The head of the Turkish Foreign Economic Relations Council, Nael Olbak, expected the men of.

Expectations of an increase in ...

Date:

Monday, April 11, 2022

The head of the Turkish Foreign Economic Relations Council, Nael Olbak, expected the men of.

Expectations of an increase in Emirati investments in the real estate sector

The head of the Turkish Foreign Economic Relations Council Neel Olpak expected the increasing desire of Gulf businessmen, especially the Emiratis, to invest in the real estate sector in Turkey, starting from the months of May and June.

In statements to Anadolu Agency, Olpak spoke about the "Emirati-Turkish Round Table Meeting for Real Estate Development and Construction 2022" organized by the Council on Foreign Economic Relations in Dubai.

Olpak said that they gathered many important names in the field of real estate development, and many companies wishing to invest in the real estate sector in Turkey in the round table meeting.

He added that he expects Gulf investments in the real estate sector in Turkey to increase in the coming period with the increase in tourism activity.

I consider that selling real estate to foreigners is a type of export that provides hard currency for the country.

He added, "The other positive aspect of selling real estate to foreigners is that the commodity we sell (the real estate) remains inside the country. And the person who buys the property is the one who brings himself to our country."

He pointed out that they are in talks with several companies from Dubai and Abu Dhabi wishing to invest in the real estate sector in Turkey.

We want to benefit from the "Dubai 2040" vision.

Olpak expressed his hope that trade relations between the two countries would return to their previous era.

He explained that the volume of trade exchange between the two countries amounted to about 15 billion dollars in the past, then it declined with time to 3 billion dollars.

He expressed optimism about the current developments between the two countries, noting that Turkish exports rose by 95 percent last year compared to the previous year.

He stated that Turkish exports rose during the first three months of this year by 40 percent, and that they aim to reach previous levels in trade exchange figures, and then achieve new records.

With regard to the real estate sector, Olpak said that, to date, Turkish companies have implemented 141 projects in the United Arab Emirates, with a value of approximately $13.5 billion.

He stressed the importance of the mutual meetings between the Turkish and Emirati parties to raise the level of trade relations.

He pointed out that there are many areas that can be cooperated in to enhance trade relations, most notably the projects that will be implemented within the framework of Dubai Vision 2040.

He noted that there are infrastructure and superstructure projects worth $130 billion that will be implemented within the framework of this vision until 2040.

He indicated that they had received offers to participate in the implementation of these projects, against the background of the successes achieved by Turkish companies in this sector.

Olpak stated that 25 Turkish companies attended the "Emirati-Turkish Round Table Meeting for Real Estate Development and Construction 2022", in addition to 30 other participants representing Emirati companies.

He added, "The Turkish companies have introduced themselves and the most prominent projects they have implemented in the past."

He added that the UAE is seeking to diversify its sources of income and not be satisfied with the income generated from oil revenues. Therefore, it is showing interest in several areas and is also showing special interest in investing in several areas in Turkey, most notably energy, food, health and digital technology.

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