High-level Arab banking official declares Arab world keen to increase investment in Turkey
Date
5/26/2024 8:31:10 AM
(MENAFN) Wissam H. Fattouh, the Secretary-General of the Union of Arab Banks, highlighted Turkey's growing appeal as an investment destination for the Arab world, citing its membership in the G20 and its status as a developing economy.
Speaking with a Turkish news agency during the International Arab banking Summit in Istanbul, Fattouh noted the keen interest of many Arab investors in establishing connections with Turkish banks. The summit, held under the auspices of President Recep Tayyip Erdogan, drew attention to the robust investment and trade relations between Turkey and the Arab world.
Fattouh underscored the advanced state of Turkey's banking sector, particularly in terms of technology and digital banking, positioning it as an attractive partner for collaboration and investment. He emphasized the significance of leveraging Turkey's banking expertise, with delegations from the Arab world actively engaging with Turkish banks to explore potential opportunities.
Highlighting the Iraq-Turkey Development Road project as a pivotal initiative, Fattouh emphasized its potential to generate employment opportunities and reshape trade dynamics. The project holds promise for fostering economic growth and strengthening ties between Turkey and its regional partners.
Regarding reports of the Emirati bank First Abu Dhabi Bank (FAB) considering the acquisition of Turkish private lender Yapi Kredi, Fattouh emphasized the abundance of investment opportunities in Turkey. He noted that FAB's interest in Yapi Kredi underscores Turkey's appeal as a lucrative investment destination, with the country's dynamic economic landscape attracting interest from prominent regional players like FAB.
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