Turkey's Tekfen to build highway in Qatar worth $2.1 bln

ANKARA

Turkey's Tekfen Holding construction unit, Tekfen Construction signed a pre-agreement with the Ministry of Municipality and Environment of Qatar for construction of approximately $2.1 billion worth for the Al Khor Expressway project on Tuesday.

The project aims to build a 34-kilometer-long highway incorporating 10 lanes along with viaducts, road junctions, overpasses and underpasses, according to the company.

The company will complete the project in 36 months.

Speaking at the signing ceremony of the agreement in Ankara, Turkish Transport, Maritime and Communications Minister Ahmet Arslan said that the number of projects undertaken by Turkish contractors in Qatar reached 119 amounting to a $15 billion value.

The trading volume between Turkey and Qatar almost tripled to reach $1.3 billion in the last five years, Arslan said saying it was still insufficient.

"The trade [volume] between the two countries does not reflect both nations' potential," he said.

Arslan underlined the complementary roles of both economies.

"One of the largest energy producers of its region , Qatar can supply Turkey's energy requirements while Turkey has whatever Qatar needs, especially agricultural products."

"The Al Khor Expressway project will be a great example of collaboration between Qatar and Turkey in the field of construction. Qatar is going to host the Fifa 2022 World Cup and introduce great projects through its 2030 national vision. Turkish contractors have immense knowledge, experience, workforce in order to accomplish these projects," Arslan added.

Arslan said that Qatar is considered as a backbone of Turkey's ties with Gulf countries.

"Signing a free trade agreement with the Gulf Cooperation Council (GCC) is one of Turkey's aim. We would like to have your support to be able to execute this agreement and also accelerate our economic relations with Qatar," he said.

Tekfen, a Turkish conglomerate based in Istanbul, has many subsidiaries engaged in a diverse range of construction activities including power generation, airports, petroleum, roadways, infrastructure projects, building complexes.

Tekfen primarily operates in Turkey, the Middle East, the Caspian region and North Africa.

The company's shares in Borsa Istanbul went up around 17 percent following the announcement.