Today, Tuesday, a Saudi official issued a new warning about the risks of investing in Turkey, which in recent years has become a booming destination for Saudi investors, while Riyadh’s warnings have increased dramatically since last year.
The head of the Chamber of Commerce and Industry of the Eastern Province in Saudi Arabia, Abdul Hakim Khaldi, warned of “the risks of investing in Turkey; As a result of the political and economic policies pursued there, as the economic crisis worsened, accompanied by a rise in the proportion of debt and unemployment, which affected foreign investments in Turkey to make it an investment-repellent environment.
The Asharqia Chamber account, on Twitter, quoted Al-Khalidi as saying: “As a result of the businessmen’s awareness and response to the previous calls of heads of Saudi chambers to boycott investment in Turkey, they avoided many of the risks that would have faced them if they continued to invest there, and ignored these constructive calls.”
Al-Khalidi pointed out that “the Turkish currency has decreased by more than 45% since the start of the warnings to invest in Turkey, so the Turkish lira has become one of the worst performing currencies in the world against the US dollar. Turkish ”.
In his speech, which came on the sidelines of a local investment conference, Al-Khalidi did not indicate his country’s intention to ban imports from Turkey after media reports circulated about Saudi Arabia’s intention to ban the import of Turkish products from next month.
Since last year, Saudi Arabia has increased its warnings to its citizens about tourism and investment in Turkey, in an unprecedented way, prompting many observers to predict the possibility of Riyadh announcing an official boycott of Ankara against the backdrop of the tension between the two countries.
In the past ten years, Turkey has become a favorite destination for many Saudi investors and tourists, especially after the deterioration of the security situation in several Arab countries in the wake of the “Arab Spring”, as those countries were attracting a large number of Saudi tourists and investors.
The Saudi investment and tourism trend towards Turkey since late 2018 has been affected by the tension between Ankara and Riyadh, following the killing of the Saudi journalist Jamal Khashoggi at his country’s consulate in Istanbul, and the two countries’ disagreement over how to deal with that incident.
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