Qatar announces plan to invest in automobile production in Turkey with BMC
Qatar Chamber of Commerce President Al Sani has announced that they will invest in domestic automobile production in Turkey with local BMC. Casım el Sani who gave an interview to Peninsula Qatar newspaper said “”Qatar will invest in Turkey’s automotive industry through a Turkish company. This is a company where Qatar already has shares and this private company joins hands with other Turkish investors to realize concerned project.”
The report in the paper said there were already manufacturing plants in Turkey owned by foreign companies, but Turkey still imported nearly 70 percent of cars sold in the country. The report also said as the first stage sedan car production was targeted to be followed by SUV and electric car production.
In November 2017 a consortium was established for Turkey’s domestic car production in which large business groups such as Anadolu Group, BMC, Kıraça Holding, Turkcell and Zorlu Group took part.
A while ago BMC Vehicle Company was bought from TMSF (Savings Deposit Insurance Fund of Turkey) for TL 751 million by Ethem Sancak’s Es Mali Investment company which also took part in the consortium . In 2014 Qatar Armed Forces had bought 50 percent shares to become partners.
The consortium aims to complete the prototype of the first domestic car by 2019 and start sales by 2021.
