Turkey and Qatar on Thursday inked a memorandum of understanding (MoU) to finalize the sale of 10% shares of Turkey’s stock exchange Borsa Istanbul.

The MoU was signed by Zafer Sonmez, CEO of the Turkey Wealth Fund, and Mansoor bin Ebrahim Al-Mahmoud, CEO of the Qatar Investment Authority, at the presidential palace in Ankara.

The signing ceremony was held after Turkish President Recep Tayyip Erdogan welcomed Qatar’s Emir Sheikh Tamim bin Hamad Al Thani at the Turkey-Qatar Supreme Strategic Committee meeting in the capital.

Turkey Wealth Fund is the majority shareholder of Borsa Istanbul with a shareholding of 90.6%. After the sale, the fund will continue holding 80.6% of the Borsa Istanbul shares.

Qatar Investment Authority is the sovereign wealth fund of the Gulf state.

Ankara and Doha enjoy strong relations, particularly since the 2017 blockade of the Gulf country by Saudi Arabia and others.

The two countries have strengthened military and economic ties in recent years.

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