Talk of large inflows of Arab investment has been a recurring theme in Turkey since the 1980s, starting during the tenure of the late Turgut Ozal, who served first as Turkish premier and then president from 1983 until 1993. Such hype about “Arab capital” has seemingly developed into something of a complement to political efforts to promote conservatism and to Islamize Turkey, a trend that also began under Ozal and continues today under President Recep Tayyip Erdogan.
“Arab capital” refers to money from the Gulf, in particular from Saudi Arabia, Kuwait, Qatar and the United Arab Emirates (UAE). Investments from these countries, including real estate purchases by their nationals, have not only been exaggerated, but are also portrayed as an alternative to investment from the West.
