29/09/2020
Asharqia Chamber renews its warning of the risks of investing in Turkey
The Chairman of the Asharqia Chamber, Abdul-Hakim bin Hamad Al-Ammar Al-Khaldi, warned again of the risks of investing in Turkey, as a result of the political and economic policies pursued there, as the economic crisis in Turkey 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.
Abdul-Hakim al-Khalidi noted that as a result of the businessmen’s awareness and response to the previous calls by the 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. This is what happened recently, as Moody's reduced Turkey’s credit rating. From "B2" to "B2", as Moody's maintained a negative outlook regarding the Turkish economy, stressing a "faster than expected deterioration" in the country's financial indicators, and the numbers indicate a decline in Turkish foreign exchange reserves by more than 40 % This year, which puts pressure on the country's ability to maintain its balance of payments.
The Turkish currency has also decreased by more than 45% since the beginning 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, as the losses of the Turkish lira have inflicted heavy losses on the economy, which led to the shaking of the confidence of local and foreign investors in the Turkish economy, so the Turkish economy Currently it is overheating and heading into a steep downturn worse than the current one.
Al-Khalidi also renewed his call to businessmen and investors to search for alternatives to avoid investing in Turkey, especially with its government's hostile stance against our dear country, noting that the Asharqia Chamber opens its doors to the business sector to introduce them to the countries that are safer and able to protect their investments and properties and are linked to the Kingdom with more solid agreements and relations, confirming readiness The Chamber to receive their calls, complaints or inquiries regarding the issues and problems they face threatening their properties and investments in Turkey.
