Don’t invest in Turkey, Saudis warned

Pedestrians walk past an electronic board showing the currency exchange rates in Istanbul in this Aug. 31, 2018, file photo. — Reuters

Saudi Gazette report

Ajlan Al-Ajlan, chairman of Riyadh Chamber of Commerce and Industry (RCCI), has warned Saudi investors against making any investments in Turkey because of the worsening economic situation and high risks for investors.

“The RCCI has received several complaints from Saudi investors in Turkey who faced problems threatening their investments,” he said, while attributing this to the negligence on the part of the Turkish authorities in discharging their duties to protect investors.

Al-Ajlan tweeted on Sunday that Saudi investors in Turkey are threatened with significant losses after being harassed and squeezed into extortion in some cases by influential entities there.

“The Riyadh chamber warns against investing in Turkey because of the investment risks and the current volatile security situation in that country,” he said.

Al-Ajlan said Saudi tourists are facing increasing cases of harassment and fraud.

“There are instances where Saudi owners of properties are being prevented from entering their homes and deprived of ownership deeds. There are no intervention on the part of the authorities to put an end to such harassment cases,” he said.

Abdul Hakim Al-Khalidi, chairman of the Chamber of Commerce and Industry in the Eastern Province (Asharqiya), said the Saudi business sector needs to take utmost precaution when doing business abroad, especially in Turkey.

“Saudi investors in Turkey face imminent risks in light of the deteriorating performance of its currency against US dollar as well as the continuing economic shocks caused by the turbulent geopolitical unrest within Turkey,” he said, noting that many Saudis have been subjected to looting and theft, giving an impression that Turkey is no longer suitable for investment.

Al-Khalidi urged all businessmen in the Eastern Province and other parts of the Kingdom who have made investments in Turkey or plan to make investments or purchase property there, should act in accordance with the directives issued by the Saudi embassy in Turkey.