Saudi Arabia, Türkiye Announce Engineering Automation Project for the Middle East

The Saudi-Turkish Business Forum held in Riyadh called for boosting trade relations between the two countries. (Asharq Al-Awsat)
The Saudi-Turkish Business Forum held in Riyadh called for boosting trade relations between the two countries. (Asharq Al-Awsat)
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Saudi Arabia, Türkiye Announce Engineering Automation Project for the Middle East

The Saudi-Turkish Business Forum held in Riyadh called for boosting trade relations between the two countries. (Asharq Al-Awsat)
The Saudi-Turkish Business Forum held in Riyadh called for boosting trade relations between the two countries. (Asharq Al-Awsat)

The Saudi-Turkish Business Forum has set a goal of exceeding $10 billion in the trade exchange between Riyadh and Ankara.

The event witnessed the signing of several cooperation agreements in industrial development, and announcement of the establishment of a joint engineering automation project that will be implemented in the Middle East.

The Saudi-Turkish Business Forum, organized by the Federation of Saudi Chambers, kicked off in Riyadh on Sunday. It was attended by several officials, and over 450 Saudi and Turkish companies, and government agencies from both countries are taking part.

Speaking at the form, Saudi Minister of Commerce Majid al-Qasabi affirmed that Saudi Arabia is undergoing an unprecedented renaissance and transformation thanks to the ambitious leadership and Vision 2030.

He explained that the Kingdom boasts six features that make it the land of opportunities, citing investment potential in minerals, tourism, housing, infrastructure, services, communications, and digitization in Saudi Arabia.

He added that the forum will contribute to finding new possibilities for economic cooperation with Türkiye.

Turkish Minister of Trade Mehmet Mus said Saudi Arabia and Türkiye are two emerging economic powers with significant competitive advantages and they have expressed their desire to increase trade volume to $10 billion in the coming years.

Mus also stated that the Turkish economy is expanding rapidly and that a comprehensive investment incentive system is in place, boasting a massive market with one billion consumers in Türkiye, the European Union, and the free trade zone.

The Minister pointed out that the volume of foreign investment amounted to $285 billion, which reflects a suitable investment environment, urging Saudi companies to enter the Turkish market and capitalize on the opportunities.

Meanwhile, Chairman of the Saudi Chambers Hasan al-Hwaizy explained that Saudi-Turkish relations, which were formalized in 1929, are one of the best international models, which positively reflected in the formation of the Saudi-Turkish Council as a platform for cooperation.

In 2022, the two countries agreed to develop and diversify intra-trade and facilitate trade exchange, he added, indicating that 1,140 Saudi companies invested in Türkiye and 390 Turkish companies currently operate in Saudi Arabia in various sectors.

Trade exchange ranged between $4.5 billion and $6.1 billion from 2017 to 2022.

Head of the Turkish Foreign Economic Relations Board, Nail Olpak indicated that the recent visit by Saudi Crown Prince Mohammed bin Salman to Türkiye pushed the bilateral economic relations forward.

Olpak also explained that the joint road map contributed to the rapid growth of trade and investments, noting that Turkish companies look forward to participating in Saudi projects.

The forum resulted in the signing of three commercial cooperation agreements between Saudi and Turkish business representatives to localize the manufacturing of welding equipment and supplies, as well as the production of high-tech trucks and tanks.

It also saw an agreement to launch a joint Saudi-Turkish automation and engineering project for the Middle East region.

Saudi Minister of Municipal and Rural Affairs and Housing Majid al-Hogail met in Riyadh with the Turkish Trade Minister and several representatives of Turkish companies specialized in the construction and contracting sector.

The officials stressed the need to enhance cooperation between their countries in the municipal and housing sectors and the importance of exchanging experiences to achieve common interests.



IMF Eyes Revised Global Forecast, but Warns Trade Tensions Still Cloud Outlook

A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
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IMF Eyes Revised Global Forecast, but Warns Trade Tensions Still Cloud Outlook

A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.

The International Monetary Fund warned on Friday that risks related to trade tensions continue to cloud the global economic outlook and uncertainty remains high despite some increased trade and improved financial conditions.

IMF First Deputy Managing Director Gita Gopinath said the fund would update its global forecast later in July given "front-loading ahead of tariff increases and some trade diversion," along with improved financial conditions and signs of continued declines in inflation.

In April the IMF slashed its growth forecasts for the United States, China and most countries, citing the impact of US tariffs on imports now at 100-year highs and warning that rising trade tensions would further slow growth.

At the time, it cut its forecast for global growth by 0.5 percentage points to 2.8% for 2025, and by 0.3 percentage points to 3%. Economists expect a slight upward revision when the IMF releases an updated forecast in late July.

According to Reuters, Gopinath told finance officials from the Group of 20 major economies who met this week in South Africa that trade tensions continued to complicate the economic outlook.

"While we will update our global forecast at the end of July, downside risks continue to dominate the outlook and uncertainty remains high," she said, in a text of her remarks.

She urged countries to resolve trade tensions and implement policy changes to address underlying domestic imbalances, including scaling back fiscal outlays and putting debt on a sustainable path.

Gopinath also underscored the need for monetary policy officials to carefully calibrate their decisions to specific circumstances in their countries, and stressed the need to protect central bank independence. This was a key theme in the G20 communique released by finance officials.

Gopinath said capital flows to emerging markets and developing economies remained sluggish, but resilient, in the face of increased policy uncertainty and market volatility. For many borrowers, financing conditions remained tight.

For countries with unsustainable debt, proactive moves were essential, Gopinath said, repeating the IMF's call for timely and efficient debt restructuring mechanisms.

More work was needed on that issue, including allowing middle-income countries to access the G20's Common Framework for Debt Restructuring, she said.