In a pivotal revelation, Turkish Trade Minister Omer Bolat announced that the United Arab Emirates (UAE) is considering a massive investment of up to $30 billion across various sectors in Turkey. These sectors span infrastructure, logistics, food, and hospital management, signaling a significant boost for Turkey's economic landscape.
This upcoming meeting holds the promise of forging new collaborative pathways between Turkey and the Gulf nations. It could catalyze further investments, enriching various facets of the Turkish economy. The government recognizes the gravity of this juncture and is determined to seize every opportunity it presents. High-ranking officials have emphasized the urgency and significance of these direct investments, estimating that around $10 billion should flow in shortly. The Gulf visit is charged with anticipation, with whispers of landmark agreements on the horizon.
In 2021, Turkey embarked on a diplomatic initiative to fortify its relations with Saudi Arabia and the UAE. This strategic move bore fruit, ushering in increased investments and financial backing from the Gulf. Consequently, Turkey's foreign reserves swelled, and the Turkish lira found firmer ground.
In recent years, Ankara successfully brokered foreign currency swap deals worth $28 billion. A significant chunk of this funding hailed from the UAE, proving instrumental in bolstering Turkey's economic vitality.
Source: Property Turkey