Turkey’s Doğuş set to found firm in Iraq

Turkey’s Doğuş set to found firm in Iraq

ISTANBUL - Reuters
Turkey’s Doğuş set to found firm in Iraq

AP photo

The automotive arm of Turkey’s Doğuş Holding, Doğuş Otomotiv, has said it has reached an agreement with automakers Volkswagen and Audi to establish a company in Iraq.

Doğuş Otomotiv will own 100 percent of the stakes in company that will deal with distribution and after-sale services for Volkswagen and Audi cars in the country, Doğuş Otomotiv said in a statement
to the Public Disclosure Platform (KAP).

The new company’s initial capital will be 150 million Iraqi dinars ($128,000), it added.

Doğuş Otomotiv represents 15 international brands – including Volkswagen, Audi, Porsche, Bentley, Lamborghini, Bugatti, SEAT, Skoda, Scania, Krone and Meiller – in the passenger car, light commercial vehicle, heavy transport commercial vehicle and industrial and marine engine segments.

It is the Turkish representative for VW Marine and Scania Engines in the industrial and marine engine markets, and for the Thermo King brand in the thermal-control systems sector.

The number of Turkish companies operating in the KRG, which was around 485 in 2009, tripled today to around 1500, boosted with close energy ties between parties.