Saudis warned not to invest in Turkey

The head of the Riyadh Chamber of Commerce and Industry (RCCI) warned Saudi investors on Sunday not to invest in Turkey due to high risk related to the country’s economic crisis, Saudi Gazette reported.

“The RCCI has received several complaints from Saudi investors in Turkey who faced problems threatening their investments,” said Ajlan Al-Ajlan, attributing this to the negligence of Turkish authorities amid the country's ongoing recession. 

Al-Ajlan also tweeted that Saudi investors in Turkey have been threatened, harassed and even pushed into extortion by influential entities in Turkey, according to Saudi Gazette.

“The Riyadh chamber warns against investing in Turkey because of the investment risks and the current volatile security situation in that country,” he said.

Al-Ajlan said Saudi tourists have faced increased harassment and fraud. "There are instances where Saudi owners of properties are being prevented from entering their homes and deprived of ownership deeds. There is no intervention on the part of the authorities to put an end to such harassment cases,” he said.

Abdul Hakim Al-Khalidi, head of a chamber of commerce in eastern Saudi Arabia, said Saudi firms needed to take the utmost precaution when doing business in Turkey.

“Saudi investors in Turkey face imminent risks in light of the deteriorating performance of its currency against the US dollar as well as the continuing economic shocks caused by the turbulent geopolitical unrest within Turkey,” he said, noting that many Saudis have been subjected to looting and theft.