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1,040 Saudi Firms Operating in Turkey

Merchants chat in front of a currency exchange office at the historical Grand Bazaar in Istanbul, Turkey, January 12, 2017. (Reuters)
Merchants chat in front of a currency exchange office at the historical Grand Bazaar in Istanbul, Turkey, January 12, 2017. (Reuters)
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1,040 Saudi Firms Operating in Turkey

Merchants chat in front of a currency exchange office at the historical Grand Bazaar in Istanbul, Turkey, January 12, 2017. (Reuters)
Merchants chat in front of a currency exchange office at the historical Grand Bazaar in Istanbul, Turkey, January 12, 2017. (Reuters)

A total number of 1,040 Saudi firms continue to operate in Turkey, with a trade exchange of USD8 billion between the two countries, according to Senior Turkish Adviser Dr. Mustafa Kokso.

The trade exchange target is USD20 billion after the diversification of the economic basket, Kokso told Asharq Al-Awsat, noting that Saudi Arabia and Turkey require new investment means that go in tandem with Saudi Vision 2030 and Turkish aspirations.

Kokso expressed Turkey’s interest in the Kingdom’s infrastructure, including airports and trains, and investment in economic buildings for low-income households, adding that the Saudi investments in Turkey take place through 1,040 firms.

Furthermore, economist Hadeel Abu al-Aoula listed some of the investment advantages resulting from trade exchanges, saying they consolidate the state’s economy and place it among the best investors and exporters globally.

Saudi Arabia placed seventh in 2017 among prime investing states in Turkey.

Abu al-Aoula stated to Asharq Al-Awsat that the Turkish-Saudi economic cooperation is passing through a phase of prosperity and mounting growth, opening new dimensions for further ambitious bilateral projects.

The economist added that the Kingdom is providing legal assistance for investors through assigning a number of lawyers in its embassy in Ankara or its consulate in Istanbul. It also supplies investors with any information that facilitates goal-oriented investment operations serving both countries.

Speaking about major Turkish industries that attract Saudis, Abu al-Aoula mentioned machines, food, minerals, consumer products and the fabric industry.

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Business

China’s Car Exports in First 8 Months Surpass 2025 Total, as EV Sales Soar

FILE - Aerial view of new cars waiting for shipment at a port in Shanghai, China, on Jan. 14, 2026. (Chinatopix via AP, File)
FILE - Aerial view of new cars waiting for shipment at a port in Shanghai, China, on Jan. 14, 2026. (Chinatopix via AP, File)
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China’s Car Exports in First 8 Months Surpass 2025 Total, as EV Sales Soar

FILE - Aerial view of new cars waiting for shipment at a port in Shanghai, China, on Jan. 14, 2026. (Chinatopix via AP, File)
FILE - Aerial view of new cars waiting for shipment at a port in Shanghai, China, on Jan. 14, 2026. (Chinatopix via AP, File)

China’s passenger car exports in the first eight months of this year already surpassed last year's total, an industry association said Thursday, though domestic sales continued to decline.

Passenger car exports in August jumped 67.1% from the year before to around 890,000 units, driven by plug-in hybrids and pure electric vehicles, according to the China Association of Automobile Manufacturers (CAAM).

China exported more than 6.2 million passenger vehicles in January-August. Exports of all types of vehicles totaled 7.1 million last year, CAAM data show, including about 6 million passenger vehicles.

The world’s largest car exporter is on track to achieve 50% to 70% growth in full-year passenger vehicle exports, according to S&P Global Ratings.

At home, passenger car sales fell 25.6% year-on-year in August to just below 1.5 million vehicles.

China’s domestic car market is under pressure from intense competition and price wars, while the slowing economy has undermined consumer confidence.

China’s car exports have been stronger than expected so far this year, helped by competitive pricing and quality, said Stephen Chan, an associate director at S&P Global Ratings.

“It’s likely that strong export growth will largely mitigate the domestic weakness,” The Associated Press quoted him as saying.

Over the past few months the energy shock from the Iran war and rising fuel prices have led more drivers of gasoline and diesel-powered vehicles to shift to EVs.

Hefty tariffs have in effect kept most Chinese-made passenger cars out of the US market. But China has been exporting and selling more of its vehicles to Europe, Latin America, Africa and Southeast Asia.

Chinese automakers are also setting up more factories overseas.

Weak domestic demand is increasing carmakers’ incentives to redirect capacity overseas, analysts at Morgan Stanley said in a recent research note, and Chinese carmakers are increasingly moving beyond vehicle exports toward local assembly and manufacturing to ease impacts from trade barriers and reduce logistics costs.

