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That is how things stand on the direct investment side, and they are not much different when it comes to credits and investments in Turkish government bonds. Europeans bought more than 70% of the government bonds sold to foreigners in 2016, worth about $30 billion, according to Central Bank data. Another 20% went to American investors, and 10% to Asian ones, with the Gulf s share estimated at 5%.
In sum, the so-called Arab capital from the oil-rich Gulf countries*represents less than 10% of the external funds that Turkey is benefiting from either as direct investment or loans and portfolio investments.
Since 2003, Turkey s annual use of external funds has stood at an average of $40 billion, and Europe is its undisputed No. 1 partner in this regard. While the United States comes in second, the share of Gulf investors makes them quite a junior partner on the list. Even if speculation of certain covert or unrecorded funds is taken seriously, the Gulf's share would still not exceed 10%.
The bottom line is, given the scale of Turkey s external financing needs and the Gulf countries investment record in Turkey,
Arab capital can in no way substitute for the Western funds from which Turkey is benefiting.
http://www.al-monitor.com/pulse/orig...r-economy.html