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Saudi-Turkish Investment Ties Head Towards New Phase

Saudi-Turkish Investment Ties Head Towards New Phase

Thursday, 23 June, 2022 - 10:30
Photo of the meeting of Saudi and Turkish businessmen in Turkey on Wednesday. (Asharq Al-Awsat)

Saudi and Turkish businessmen have discussed broader horizons in strategic areas and vital economic sectors, revealing plans to access the Saudi market through the fields of contracting, infrastructure, industry, and technology.

Their talks came during the visit of Saudi Crown Prince Mohammed bin Salman to Turkey on Wednesday.

“The visit is very important in terms of finding solutions to developing joint economic relations,” said Turkish investor Bülent Recepoglu, adding that new and positive effects would appear in the coming days.

In remarks to Asharq Al-Awsat, Recepoglu noted that the most important potential agreements included expanding the volume of trade and cooperation in almost every field.

“There are hundreds of companies and personal activities supported by bilateral agreements and individual initiatives, from energy to infrastructure, communications, food, and unique defense solutions,” he underlined.

Regarding cooperation in tourism, Recepoglu said: “Saudi Arabia is an indispensable partner for strategic partnerships in Turkey and in the rest of the world,” pointing out that the number of Saudi citizens who invest in Turkey were expected to increase by at least 40 percent.

Saudi businessman Abdullah Al-Maleihi, head of Al-Tamayoz Holding Company, said that since the announcement of the Crown Prince’s visit to Turkey, a group of companies in the two countries launched negotiations to discuss entering the Saudi market in the field of contracting, infrastructure, industries and the aviation sector.

He added that the visit of Crown Prince Mohammed bin Salman would encourage the re-organization of the Saudi-Turkish Business Council, with the aim of achieving strategic economic, investment and commercial cooperation.

The Turkish real estate is considered one of the most popular Turkish commercial sectors to attract Saudi investors, he emphasized, noting that the infrastructure sector in the Kingdom is of great importance to Turkish companies.

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