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Monday, 12 September 2016

Coup and wars no deterrent for Turkey realty |

Coup and wars no deterrent for Turkey realty |

"For one of Turkey’s real estate giants, a coup attempt and a war on its borders are details of history — it is rather more focused on another number and which would have far more relevance to the country’s real estate sector going forward.
“Last year, about 60 per cent of foreign investors who acquired property in Turkey came from the Middle East or Islamic countries,” said Burak Kutlug, Chief Business Development Officer at Agaoglu, the developer of the Istanbul International Financial Centre featuring six office towers and one residential on an area of 303,000 square metres. “I believe that come next year we can reasonably expect a major upturn in investor interest in the country — the coup and the conflicts are concerns, yes … but strictly short-term.
“We keep committing major investments — $3 billion (Dh11 billion) on property development — knowing that Middle East investors will keep finding Turkey the ideal place to be in Europe given the Islamic phobia that is there in so many countries.”"

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Haj slowdown hits Saudi businesses | Reuters

Haj slowdown hits Saudi businesses | Reuters:

"Saudi businesses catering to haj visitor have taken a hit this year as far fewer pilgrims arrive and those who come have less cash to spend.

Saudi authorities say only about 1.86 million pilgrims, including around 1.3 million coming from outside the country, are attending this year's haj, down from peak figures that approached 3 million a few years ago.

The number of visitors from abroad has fallen by around 20 percent and the number from within Saudi Arabia has fallen by half, said Marwan Abbas Shaaban, head of the kingdom's National Committee for Haj and Umrah. Overall, haj-related business was down by half, he said."

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Opec forecasts higher production from non-members next year | The National

Opec forecasts higher production from non-members next year | The National:

"Opec raised its forecast of oil supplies from non-member countries next year as new fields come online and US shale drillers prove more resilient than expected to cheap crude, pointing to a larger surplus in the market.

Demand for crude from Opec will average about 32.4 million barrels per day next year, the group said. That is down from the previous forecast of 33 million bpd.

Opec itself kept output near a multi-year high last month, pumping 33.2 million bpd, according to figures it collects from secondary sources, down 23,000 bpd from July’s figure, the report said."

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Middle East ‘wave of capital’ targeting London properties | The National

Middle East ‘wave of capital’ targeting London properties | The National:

"Middle East property investors are targeting the UK’s commercial property sector after the Brexit vote, according to investment specialists from CBRE.

Ed Bradley, a senior director for investment properties in CBRE’s London capital markets team, said that the decline in prices as a result of the fall in the value of the pound, and the improvement in yields available for investors is leading to more interest in the UK from clients across the region.

"I would say that there is a new wave of capital coming out, in Abu Dhabi, of two groups who have not historically bought in London that are now bidding on assets. That has all been in the last two months," he said. He also said that there was "a huge wall of capital coming out of Saudi that we have never previously seen".


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