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Saudi chamber of commerce warns against investing in Turkey: report

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

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

Al-Ajlan tweeted on Sunday that Saudi investors in Turkey risk significant losses due to harassment and extortion by influential entities there.

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

Al-Ajlan said Saudi tourists face 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 is 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, said the Saudi business sector needs to take the 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 the US dollar as well as the continuing economic shocks caused by the turbulent geopolitical unrest within Turkey,” he said, claiming that many Saudis have been subjected to looting and theft.

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 to act in accordance with the directives issued by the Saudi Embassy in Turkey.

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