish-Arab relations post Arab Spring. Sessions addressed the following: banks and financial markets, investment opportunities in Turkey, Libyan post-revolution economy and Arab economies' prospects in the post Arab Spring phase. On another front, the “7th Turkish-Arab Economic Forum" honored Audi-Saradar Group represented by the group CEO Samir Hanna, in recognition of the Bank's efforts in developing banking cooperation between Lebanon and Turkey. Audi received its license in October in 2011 to establish a bank in Turkey, which is due to operate practically next September. It should be noted that Audi Bank is the only bank that has received in 12 years a license to set up a new bank in Turkey, as it managed in a short timeframe to complete all the required legal, administrative and executive procedures. Bank Audi gives high priority for penetrating Turkish market given magnitude of the economy, prevailing stability, and Turkey's pivotal role in the region at the trade and investment levels. Audi Bank participated effectively in the “7th Turkish-Arab Economic Forum", throwing a lunch buffet on the first day for Arab and Turkish ministers as well as for the forum's participants.
