The United Arab Emirates (UAE) could make investments of up to $30 billion (TL 783.28 billion) in multiple areas in Türkiye, a senior official said Monday, as Ankara revamps talks to further cooperation with the Gulf and attract foreign funding.
Investments could be made in infrastructure, logistics, food and hospital management, among others, Türkiye’s Trade Minister Ömer Bolat told a meeting with reporters in Ankara.
Bolat’s remarks came ahead of an expected trip by President Recep Tayyip Erdoğan to the Gulf region next week. Erdoğan is scheduled to visit leaders in Saudi Arabia, Qatar and the UAE on July 17-19.
Turkish officials said they expect investments from Gulf states soon after Vice President Cevdet Yılmaz and Treasury and Finance Minister Mehmet Şimşek traveled to the UAE last month and held talks with counterparts. The duo met with UAE President Sheikh Mohamed bin Zayed Al Nahyan (MBZ).
The two officials visited Qatar last weekend, met officials and discussed economic cooperation opportunities.
Şimşek and Hafize Gaye Erkan, the new governor of Türkiye’s central bank, are set to travel to Saudi Arabia on Wednesday to meet with officials and investors, Anadolu Agency (AA) said Tuesday.
Türkiye expects Gulf countries to make direct investments of about $10 billion initially in domestic assets as part of Erdoğan’s trip, two senior Turkish officials said Friday.
Overall investments of up to $30 billion are expected over a more extended period in Türkiye’s energy, infrastructure and defense sectors, the sources, who spoke on condition of anonymity, given the talks are private and deals are not yet finalized, said.
Direct investments worth about $10 billion “should come within a short time and this is crucial,” said one of the officials. “Expectations are high for the Gulf visit. Some important agreements will be signed.”
The official said the expected investments from Gulf states would “show confidence in the Turkish economy since it would be direct investments, which is extremely important.”
Since 2021, when Ankara launched a diplomatic effort to repair ties with Saudi Arabia and the UAE, investments and funding from the Gulf helped boost Türkiye’s foreign reserves and stabilize the Turkish lira.
Ankara has secured some $28 billion in foreign currency swap deals in recent years, including from the UAE. Last year, Abu Dhabi’s International Holding Co. acquired via a subsidiary a 50% stake in Türkiye’s Kalyon Enerji for $490 million.
Bolat said Abu Dhabi Development Holding (ADQ), one of the largest investment enterprises in the Gulf, has been holding talks in Türkiye. The minister last week met with Mohamed Hassan Alsuwaidi, the chief executive officer of ADQ.
“They said they are open to offers for an investment of up to $30 billion in food, logistics, medicine and health services, infrastructure investments and technology startups,” Bolat said Monday.
