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Saudi-Turkish Business Forum Helps Boost Economic Ties

Saudi Arabia's flag.
Saudi Arabia's flag.
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Saudi-Turkish Business Forum Helps Boost Economic Ties

Saudi Arabia's flag.
Saudi Arabia's flag.

The Saudi-Turkish Business Forum and Turkish Products Fair was held on March 4, 2024 at the Riyadh International Convention and Exhibition Center, SPA said on Tuesday.
The Riyadh Chamber of Commerce hosted the forum.
Saudi Minister of Commerce Majid Al-Qasabi emphasized the strong relations between Saudi Arabia and Turkiye, and the potential for increased collaboration.
He highlighted Saudi Arabia's "unprecedented transformation", driven by the "wise leadership, an ambitious vision, and a population of which 80% are young people".
The Minister also said that the Kingdom's vast oil and mineral resources, estimated at $1.5 trillion, are contributing significantly to its ongoing transformation.
Minister of Investment Khalid Al-Falih met with representatives of Turkish construction companies and highlighted the growing Saudi economy and the numerous investment opportunities, particularly in the construction sector, valued at $152 billion.
The targeted capital expenditure exceeded $3.3 trillion from 2022 to 2030, he said, reiterating that potential construction contracts range from $1.6 trillion to $$1.8 trillion.
Turkish Minister of Trade Omer Bolat emphasized the forum's significance to bolstering trade and economic ties between the two nations. He highlighted the $6.2 billion trade volume achieved in 2023, and expressed optimism for further growth.
He also underlined the Turkish companies' keenness to capitalize on investment opportunities arising from Saudi Vision 2030.
Second Vice Chairman of the Riyadh Chamber Naif Al-Rajhi emphasized the forum's role in building on the partnerships established at the Saudi-Turkish Business Forum held in Istanbul last October, which resulted in several cooperation agreements.
The forum concluded with the signing of new agreements between Saudi and Turkish companies.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.