The President of Asharqia Chamber calls for the wait and diligence before investing in Turkey

The President of Asharqia Chamber calls for the wait and diligence before investing in Turkey.

He described it as unstable and unfavorable investment environment currently.

The President of Asharqia Chamber Abdul Hakim bin Hamad Al-Ammar Al-Khaldi warned the business sector of the Saudis and asked them to wait and take caution when doing business abroad, especially in the Republic of Turkey.

He pointed out that the Saudi investor in Turkey faces imminent risks in view of the deteriorating performance of its currency against the dollar, as well as the continuation of the economic shocks left by the turbulent geopolitical tensions inside Turkey and the resulting cases of looting and theft of Saudi citizens, which are exposed to the media from time to time, which is placing Turkey in the context of environments that are not suitable for investment.

Al-Khaldi noted the statement issued by the Saudi Embassy in Turkey on Friday, May 17, 2019 that recommends that Saudi citizens who are wishing to invest in Turkey should communicate with the Embassy first before starting any business in Turkey.

The Saudi Embassy in Turkey has published a statement recommending that it should be consulted after receiving complaints from Saudi citizens, investors and owners, about a range of problems they face in real estate in Turkey such as not obtaining title deeds or obtaining mortgage-backed securities, in addition to preventing them from entering their homes despite the full payment of the value of the property and threatened by the companies involved.

Al-Khaldi urged all the business sector in the Eastern Province and other regions of the Kingdom that to invest in Turkey or to invest or buy property there to engage positively with the statement of the Saudi Embassy and abide by what is stated therein, and the search for safe investment and the preservation of rights in strong economies and linked to common interests with our country and agreements rights portfolio.

Al-Khaldi stressed that the awareness of the legal procedures and the identification of rights and duties are equally important to profit and loss accounts when investing in other countries, and it indicates the safety of economic activity and enhance the chances of growth and continuity, as it reduces the risk of being exposed to risks of all kinds.

AlKhaldi stressed that the Vision of the Kingdom of 2030 provided exceptional and promising opportunities that motivated major international companies to compete to obtain favorable opportunities through new initiatives.

He called on the business sector to intensify their investments locally, as an integrated system of regulations, legislations and facilities provided by government initiatives is prepared.

The Kingdom’s economy has features that are rarely found elsewhere in the world, where political and economic stability and the strength of the local currency and its immunity against vibrations, as well as an independent judicial system that preserves rights, and links with local and international markets with a huge logistic network.

Source: Asharqia Chamber