Arab News

RIYADH: Real estate agreements worth more than SR2.3 billion ($610 million) were signed on the sidelines of the Saudi-Turkish Business Forum in Ankara in a sign of the growing economic relations between the two countries.

The 16 cooperation agreements were reached, and included companies specializing in construction, engineering consultancy and investment.

The signings were overseen by the Saudi Minister of Municipal, Rural Affairs and Housing Majid bin Abdullah Al-Hogail, who used a speech to set out how the forum is an opportunity to enhance cooperation and exchange successful experiences in the municipality and housing sectors, according to the Saudi Press Agency.

The minister went on to say that the Kingdom has started building more than 300,000 housing units on areas exceeding 150 million sq. meters, with an investment value of more than SR100 billion.

He called on Turkish companies to put forward investment in the real estate developments in the Kingdom.

Al-Hogail met with the Saudi delegation participating in the forum to learn about the challenges faced by investors and discuss proposed solutions.

Turkish Minister of Trade Omer Polat used his address to the event to express his happiness at hosting the forum, which he said opens new horizons for cooperation between the two countries in many economic sectors, according to the SPA.

Ahead of the event, Al-Hogail held discussions with Turkiye’s Minister of Environment, Urbanization and Climate Change Mehmet Ozhaseki on a wide range of issues of common interest and explored ways to enhance cooperation between both countries. 

The meeting was also attended by Turkiye’s Minister of Treasury and Finance Mehmet Simsek and the president of Turkish Contractors’ Association, Erdal Eren. 

“Under the leadership of our president, we will continue our efforts to further improve the relations between Turkiye and Saudi Arabia, with which we have strong historical and cultural ties,” Omer Bolat, Turkish minister of trade, said in a tweet.

Meanwhile, Saudi Minister of Finance Mohammed Al-Jadaan received Simsek at the ministry’s headquarters in the capital, Riyadh.

The meeting, held in the presence of senior officials from the Saudi and Turkish finance ministries, primarily focused on a comprehensive review of the financial and economic relations between the two countries and explored potential avenues for their enhancement.