Turkey expects $10 billion in Gulf investments after upcoming Erdogan visit, sources say | Reuters

Turkey expects $10 billion in Gulf investments after upcoming Erdogan visit, sources say | Reuters

Turkey expects Gulf countries to make direct investments of about $10 billion initially in domestic assets as part of President Tayyip Erdogan's trip to the region in two weeks, according to two senior Turkish officials.

Erdogan is scheduled to visit leaders in Saudi Arabia, Qatar and the United Arab Emirates on July 17-19, in part to drum up foreign funding that would boost Turkey's strained economy after his re-election in May.

The sources, who spoke on condition of anonymity given the talks are private and deals are not yet finalised, said overall investments of up to $30 billion are expected over a longer period in Turkey's energy, infrastructure and defence sectors.

Direct investments worth about $10 billion "should come within a short time and this is crucial," said one of the officials. "Expectations are high for the Gulf visit. Some important agreements will be signed."