Saudi Investment Minister: We see great opportunities for investment between the Kingdom and Turkey

The Saudi Minister of Investment, Engineer Khaled Al-Falih, said that we are working to strengthen relations between the Kingdom and Turkey.

Al-Falih explained that there are great opportunities for investment between Saudi Arabia and Turkey, adding: “The Kingdom has a distinguished economic and investment environment.”

The minister indicated that the volume of spending on the construction sector will reach $215 billion by 2030.

The Saudi investment minister added that the Kingdom constitutes 60% of the Gulf food market.

He continued, “We have 10,000 factories dealing with food industries, and we have also launched 4 economic zones dealing with vital sectors.”

The Saudi investment minister stated that there are about 1,140 companies with Saudi capital operating in Turkey.

“We have attracted 390 Turkish companies to invest in the kingdom,” according to the Saudi investment minister.

Turkish President Recep Tayyip Erdogan began today a visit to Saudi Arabia, which is expected to enhance the volume of trade between the two countries at a time when the two countries aim to increase the volume of exchange between them.

Sultan Al-Salami, Al-Arabiya correspondent, said that the meetings of the Saudi-Turkish Business Council started today in Jeddah, in the presence of more than 200 Turkish business figures interested in investing in the Kingdom of Saudi Arabia.

Al-Salami added that the meetings witnessed the participation of many Saudi companies and businessmen interested in investing in Turkey.

He continued, “During the meetings of the Saudi-Turkish Business Council, it is expected that 10 agreements will be signed in economic fields, including mining, energy, health care, nutrition, agriculture, real estate, construction, and tourism.”

The value of Turkish exports to Saudi Arabia during the first 4 months of this year amounted to about $781 million.

Intra-trade between the two countries jumped from $4.5 billion in 2017 to $6.1 billion in 2022, as Turkey’s exports to Saudi Arabia last year amounted to $1.05 billion, which constitutes a jump from the figures for 2021, which were about $250 million.

Last week, the Saudi-Turkish Business Forum was held in Istanbul, where 16 cooperation agreements were signed between the Saudi side and Turkish companies in the fields of real estate development, construction, engineering consultancy and a number of other investment sectors, with a value exceeding 2.3 billion riyals.