UAE Investment Casualty Of Turkey’s Egypt Policy
Foreign policy decisions are negatively affecting Turkey’s exports and attraction of foreign investment.
The economic bill for Turkey’s foreign policy, which is resented by most regional countries, is slowly adding up. While exports to Syria and Egypt directly — and via Turkey to other countries — are steadily declining, the first real blow was the suspension of the United Arab Emirates’ (UAE) $12 billion investment in a coal-based energy project.
There is conflicting news on whether the investment in what is called the “biggest ever Turkish energy project” is suspended or perhaps altogether canceled. While company representatives in Turkey say the investment has been suspended, Reuters news agency quoted sources in the UAE asserting that the investment has been completely canceled.
Remarks by Taner Yildiz, minister of energy, suggested that reports of a complete cancellation were accurate. Yildiz said making such a decision without asking Turkey was not proper, but Turkey has ‘’already started discussions with other countries to implement this project.’’
Egypt policy
