Gulf investors more interested in Turkey after failed coup attempt

Published 08.08.2016 00:49

Gulf investors, whose trust in Turkey and its economy increased in the aftermath of the Gülenist Terror Organization's (FETÖ) coup attempt on July 15, are reported to be very eager to invest in the country and have had all their trepidations and uncertainties relieved.

Speaking to Anadolu Agency (AA), Foreign Economic Relations Board (DEİK) Turkish-Bahraini Business Council Chairman Muhammet Uğurcan Barman said the real estate sector put itself together swiftly after the coup attempt, suggesting that it found comfort along with the contributions of Emlak Konut and the Association of Real Estate and Real Estate Investment Companies (GYODER).

Also serving as the chairman of Beytürk İnşaat, Barman said they had projects in Yalova as well as Istanbul, and Gulf investors are interested in the whole country not just in Istanbul.

Explaining that foreign nationals did not lose interest in Turkey despite the unfortunate events, Barman said they sold 148 apartments worth TL 33 million ($11 million) to a group from Dubai just after July 15 in a sign of the trust foreign investors have in Turkey.

Barman said that they have reached 15,000 investors in the Gulf region so far, and they aim to attract 5,000 more from the region for their projects.

Pointing out that they undersigned a giant project that would change the face of the Marmara region with the Saudi Kimma Huizama consortium, Barman said they will build a life center of 5,000 residences in Yalova, which will house 25,000 people, adding that foreign investors were interested in the project, which will cost TL 2 billion. According to Barman, they acted within the scope of the emergency action plan in collaboration with the DEİK Turkish-Bahraini Business Council and the Turkey-Gulf Business Circles Association and sped up projects and collaborations. So far, 126 business councils related to different countries have called for investors to invest in Turkey despite the information pollution that might occur abroad and encouraged cash transactions to break the cooling period in the market and increase sales. Explaining that they will visit Arab investors in their home countries, Barman said they have had positive opinion so far regarding the Turkish economy.

In Barman's opinion, Gulf countries say President Erdoğan gained a victory, and no one will prevent Turkey's economic rise, and this stability will continue after this victory as well. In addition, investors' trust in Turkey has increased, and Gulf capital will continue investing in Turkey, while those keeping their investment on hold have also started their transactions. Gökhan İlgar, the Turkish general manager of the District Estates Company of Kuwait, said this coup attempt was quashed with Turkish people's support by "proving their commitments to their roots" and giving the world the message that stability will continue by getting stronger.

Stressing that they will continue directing their investments and investors to Turkey, İlgar said they revised their $1 billion investment to be directed to tourism, industry and agricultural sectors to $2 billion.

Stressing that the Turkish government's calls to foreign investors and relevant reforms were crucial, İlgar said Turkey was taking firm steps toward the government's 2023 goals along with the biggest projects in Republican history, such as the Yavuz Sultan Selim Bridge, Istanbul's third airport, Kanal Istanbul and the Eurasia Tunnel. İlgar said they would be honored to contribute to these projects with their investment partners in Gulf countries and their own companies by "doing their best."

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