The large effects on markets, however, seem to have largely missed Turkey due to the Eid al-Adha holiday. Turkish Shareholders Association (BORYAD) President Ali Bahçuvan told an Anatolian news agency reporter yesterday that Turkey has been mostly protected from the large dives in share prices due to the holiday.
Foreign Economic Relations Board (DEİK) Turkey-Qatar Business Council President Emin Sazak explained that Turkish contractors with projects in Dubai would have difficulty receiving payments, adding that delays in receivables were to be expected. Sazak noted that a few firms who were in talks about investing in Dubai had withdrawn after the onset of this debt crisis. Nurol Construction CEO Bülent Erdoğan revealed that after six months of not receiving payments, they had stopped construction on three separate projects in Dubai.
The effects of the Dubai debt crisis were not hard felt in Turkey’s markets. The İstanbul Stock Exchange National 100 Index (İMKB 100) gained 318.59 points from its closing on Thursday, Nov. 26 to end at 45668.76 points after the first trading session.
