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Yemeni Investors Heading to Invest in Turkey After Leaving Saudi Arabia

by Proact
May , 26
Yemeni Investors Heading to Invest in Turkey After Leaving Saudi Arabia

The recent decisions by Saudi authorities to impose surcharges on expatriates and taxes that have made living conditions more difficult have forced many expatriate workers and investors to leave the country, forcing hundreds of Yemeni investors to relocate their businesses from Saudi Arabia to other countries, mainly Turkey.

The head of the Yemeni merchants’ union in Turkey, Mohamed Al-Sanhani, said in his interview with Al-Arabi newspaper that the federation seeks to encourage Yemeni investors who came from Saudi Arabia to enter the funds with them in the fields of electronic industry in the future and perfume industry as well as meat production, To international goods.

Al-Sanhani pointed out that unofficial estimates indicate that the size of the Yemeni investors’ investments in Saudi Arabia may reach 100 billion dollars, and most of them want to withdraw them from Saudi Arabia and transfer them to other countries, adding that investors face obstacles in liquidity and need a long time to get them out of the country, Gradually, and occupy what they have in Turkey as a first stage.

About 300 Yemeni businessmen and investors have left Turkey for Turkey, according to the official of the Yemeni community in Turkey, Maaz Al-Khayyat for the new Arab, explaining the direction of the 800 Turkish traders and businessmen.

The first approach is real estate, where they buy residential apartments within the new complexes and invest in them. The second approach in the field of investment in livestock, and then the import and export companies to Europe and the Gulf, to the restaurants, cafes and shops, which is the least option.

The Turkish-Yemeni Business Forum, which was held in Mersin in early January 2017, aims to strengthen relations between Yemeni businessmen and the Turkish government.

The Turkish government provided special advantages to Yemeni investors, including exemption from customs duties on imported machinery and equipment for licensed projects, as well as exemption from value added tax, in an effort to win the interest of investors and encourage them to open new projects in Turkey.

“Turkey is preparing to be at the forefront of the major economic countries in the coming years, and Yemenis should seize the opportunity and be part of that,” said Yasser al-Sheikh, head of the Yemeni community in Turkey.

The Gulf Arab affairs official of the Turkish Investment and Promotion Agency said in previous statements that they are seeking to introduce Turkish industrialists to Yemeni merchants spread around the world, in order to open new markets to his country.

 

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