Turkey President Erdogan to Visit Saudi Arabia, UAE, Qatar to Attract Investment - Bloomberg
Turkey’s President Recep Tayyip Erdogan will visit Saudi Arabia and the United Arab Emirates this week as he looks to attract foreign investment to support the embattled economy.
Erdogan’s trip from Monday to Wednesday also includes Qatar. It follows his reelection victory in May to extend his rule into a third decade. Since then, he’s altered some economic policies in a bid to end a cost-of-living crisis and looked to improve relations with the Arab world’s petrostates.
Turkey is trying to attract $25 billion in investments from Gulf countries, Turkish officials familiar with the matter have previously said. Erdogan will be accompanied by more than 100 businessmen looking to secure cooperation deals, according to the Trade Ministry.
On Sunday, Erdogan’s government hiked fuel taxes by almost 200%. While the move may worsen inflation already at 38% and further hit households, it comes as Turkish officials seek to stabilize public finances and ease a record current-account deficit.
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