Turkish Trade Minister Omer Bolat made a significant announcement indicating that the United Arab Emirates (UAE) could invest as much as $30 billion in various sectors in Turkey. These sectors include infrastructure, logistics, food, and hospital management.
The cooperation between Turkey and the Gulf is part of Ankara's growing efforts to attract foreign funding, which has been a key focus for President Recep Tayyip Erdogan's administration. The president is expected to visit Saudi Arabia, Qatar, and the UAE to discuss investment opportunities.
Anticipation of $10 billion from Gulf States
Turkish officials anticipate that Gulf states will invest around $10 billion initially in domestic assets. However, the overall investments expected in Turkey's energy, infrastructure, and defense sectors over an extended period may reach up to $30 billion. This significant investment is expected to provide a much-needed boost to Turkey's economy.
To facilitate this investment, Treasury and Finance Minister Mehmet Simsek and Hafize Gaye Erkan, the new governor of Turkey's central bank, will travel to Saudi Arabia to meet with officials and investors.
Meeting to open new doors
This meeting is expected to open up new avenues for cooperation between Turkey and the Gulf, which could lead to further investments in various sectors of the Turkish economy. Overall, this could be a pivotal moment for Turkey's economy, and the government is keen to make the most of this opportunity.
Officials have said that direct investments worth about $10 billion “should come within a short time and this is crucial. Expectations are high for the Gulf visit. Some important agreements will be signed.”
Expected investment shows confidence
The expected investment from Gulf is said to “show confidence in the Turkish economy since it would be direct investments, which is extremely important” according the same official.
During the year 2021, the Turkish government launched a diplomatic campaign aimed at strengthening its ties with Saudi Arabia and the United Arab Emirates (UAE).
This initiative yielded positive results, as it led to an increase in investments and funding from the Gulf region. As a consequence, Turkey's foreign reserves experienced a boost, and the value of the Turkish lira stabilised.
Over the past few years, Ankara has secured $28 billion in foreign currency swap deals, with a significant portion of the funding coming from the UAE. This influx of resources has been instrumental in supporting Turkey's economy and driving its growth.
In fact, one of the latest examples of this cooperation is the acquisition of a 50% stake in a Turkish energy company, by Abu Dhabi's International Holding Co. for $490 million, through one of its subsidiaries.
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