Kuwait has so far invested $1.5 billion in Turkey, according to the Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah’s official consultant in Turkey.

The Kuwaiti emir is planning to implement three or four giant projects worth $3 billion in Turkey, said Uğur Akkuş, the group leader of the Sems Turk Kuwait-Turkey investment consultancy company.

“A big portion of the $3 billion investment, which will be implemented in Turkey via Sems Turk, a Kuwait-Turkey investment consultancy company, will be in real estate. We are planning to focus on Istanbul,” Akkuş said. “The company is also interested in Turkey’s hydroelectric power plants as well as its agriculture sector.”

“Everything in the Gulf region relies on imports. Turkey has the potential to become the food storage of the Gulf region in the coming years,” said Akkuş. “Our company is also interested in the Southeastern Anatolia Project [GAP].”

All this is a part of Kuwait’s decision to diversify its investments, Akkuş said. “Previously we were focusing on Europe and the United States. However, Turkey became a popular country as the world’s conjuncture changed. With the arrival of the new Emir al-Sabah to power, Kuwait’s path shifted completely towards Turkey and Kuwait’s neighboring countries.”

Within the past three years, Kuwait invested nearly $1.5 billion in Turkey, said Akkuş. Kuwait’s investments in the country have so far been very versatile. Kuwait has invested in Turkey’s real estate market and in the tourism industry. Kuwait has also implemented some portfolio purchases in the Istanbul Stock Exchange, or ISE. Many projects, which were suspended last year due to the economic crisis, have re-entered the agenda this year, Akkuş said.

“The Gulf’s capital has been sent to the U.S. and Europe until now. However, we want to abandon the U.S.-Turkey, London-Turkey or the Middle East triangle. We want the Gulf region’s money to directly flow into Turkey,” Akkuş said. Turkey’s trade volume with Kuwait is around $500 million.

1 Response to “Kuwait to invest $3 billion in Turkey”

  1. 1 Kuwait to invest $3 billion in Turkey » Qatar Daily News | Turkey Live

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