An executive of the Union of Arab Banks has said that many Arab banks are looking closer to Turkey for opportunities to get a foot hold in the growing Turkish finance market.
Adnan Ahmed Yusuf Abdulmalek said: “Banks from Arab countries and Gulf countries are highly interested in Turkey. If barriers were eliminated by Turkish authorities, there would be many Arab banks and a large group of investors investing in Turkey’s banking sector.”
Abdulmalek said that banks in Turkey could benefit greatly from investments from Arab banks. He said: “The interest from the Arab banks will be even higher now on.” Abdulmalek said that Bank Audi had recently been granted a license to found a unit in Turkey, and other banks such as Emirates International Bank and Qatar International Bank could follow suit shortly. Abdulmalek said: “If the investment climate in Turkey’s banking sector improved and Turkey would authorise licenses for more foreign banks, leading banks in the region such as Dubai Islamic Bank would want to open branches in Turkey.”As Turkey continues to become a major influence both politically and economically in the Arab world, it is only natural that ties with investment between the two worlds become more closer linked. Investing in Turkey makes economic sense at the current time and many more businesses and people in the Arab world will look to Turkey in the future for investment opportunities.