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Saudi Arabia, Türkiye Sign 16 Cooperation Agreements

The forum's objective is to explore investment prospects between Saudi Arabia and Türkiye. SPA
The forum's objective is to explore investment prospects between Saudi Arabia and Türkiye. SPA
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Saudi Arabia, Türkiye Sign 16 Cooperation Agreements

The forum's objective is to explore investment prospects between Saudi Arabia and Türkiye. SPA
The forum's objective is to explore investment prospects between Saudi Arabia and Türkiye. SPA

The Saudi-Turkish Business Forum kicked off in Istanbul on Wednesday, with the presence of the Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, and Turkish Minister of Trade Omer Bolat.

On the forum's sidelines, the Saudi Minister witnessed the signing of 16 cooperation agreements worth over SAR2.3 billion between the Saudi side and Turkish companies operating in various investment sectors, including real estate development, construction, and engineering consulting.

The forum's objective is to explore investment prospects between Saudi Arabia and Türkiye and strengthen bilateral partnerships in urban development, construction, contracting, smart cities, and urban development.

This collaboration between the Federation of Saudi Chambers of Commerce and the Foreign Economic Relations Board of Türkiye (DEIK) aims to foster cooperation and exchange expertise in the municipal and housing sectors.

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

Al-Hogail also highlighted the remarkable progress made by the Kingdom in the economic and developmental sectors, particularly municipal and housing. He emphasized the importance of efficient strategic planning to achieve the targets outlined in Saudi Vision 2030.

Al-Hogail expressed his aspiration for enhanced cooperation in real estate development, automation, and infrastructure projects through this forum.

Furthermore, the Saudi Minister emphasized that the Kingdom offers a wide array of promising and diverse investment opportunities within an attractive investment environment. He highlighted the Kingdom's ongoing efforts to construct over 300,000 housing units across an area exceeding 150 million square meters, with an investment value surpassing SAR100 billion.

Al-Hogail urged all Turkish companies to consider investing in real estate development in the Kingdom.

The Turkish Minister of Trade also expressed his satisfaction with hosting the Saudi-Turkish Business Forum, which opens up new avenues for collaboration between the two nations in diverse economic sectors.

Al-Hogail engaged with the Saudi delegation participating in the forum to address the challenges faced by Saudi investors and propose potential solutions. He also attended a meeting with the Turkish Minister of Trade, along with Saudi and Turkish investors and businesspeople, to discuss investment opportunities and areas of cooperation between the two sides.

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Saudi Arabia to Host Regular World Economic Forum Global Meeting

A view of the Saudi capital, Riyadh. (Getty Images)
A view of the Saudi capital, Riyadh. (Getty Images)
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Saudi Arabia to Host Regular World Economic Forum Global Meeting

A view of the Saudi capital, Riyadh. (Getty Images)
A view of the Saudi capital, Riyadh. (Getty Images)

Saudi Arabia will host a regular high-level World Economic Forum (WEF) global meeting in Riyadh, with the first slated for the Spring of 2026.

Saudi Minister of Economy and Planning Faisal Alibrahim and WEF President Børge Brende, made the announcement on Friday - the final day of the 55th Annual Meeting of the World Economic Forum in Davos, Switzerland.

The global WEF meeting in Riyadh will serve as a vital platform for global leaders, experts, policy- and decision-makers from diverse fields including the public and private sectors, academia, international organizations, and civil society to convene and address the challenges defining the world.

“Hosting a regular global World Economic Forum meeting in the Kingdom is a testament to the global platform for dialogue, collaboration and innovation that Saudi Arabia has become, and that the World Economic Forum continues to be. This meeting represents a significant opportunity to further unite the world in capturing the immense potential that lies ahead,” said Alibrahim.

“In this critical juncture for the global economy, we are not only inspired by the opportunities before us, but also deeply confident that our collective efforts will forge a brighter, more inclusive and more prosperous future for all. We look forward to welcoming the global community again in Saudi Arabia in the spring of 2026,” he added.

For his part, Brende said: “The World Economic Forum is looking forward to coming back to the Kingdom in 2026. To close the 55th World Economic Forum with this announcement puts us on a strong course for the years ahead. Years that will have immense consequences. Because the progress we make over the coming months will not only deliver results in the near term, but will shape our course for years to come.”

Building on the success of the World Economic Forum Special Meeting held in Riyadh in April 2024, this new development solidifies Saudi Arabia’s position as a central player in shaping the global agenda. The Kingdom’s bold leadership and determination to foster global dialogues between developed and developing economies and drive inclusive global growth make it an ideal host to address complex global challenges with the WEF community.

The World Economic Forum Global Meeting in Riyadh is set to become a cornerstone event in the global calendar, reflecting the Kingdom’s position as a key bridge between the north and south, east and west, and a beacon for constructive dialogue and action.