Saudi Private Sector Prepares for GCC-Türkiye Forum

Saudi-Turkish investment forum that was recently held in Jeddah (Asharq Al-Awsat)
Saudi-Turkish investment forum that was recently held in Jeddah (Asharq Al-Awsat)
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Saudi Private Sector Prepares for GCC-Türkiye Forum

Saudi-Turkish investment forum that was recently held in Jeddah (Asharq Al-Awsat)
Saudi-Turkish investment forum that was recently held in Jeddah (Asharq Al-Awsat)

The Saudi private sector is preparing to participate in the GCC-Türkiye Economic Forum held in Istanbul between November 11 and 13.

According to released information, the Federation of Saudi Chambers informed all commercial chambers about the Forum, which aims to strengthen economic cooperation between the Gulf Cooperation Council (GCC) countries and Türkiye, and increase trade value.

The Statistical Center for the Gulf Cooperation Council (GCC-Stat) indicated that trade between GCC countries and Türkiye reached $22 billion in 2021.

Trade between Saudi Arabia and Türkiye also increased to $6.5 billion in 2022, up from $3.7 billion in 2021.

The Turkish Minister of Trade, Omer Bolat, announced that trade between Saudi Arabia and Türkiye reached $3.4 billion during the first half of 2023.

The Gulf-Turkish economy highlights several areas: trade, investment, energy, infrastructure, industry, transport, logistics services, tourism, agriculture, and food.

- Businessmen

Many officials, Gulf businessmen, and their Turkish counterparts are expected to participate in the Forum.

GCC Secretary-General Jasem Albudaiwi is scheduled to speak at the Forum.

The Turkish government has recently increased its efforts to strengthen economic relations with Gulf countries, especially Saudi Arabia.

Turkish President Recep Tayyip Erdogan visited Saudi Arabia in July, describing the Kingdom as one of the region's most important countries, with a special place in trade, investments, and contracting services.

More than 200 businessmen and investors accompanied Erdogan's visit, highlighting the Saudi market's importance and economic relations between the two nations.

- Engaging the Private Sector

The Saudi-Turkish Business Council held a meeting in Jeddah on the sidelines of Erdogan's visit.

Speaking at the meeting's onset, Saudi Minister of Investment Khaled al-Falih emphasized Riyadh's keenness to engage the local and foreign private sectors, primarily Turkish entities.

Falih indicated that Vision 2030 established a new phase in all aspects of life in the Kingdom and fostered an excellent economic environment for promising investments.

"One of the most prominent features of the Vision is the keenness to involve the Saudi and foreign private sectors, including the Turkish private sector," he said, explaining that the National Investment Strategy was aimed at enabling diversified investments with a total estimated volume of $3.3 trillion by 2030.

The Turkish Trade Minister emphasized the necessity to enhance bilateral investment and trade, noting the strong bilateral ties.

He noted that the free trade agreement would serve the two sides' interests: "Türkiye and the Kingdom are two countries that have sufficient energy to strengthen relations and work to develop all cultural, commercial, and industrial sectors."

- Red Sea Project

Bolat revealed that Saudi Arabia's investments in his country exceeded $2 billion, which he said confirmed "the confidence of our Saudi brothers in Türkiye."

Saudi Minister of Industry and Mineral Resources Bandar al-Khorayef visited Ankara last August and participated in a Turkish-Saudi roundtable where he expressed his country's confidence in Turkish investors.

Khorayef hoped Turkish investors would take advantage of the investment opportunities in Saudi Arabia.

Last March, Saudi Arabia agreed to deposit $5 billion into Türkiye's central bank through its Saudi Fund for Development.

The decision demonstrates the Kingdom's commitment to supporting Türkiye's efforts to strengthen its economy following the devastating earthquake that hit Türkiye and Syria last February.



Cityscape Global in Saudi Arabia to Introduce Over 100,000 Housing Units

Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
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Cityscape Global in Saudi Arabia to Introduce Over 100,000 Housing Units

Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)

The Cityscape Global exhibition, set to open on Monday in Riyadh, is expected to introduce more than 100,000 housing units, financing options with interest rates starting at 2.59%, and discounts of up to SAR 100,000 (around $26,600) on various projects. The event will also feature one of the largest real estate auctions in the Middle East, with an estimated value exceeding SAR 1 billion ($266.6 million).
This announcement was made by Abdullah Al-Hammad, CEO of the General Real Estate Authority, during the Cityscape Global introductory meeting held on Thursday in the Saudi capital.
Al-Hammad emphasized that Saudi Arabia’s hosting of this major real estate event reflects the economic momentum the Kingdom is experiencing under Vision 2030.
He explained that the exhibition will play a key role in showcasing investment opportunities by providing comprehensive insights into real estate market trends, noting that the Kingdom is witnessing unprecedented growth in real estate and economic projects.
The exhibition will primarily focus on the Kingdom’s mega-projects, with participation from over 400 exhibitors, 100 institutional investors, and more than 500 leaders from the global real estate sector.
He added that this major gathering will facilitate access to diverse investment opportunities within Saudi Arabia’s real estate market, thus boosting foreign investment, diversifying the national economy, and supporting sustainable development.
Al-Hammad highlighted that the previous Cityscape exhibition attracted over 160,000 visitors and secured investment projects and agreements valued at over SAR 110 billion ($29 billion), including $19 billion in foreign investments. This year, the second edition is expected to see a 50% increase in transactions, projects, and agreements.
Abdulrahman Altawil, the Deputy Minister for Residential Supply Stimulus and Real Estate Development, told Asharq Al-Awsat that this major real estate event will host leading global names from various areas of the real estate industry, including development, design, and operations.
“A large number of international real estate developers are expected to participate in the event, with over 10 developers already launching projects in Saudi Arabia. The aim is to attract even more developers in partnership with local counterparts”, Altawil said.
Altawil noted that Saudi Arabia’s real estate and investment environment is highly attractive, providing promising and accessible opportunities for investors. He mentioned that the ministry is working to create a diversified landscape focused on attracting global companies to invest in the Kingdom.
The exhibition will feature a selection of experts and CEOs and will include a Real Estate Investors Forum, hosting 150 investors from 22 countries. This event aims to strengthen collaboration on investment projects, establishing itself as a key center for opportunities and investment.