Tekfen signs $2B highway project deal in Qatar

Tekfen Construction, an affiliate of Tekfen Holding Co., signed preliminary terms for a highway project worth $2.1 billion in Qatar.

According to a statement by Tekfen to the Public Disclosure Platform (KAP), the project will be 34 kilometers in length with 10 divided highway lanes, various intersections, viaducts and upper and lower passages.

According to the statement, the "Al Khor Expressway" will be delivered in 36 months.

Shares on the rise

After the announcement, Tekfen Holding's stock share price increased to TL 7.34 ($2.5).

Turkish companies undertook projects worth $15 billion in Qatar

Turkish companies are looking to increase their market share in Qatar and increase the $1.3-billion trade volume between the two countries.

Transport, Maritime Affairs and Communication Minister Ahmet Arslan said, "This should not be enough for us. This figure should shortly reach $3 billion, then immediately after that, increase to $5 billion - it is economically imperative."

The trade volume between Turkey and Qatar in the last five years has increased threefold reaching $1.3 billion.

Tekfen is an Istanbul-based Turkish conglomerate founded in 1956. The company's subsidiaries engage in construction activities including power generation, airports, petroleum and roadways. Tekfen primarily operates in Turkey, the Commonwealth of Independent States, the Middle East, North Africa and Europe.

Tekfen Construction, an affiliate of Tekfen Holding Co., is an international contractor in Turkey, the Middle East, North Africa, Caucasia and Central Asia as well as Eastern and Central Europe. Its activities include heavy civil works, refineries, petrochemical plants, satellite towns, industrial processing plants, pipelines, marine structures, power plants and electrical and communication works.