"Turkey new destination for Gulf petro-dollars
LONDON: Turkey looks set to attract increasing amounts of Gulf petro-dollars in coming years, the Israel-Lebanon conflict having underlined the persistent security concerns associated with the Middle East.
Gulf tourists and investment petro-dollars have poured into Lebanon in recent years, with Arab direct as well as portfolio investments helping to shore up the economy.
'Turkey is possibly the first step for the expatriation of flows from the Middle East. It is seen as a temporary safe haven for cash,' said Bank Austria CA-IB emerging markets economist Simon Quijano-Evans, who believes Middle Eastern flows may have helped to drive the Turkish lira's six per cent rally since July 17."
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