Turkish investors in Egypt try to assess impact of political unrest on their businesses.

By bne IntelliNews July 5, 2013

There are 250 companies operating in Egypt and they now try to assess possible impacts of the recent political unrest in this country. The value of Turkish companies’ investments there is more than USD 2bn, according to local daily Hurriyet. Turkish investments in Egypt are focused on textile, chemicals, retail and construction.

Properties and security of Turkish businessmen in Egypt are not under threat and currently there is no serious risk to Turkish businesses, Zuhal Mansfield, head of the Turkish-Egyptian Business Council, told the daily. However, chairman of the Istanbul Chamber of Commerce, Ibrahim Caglar says that he is concerned about the turmoil in this country as the situation is still unstable. Orders from the EU and US may stop if the unrest continues, says Hikmet Tanriverdi, head of Istanbul Textile & Read-Wear Exporters’ Assembly (IHKIB).

The Turkish government had close ties with the deposed president of Egypt, Mohamed Morsi, and Turkish companies were hoping to benefit from Turkey’s good relations with Egypt’s ruling Muslim Brotherhood. This year Turkey provided a USD 2bn aid package to Egypt to support the country’s economy and to finance infrastructure projects. Trade volume between Turkey and Egypt was USD 5.2bn last year with Turkey’s exports to this country amounting to USD 3.7bn. Turkey’s exports to Egypt were USD 1.4bn in January-May.

Related Articles

Turkey issues arrest warrants for "Gulen-linked" capital markets board employees

The Turkish authorities have issued arrest warrants for 36 employees of the Turkey's capital markets board (SPK) as well as for more than 160 other people citing claimed links to US-based ... more

Gulen hits out at Erdogan in Washington Post as Turkish leader arrives for Trump talks

Fethullah Gulen, the exiled cleric accused by the Turkish government of orchestrating last year’s attempted coup, on May 16 accused President Recep Tayyip Erdogan of “doing everything he can ... more

Police detain 53 Istanbul bourse ex-employees citing Gulen claims

Turkish prosecutors have ordered the detention of 102 former Borsa Istanbul stock exchange employees, with 53 arrested already, local media reports suggested on May 12. The employees had ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss