Growing trade ties boost the economies of Qatar and Turkey

Addressing the partnership agreement signing ceremony between Referans Holding of Turkey and Qatar’s HBK Contracting Company yesterday, Ambassador of Turkey, Fikret Ozer, said that growing relations between businesses of both countries would have very positive effects on the economies of Turkey and Qatar. “I always encourage Turkish companies to develop new partnerships with their Qatari counterparts for the interest of both countries which already enjoying solid relations in various fields,” he said.

Referans Holding has signed a partnership agreement with HBK Contracting Company forming a new business entity HBK Referans. Under the new partnership agreement, Referans Holding would provide scaffolding, formwork and fit-out for HBK Contracting Company’s mega infrastructure projects.

Referans Holding is Turkey’s leading company providing services in infrastructure development, mould and scaffolding systems, real estate, liquid fuel, among others. On the other hand, HBK Contracting Company WLL is involved in the construction and maintenance of contracting services for public/ industrial buildings, hospitals, high rise towers, transmission/distribution networks for water and sewerage systems, water reservoirs, roads, bridges, among others.

HBK Contracting Company has been awarded the main works contract for Ras Abu Aboud Stadium, while the same company is part of a joint venture awarded a contract of Lusail Stadium.

The ambassador of Turkey lauded the partnership agreement between the two countries, saying, “I am happy with this new partnership and hope cooperation between companies of both countries will expand in future. Both companies came close to each other after understanding grounds of mutual interest, and this partnership will have
positive effects on strong bonds between the two countries.”

Sheikh Ali bin Hamad Al Thani, President of HBK Holding, said that the relations between Qatar and Turkey were not only revolving around business interests but were also established in years and deep-rooted.

“Under the current regional scenario, there exist more opportunities for companies of both countries to develop new partnerships,” Al Thani said, adding that due to ongoing mega infrastructure projects in Qatar, particularly those related to 2022 FIFA World Cup Qatar, there was a lot of space for bilateral cooperation in various fields for Qatari and Turkish firms.

Talking to The Peninsula, Serkan Ucar, CEO of Referans Holding, said there was a lot of scope in Qatar’s construction and infrastructure development sectors for foreign companies. “We signed the agreement after a several months of research whose results supported us to enter the partnership deal,” he said, adding that doing business in Qatar for Turkish companies faced no problems as both nations were enjoying the mutual trust and brotherly relationship.

He said that there was a lot of space in the construction sector of Qatar. “Initially, we will be trading in mould and scaffolding systems, but with time we will expand our business here by bringing Referans Holdings’ infrastructure development services to Qatar,” Serkan Ucar added.

Ucar said Qatar has around a yearly QR600m worth of market for scaffoldings and formworks. “In the first week of August, our containers will start arriving in Qatar,” he added.