Saudi Arabia has signaled its intention to expand economic relations with Türkiye and is encouraging direct investments in the country, according to a report citing the kingdom’s latest Cabinet meeting on Tuesday. It comes as Ankara and Riyadh have this year moved to repair some diplomatic damage after a decade of tension, Daily Sabah reports.
In a meeting chaired by King Salman on Tuesday, the Cabinet mandated Investment Minister Khalid al-Falih to conduct talks with the Turkish side on the issue. According to the state-run Saudi Press Agency (SPA), the minister was mandated to discuss a proposal for a memorandum of understanding for cooperation on encouraging direct investments.
Last month, al-Falih hosted Treasury and Finance Minister Nureddin Nebati in Riyadh, during which he said Saudi businesspeople would invest in Türkiye in various fields, including technology, real estate and energy.
Oil importer Türkiye and Saudi Arabia have this year moved to mend ties following a decade of tension, which escalated especially after the 2018 murder of dissident Saudi journalist Jamal Khashoggi in Saudi Arabia’s Istanbul Consulate.
President Recep Tayyip Erdoğan visited Saudi Arabia in April, the first high-level visit in years. His trip was followed by Saudi Arabia Crown Prince Mohammed bin Salman’s (MBS) trip to Türkiye in June.
The leaders declared their determination to reactivate economic potential and launch a new era of cooperation in bilateral ties, including in the political, economic, military and security spheres.
Turkish exports to Saudi Arabia reached $420.9 million with an annual increase of 180% in the January-September period, putting the 2021 figures of trade far behind them as the two countries continue to pursue a rapprochement in relations.
