The UK-based news agency Reuters shared the details of the meeting following the visit of Vice President Cevdet Yılmaz and Finance Minister Mehmet Şimşek to the United Arab Emirates.
Şimşek and Yılmaz visited the gulf country on Wednesday to hold a preliminary meeting before Erdogan’s possible visit. After the visit, government sources spoke to Reuters about the main discussion items.
According to unidentified sources, the main items of Şimşek and Yılmaz were direct investments after the election. Two different sources stated that the UAE is likely to transfer resources directly to the Turkish defense industry and energy sectors once the election is over.
The confidential source told Reuters:
In the coming period, Gulf countries will continue to bring money to Turkey. Saudi Arabia and the United Arab Emirates will make direct investments in the country.
Erdogan Thanked Gulf Countries
Turkey’s official conduct for about 2 years “Turkish Economy Model” caused great damage to foreign exchange reserves. While the Turkish lira depreciated in the presence of low interest rates, the CBRT reserve, which amounted to -60 billion dollars, put the government in a difficult situation.
Gulf capital had a great impact on the government, which had difficulties in finding external resources due to the high risk premium, in winning the election once again.
In an environment where the 5-year CDS premium increased to 550 points, the fact that Saudi Arabia deposited 5 billion dollars in the CBRT attracted the attention of everyone. Apart from the Saudis, it is claimed that the governments of Qatar and Abu Dhabi provide great resources.
Speaking to the press just before the second round of his election, President Erdoğan used the following statement regarding the Gulf countries:
President Recep Tayyip Erdogan:
Our economy, banking system, financial system is very sound. In the meantime, there were countries that deposited money into our system from the Gulf, and so on. This naturally relieved our Central Bank and our market, albeit for a short time.
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