türkçe links to original Turkish article
(Sözcü Newspaper, 18 October 2020)
No, there's no COVID connection...just a Khashoggi one.
In Riyad, Saudi Arabia, the signs at a market warning shoppers not
to buy Turkish products has underscored the Saudi government's
'secret' effort to boycott Turkey.
The Saudi King supposedly said that "not one dollar of mine will
remain in that country!", signaling the 'secret' embargo that has
been especially devastating to the Turkish real estate sector.
Turkish realtor Songül Toprak Özsan explained that potential Saudi
buyers are "frightened. I was showing them properties in Bebek
and Sarıyer in Istanbul but suddenly the interest stopped, like it
fell off a cliff. The same is true for Bodrum."
Continuing, Özsan noted that "They (Saudis) are in wait mode. But
we're hearing that if pressure on them increases they'll quickly sell
what real estate they have here in Turkey. Already the real estate
sector was in trouble and now with the dollar nearing 8 to 1 (against
the Turkish lira) if the Saudis sell off what properties they have here
it will get much worse. Houses that were selling for $5 million
can't even get $2 million right now."
Turkey has counterattacked against the Saudi boycott by opening
an "dumping" investigation of Saudi-made "low-thickness
polyethylene" used in everything from plastic shopping bags to
water bottles. Turkey imports about $37 million worth of
polyethylene from Saudi Arabia annually. The investigation request
came from Petkim ( a big Turkish petrochemical company) and the
decision to proceed with it by the Turkish Ministry of Commerce is
seen as a message to Riyad.
In happier times...
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