What attracts Gulf Investors to Turkey?
Updated: Jan 3, 2022
2021 was yet another turning year for Turkey's economy and development, filled with new records and pivotal decisions, most notably perhaps was the decreasing of interest rates and reconciliation ventures with major Gulf countries like UAE and Saudi Arabia, shifting local and Gulf capitals from banks to economic and industrial sectors.
According to Izzat Dajani, the deputy chairperson of “Capital Compass”, Gulf countries show great interest in Turkey’s tourism and service sectors, he also implied that investment relations will expand to industrial and technological spheres in the future.
Most recent headlines regarding Turkey’s news of relations with Qatar, UAE, and Saudi Arabia were all positive and promising, Dajani has even confirmed the powerful ties between Turkey and these three countries and their mutual benefits.
Gulf Investments in Turkey’s economy:
Countries like Qatar, Bahrain, Oman, and Kuwait, all have sustainable political and economical relationships with Turkey. UAE and Saudi Arabia on the other hand, have had several political disputes in the past, which we can assume to be resolved following the meetings and recent business deals conducted in late 2021.
UAE has invested in Turkey a total of 14.3 billion USD between 2003 and 2021, Qatar has invested in Turkey a total of 2.7 billion USD in the last 18 years, Saudi Arabia comes third with a total of 2 billion USD investment in Turkey, and lastly, Kuwait with 1.9 billion USD investment in Turkey.
However, Gulf countries’ interest in Turkey is not solely triggered by political reasons, investors are intrigued by many other factors in Turkey summed up into 4 points below.
What Attracts Gulf Investors to Turkey?
1- Turkey’s Geographical Location
Turkey’s proximity to the Gulf countries and Europe is a huge advantage for trade businesses, tourism, and financial sectors. As told by the president of Turkey’s finance office, Istanbul is expected to hold regional sectors of large international companies and financial institutions due to Turkey’s closeness and economic growth, implying Dubai to be one of the first regions to do so.
2- Turkey’s Intermediate Climate
Believe it or not, climate and weather are much more compelling than you might expect for foreign investors or visitors, especially those coming from the Gulf countries. Turkey’s climate may be one of the most suitable environments to live in. Short on long hot summers and freezing winters, surrounded by seas from 3 sides, and filled with outstanding nature, Turkey fits perfectly for long vacation getaways.
3- Financial Motives
Generally, taxes in Turkey are lower than the ones in other developed countries, especially property purchase taxes. For instance, the Tapu (Title Deed) tax is 4% in Turkey, while in some European countries it could reach 12%. Investments in Turkey's real estate market have been extremely successful, especially during the past decade. Moreover, Turkey’s architecture and construction standards are some of the best in the world, accommodating earthquake-resistant buildings, impressive finishes, and luxurious social facilities, all of which place the country among the list of the best countries to own a property in for either residential or commercial purposes.
4- Diverse Culture
Turkish diverse culture combines eastern and western beliefs together, and perhaps this flexible atmosphere within its people and the general ambiance of the country could be a respectable motive for investors from the Gulf or even other backgrounds to invest and move to Turkey since beliefs and ideologies are essential aspects of many peoples’ lives, highly influencing the country chosen for long, seasonal accommodations.
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