عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
TT
TT

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.

Most Viewed

 
 
Business

Iran's Rial Hits a Record Low, Battered by Regional Tensions and Energy Crisis

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
TT
TT

Iran's Rial Hits a Record Low, Battered by Regional Tensions and Energy Crisis

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)

The Iranian rial on Wednesday fell to its lowest level in history, losing more than 10% of value since Donald Trump won the US presidential election in November and signaling new challenges for Tehran as it remains locked in the wars raging in the Middle East.

The rial traded at 777,000 rials to the dollar, traders in Tehran said, down from 703,000 rials on the day Trump won.

Iran’s Central Bank has in the past flooded the market with more hard currencies in an attempt to improve the rate.

In an interview with state television Tuesday night, Central Bank Gov. Mohammad Reza Farzin said that the supply of foreign currency would increase and the exchange rate would be stabilized. He said that $220 million had been injected into the currency market, The AP reported.

The currency plunged as Iran ordered the closure of schools, universities, and government offices on Wednesday due to a worsening energy crisis exacerbated by harsh winter conditions. The crisis follows a summer of blackouts and is now compounded by severe cold, snow and air pollution.

Despite Iran’s vast natural gas and oil reserves, years of underinvestment and sanctions have left the energy sector ill-prepared for seasonal surges, leading to rolling blackouts and gas shortages.

In 2015, during Iran’s nuclear deal with world powers, the rial was at 32,000 to $1. On July 30, the day that Iran’s reformist President Masoud Pezeshkian was sworn in and began his term, the rate was 584,000 to $1.

Trump unilaterally withdrew America from the accord in 2018, sparking years of tensions between the countries that persist today.

Iran’s economy has struggled for years under crippling international sanctions over its rapidly advancing nuclear program, which now enriches uranium at near weapons-grade levels.

Pezeshkian, elected after a helicopter crash killed hard-line President Ebrahim Raisi in May, came to power on a promise to reach a deal to ease Western sanctions.

Tensions still remain high between the nations, 45 years after the 1979 US Embassy takeover and the 444-day hostage crisis that followed. Before the revolution, the rial traded at 70 for $1.