Turkey’s dependence on Gulf investment will grow

Significance

The trip came just a few weeks after his victory in the presidential and parliamentary elections in May. The tour was part of Turkey’s push to improve ties with regional countries and secure investments to prop up its struggling economy.

Impacts

• More robust economic ties with Turkey will serve the Gulf countries’ agenda of diversifying their economies away from oil and gas.
• Turkey will tap into funding from the UAE, Saudi Arabia and Qatar to support post-earthquake reconstruction in its south-eastern provinces.
• Gulf financial assistance will ease the pressure on the Turkish lira.