Turkish direct investments in Saudi Arabia surpass $2B: Al-Falih

Minister of Investment Khalid Al-Falih

Minister of Investment Khalid Al-Falih said that Turkish direct investments in the Kingdom have surpassed $2 billion.

These investments are focused on the manufacturing, real estate, construction, agriculture, trade, and other sectors.

In his opening speech at the Saudi-Turkish Investment Forum, Al-Falih stated that total trade exchange between the two countries reached around $8 billion, growing 14% in one year. In addition, 1,473 investment registers have been issued to active Turkish companies in the Kingdom by the end of last year.

These indicators reflect the strength and growth of trade relations between the two countries and their transition from a phase of identifying available opportunities to actively working on implementing announced ambitions, said the Minister.

He continued by saying that this phase of collaboration is especially crucial in light of the current state of the world economy, which has made businesses more circumspect and pickier about where they make investments.

Al-Falih further highlighted that Saudi Arabia and Turkey stand out as two economic pillars in the region, together accounting for around 50% of the region’s gross domestic product.

He also mentioned that later today, Crown Prince Mohammed bin Salman will receive Turkish President Recep Tayyip Erdoğan during an official visit to the Kingdom, expressing hope that the visit will help elevate bilateral relations from their current strong level to a broader strategic partnership.