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Saudi Arabia and Turkey sign trade deals worth $610m

Saudi Arabia Turkey trade deals Reuters/Balkis Press/Abaca Press
Saudi Arabia and Turkey have been forging closer ties both diplomatically and in trade and investment
  • Turkish companies invited to invest in Saudi construction and property
  • Saudi-Turkish trade has surged in both directions
  • Exports from Turkey to Saudi have increased 600% this year

Saudi Arabia and Turkey have signed trade deals worth SR2.3 billion ($610 million) as the two countries continue to forge stronger diplomatic and economic ties.

The agreements, finalised at the Saudi-Turkish Business Forum in Istanbul, will see investment in real estate, construction, engineering consultancy and other sectors, according to a report by the state-run Saudi Press Agency.

“Under the leadership of our president, we will continue our efforts to further improve the relations between Turkiye and Saudi Arabia, with which we have strong historical and cultural ties,” Omer Bolat, Turkish minister of trade, posted on Twitter. 

The forum was attended by Saudi minister of municipal, rural affairs and housing Majed Al Hogail, and Bolat.

It looked at opportunities for bilateral investments and strengthening partnerships in urban development, construction, contracting and smart cities.

During his opening speech, Al-Hogail said the forum provides an opportunity “to improve cooperation, unite efforts, and exchange expertise in the municipal and housing sectors.”

He said that the kingdom has started building more than 300,000 housing units worth over SR100 billion, inviting Turkish companies to invest in the country’s property market.

Turkey’s exports to Saudi Arabia surged to nearly $800 million during the first four months of this year.

Istanbul’s exports to Riyadh increased over 600 percent over the period, according to the Turkish Exporters’ Assembly.

Gulf nations have invested heavily in Turkey in the past few years as part of wider efforts to de-escalate tensions in the Middle East, and despite the country’s economic malaise and poor returns from previous multi-billion-dollar deals.

Saudi Arabia in March made a $5 billion deposit into the central bank of Turkey to support the country’s economy.

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