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Gulf States continue to drive Turkish market, while UK confirms long-term trade commitment

Posted on 02 September 2016

July’s failed coup appears to have done little to dampen long-term foreign interest in Turkey, after representatives from the Turkish Chambers of Commerce in the UK (TBCCI) expressed their on-going confidence in Turkey, while interest from Gulf nations continues to drive the Turkish property market.

Chairman of TBCCI, Emma Edhem, commented that stability and order returned quickly, which has allowed business activities to resume fully in the aftermath of the attempt. Despite these events there is still great potential for UK-Turkey business relationships, she said, adding that TBCCI is committed to supporting existing and new opportunities.

Currently, around 3,000 British companies have investments in Turkey, valued at around $21-billion. Only one other country has investments in Turkey worth more than the UK, according to Necmettin Kaymaz from ISPAT.

Rolls-Royce, which has interests in Turkey, said after the coup attempt that Turkey has a bright future. The iconic company’s CEO in Turkey, Patrick Regis, who also serves on TBCCI’s Board of Directors, added that Rolls-Royce has a long-term strategy in Turkey and that it will not change its plans in moments of instability.

Mirroring this, Vodafone Global CEO, Vittorio Colao, acknowledged that the Vodafone group is a continual and long-term investor in Turkey and that it is proud of its activities in the country.

Elsewhere, David Walker, Chairman of Spot Blue and also a TBCCI Board member, noted that Turkey is a resilient, growing country that does not, and will not, stand still. He stressed that after 16 years of investment in the country, Spot Blue will continue to invest there.

Meanwhile, Gulf countries currently account for half of all foreign property sales in Turkey, according to international broker CBRE, who sees this demand increasing in the short to mid-term. The broker expects property prices in Turkey to continuing rising, between 10 and 15 per cent over the next year.

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