RIYADH: Just days after the Saudi-Turkish Investment Form concluded in Jeddah, the Saudi Ministry of Investment has announced it has signed memorandums of understanding with Turkiye to further stimulate economic cooperation between the two countries.  

The agreements were in the education and real estate sectors. 

The signing parties, in addition to the Investment Ministry, included representatives from Princess Nourah bint Abdulrahman University, Ozkar Construction, and Limak, the Turkish company behind the Kingdom’s largest water transmission system.

The deals are aimed at strengthening Saudi-Turkish cooperation, encouraging direct investments and exploring opportunities in building and construction.  

Reflecting the growing economic ties between the two countries, real estate agreements worth more than SR2.3 billion ($610 million) were signed on the sidelines of the Saudi-Turkish Business Forum, which was held in Ankara earlier this month, in the presence of Saudi Minister of Municipal, Rural Affairs and Housing Majid bin Abdullah Al-Hogail, along with Turkish Minister of Trade Omer Polat.  

Some 16 cooperation agreements were reached at the event, and included deals with companies specializing in construction, engineering consultancy and investment.   

Furthermore, Jeddah hosted the Saudi-Turkish Investment Forum earlier this week in a further boost to economic relations between the two countries.  

The meeting was attended by more than 400 business leaders and officials and discussions were held around further investment opportunities. A number of agreements were signed covering manufacturing, tourism and mining as well as food and agriculture, defense and military industries.   

The forum was attended by Saudi Minister of Investment Khalid Al-Falih and Turkish Minister of Trade Omar Polat, with the participation of representatives from companies of both sides.  

In December 2022, the Turkiye-Saudi Forum, organized in partnership with the Turkish Ministry of Treasury and Finance, Turkiye’s Investment Office of the Presidency, and the Foreign Economic Relations Board of Turkiye, was held in Istanbul to highlight promising investment opportunities.  

Addressing that forum, Al-Falih had said: “The manufacturing, tourism, construction and biotechnology, and healthcare sectors are some of the key sectors that have the potential to drive areas for mutually beneficial investment opportunities.”  

He went on to stress the importance of private-sector partnerships and business-to-business relations to strengthen economic ties between the two nations.