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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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Egypt’s Net Foreign Assets Rise in February

Hotels, banks and offices on the Nile River in Cairo (Reuters)
Hotels, banks and offices on the Nile River in Cairo (Reuters)
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Egypt’s Net Foreign Assets Rise in February

Hotels, banks and offices on the Nile River in Cairo (Reuters)
Hotels, banks and offices on the Nile River in Cairo (Reuters)

Egypt’s net foreign assets (NFAs) increased by $1.48 billion in February, marking the second monthly rise this year following consecutive declines in the final three months of 2024, according to data released by the Central Bank of Egypt (CBE).

Based on official exchange rates provided by the CBE, calculations by Reuters showed that net foreign assets rose to the equivalent of $10.18 billion at the end of February, up from $8.70 billion in January.
A banking source attributed the increase to growing foreign investor purchases of Egyptian treasury bills. January also saw an uptick in foreign assets after the government issued $2 billion in international bonds—the country’s first dollar-denominated bond sale in four years.

Further growth in foreign assets is expected in March after the International Monetary Fund approved a $1.2 billion disbursement to Egypt, following the fourth review of its $8 billion economic reform program signed in March 2024. Last month’s IMF approval also unlocked an additional $1.3 billion under the Fund’s Resilience and Sustainability Facility.

Following Egypt’s fourth currency devaluation in March 2024, the overall net foreign asset position of Egyptian banks swung into surplus by about $14.29 billion in May—the first surplus in nearly 28 months. This turnaround came after the deficit had ballooned to nearly $29 billion by the end of January, just before the central bank’s latest reform measures.

However, the net foreign position of commercial banks alone (excluding the central bank) turned negative again in August due to renewed demand pressures for US dollars, just three months after the broader recovery.

In February, both the central bank and commercial banks recorded an increase in foreign assets. While the CBE’s foreign liabilities also grew during the month, those of commercial banks declined.