Business

‘Disciplined Pricing’: Saudi Arabia Tightens Motor Insurance Oversight, Protects Competition

 A vehicle showroom in Riyadh (Asharq Al-Awsat) 
 A vehicle showroom in Riyadh (Asharq Al-Awsat) 
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‘Disciplined Pricing’: Saudi Arabia Tightens Motor Insurance Oversight, Protects Competition

 A vehicle showroom in Riyadh (Asharq Al-Awsat) 
 A vehicle showroom in Riyadh (Asharq Al-Awsat) 

Saudi Arabia’s Insurance Authority is tightening oversight of motor insurance pricing to ensure rates are fair, sound and sustainable, while curbing practices that could undermine competition.

It has also introduced six regulatory standards for motor insurance pricing, requiring insurers to set premiums that are fair and reasonable and to base them on underwriting criteria that avoid pricing below technically sustainable levels or exposing insurers to losses.

Consumer protection

Specialists told Asharq Al-Awsat that the rules should make pricing more transparent without pushing insurers toward uniform rates, preserving competition on price, service and claims quality.

They cautioned that consumers could be negatively affected if the standards artificially narrowed price differences. But rules that curb undisciplined pricing while leaving room for genuine competition would benefit the market and policyholders.

Salem Baajajah, a professor of economics at King Abdulaziz University, stressed that oversight should focus on the fairness of pricing methodologies rather than making final rates similar across insurers.

He explained that the measures would help prevent unfair pricing, price dumping and other harmful practices while allowing insurers to compete through operational efficiency, claims management, service quality, innovation and more accurate risk models.

Fair trade

Consumer protection specialist Abdulaziz Al-Khudairi noted that the Insurance Authority was also addressing ambiguities surrounding vehicle leases to protect lessees’ rights, increase transparency and apply the principle of “fair trade.”

He explained that comprehensive insurance rules require financing companies to obtain at least three insurance quotes annually and offer the lessee the lowest-priced option, preventing customers from bearing unnecessary additional costs.

According to Al-Khudairi, discounts granted by insurers, including for a claims-free record, are credited to a dedicated insurance account for the lessee, with the balance settled at the end of the contract.

The rules also require vehicles to be revalued annually to reflect depreciation, with premiums declining accordingly instead of remaining based on the vehicle’s original new-car value throughout the financing period.

Al-Khudairi added that the lessee is the “primary beneficiary” in cases of partial loss, receiving compensation for repairs and managing vehicle maintenance, while the lessor is the “secondary beneficiary” in a total loss, covering the outstanding financing balance.

Rising prices

Some policyholders reported that motor insurance prices in Saudi Arabia have risen steadily, in some cases to six times previous levels. They expect the new standards to produce fairer rates based on clear and sound principles.

The Saudi Insurance Market Report for the first quarter of 2026 showed coverage expanding to 11.2 million vehicles, with gross written motor insurance premiums reaching SAR 5 billion ($1.3 billion). The monthly complaint rate fell to 0.09 percent from 0.12 percent.

Business

QatarEnergy Expands in Angola with 30% Stake in 2 Offshore Blocks

QatarEnergy will hold a 30% working interest, while Shell (the operator) will hold 50%, and Sonangol will hold 20% in the two offshore blocks.(QatarEnergy)
QatarEnergy will hold a 30% working interest, while Shell (the operator) will hold 50%, and Sonangol will hold 20% in the two offshore blocks.(QatarEnergy)
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QatarEnergy Expands in Angola with 30% Stake in 2 Offshore Blocks

QatarEnergy will hold a 30% working interest, while Shell (the operator) will hold 50%, and Sonangol will hold 20% in the two offshore blocks.(QatarEnergy)
QatarEnergy will hold a 30% working interest, while Shell (the operator) will hold 50%, and Sonangol will hold 20% in the two offshore blocks.(QatarEnergy)

QatarEnergy, alongside its partners Shell and Sonangol E&P, signed an agreement with Angola’s National Agency for Oil, Gas, and Biofuels (ANPG) pertaining to Blocks 8 and 22 offshore Angola.

Under the agreement, and subject to the relevant governmental approvals and final contractual arrangements, QatarEnergy will hold a 30% working interest, while Shell (the operator) will hold 50%, and Sonangol will hold 20% in the two offshore blocks.

“QatarEnergy is pleased to sign this agreement and to establish a presence” in Angola’s energy sector “as part of our international upstream exploration strategy and growth efforts,” said Minister of State for Energy Affairs and President and CEO of QatarEnergy Saad bin Sherida Al Kaabi said.

“We would like to thank the Angolan authorities, and our partners Shell and Sonangol, for their cooperation and support. We look forward to a longstanding and fruitful partnership.”

The agreement was signed in Luanda on the sidelines of the Angola Oil & Gas Conference.