Investment message from Saudi Arabia to Turkey

In the news in the Saudi Arabian official agency SPA, it was stated that the issue of promoting investments with Turkey was among the agenda items at the Saudi Arabian Council of Ministers meeting.

"WE ARE MEETING WITH THE TURKISH SIDE"

In the news, it was stated that a draft memorandum of understanding for cooperation in the field of direct investment promotion between the Saudi Arabian government and the Turkish government was discussed with the Turkish side.

Details of the meeting were not disclosed.

The Saudi Cabinet, during its meeting chaired by King Salman bin Abdulaziz Al Saud, directed at Al-Yamamah Palace in Riyadh, to encourage direct investment with Turkey, according to the Saudi Press Agency.

The council concluded several decisions, including authorizing the Saudi Minister of Investment, Khalid bin Abdulaziz Al-Falih, or his representative, to hold talks with the Turkish side.
The mandate includes "discussing a draft memorandum of understanding between the two countries for cooperation in the field of encouraging direct investment, signing it, and then submitting the final signed copy, to complete the regulatory procedures."

On October 27, the Saudi Minister of Investment, Khalid bin Abdulaziz Al-Falih, held a special reception in honor of the Turkish Minister of Treasury and Finance Noureddine Nebti on the sidelines of the sixth "Future Investment Initiative" conference, which was held in the capital, Riyadh.

Al-Falih confirmed that Saudi businessmen will carry out investments in Turkey in various fields such as technology, real estate and energy.

In late September, Saudi Crown Prince Mohammed bin Salman discussed, in Riyadh, with the Turkish presidential spokesman Ibrahim Kalin, and the Minister of Treasury and Finance, bilateral relations between the two countries and ways to develop them in various fields.

According to official data published in October, Turkish exports to Saudi Arabia grew by 180 percent during the first nine months of this year, reaching $420.9 million in revenues.

Turkey and Saudi Arabia have historical relations, especially at the level of support for the nation's issues and bilateral cooperation in all fields, especially the economy. Since the visit of Turkish President Recep Tayyip Erdogan to the Kingdom last April, relations have begun to grow more in various fields.