Turkey is witnessing a steady increase in the number of Saudi companies investing in the country.

The past few months of the current year have witnessed a significant increase in the number of Saudi companies investing in the Turkish market, as official data showed that the number of these companies has exceeded 1,100 Saudi companies.

This increase comes as a result of serious understandings between Saudi Arabia and Turkey aimed at increasing economic cooperation and investment collaboration between the two countries. Badr Al-Badr, the Deputy Minister of Investment of Saudi Arabia, previously stated in a press interview that investments between the two countries will triple in the coming years.

Official Invitations and Government Encouragement for Investment in Turkey

Recently, the Saudi Council of Ministers has issued encouraging calls to Saudi businessmen to invest directly in Turkey, assigning the Saudi Minister of Investment the task of conducting serious discussions with the Turkish side to prepare a memorandum of understanding between the two countries regarding this matter.

In a previous press interview, Saudi Minister of Commerce Majid Al-Qasabi confirmed that there is a Saudi plan to invest between 3 and 4 billion dollars in Turkey, noting that this amount is in addition to previous Saudi investments in the country, which amount to about 18 billion dollars.

The Largest Investment in the Real Estate Sector

In a related context, Turkish expert in Middle East and North Africa economies, Sharifa Akinji, indicated that the largest share of Saudi investments in Turkey was in the real estate sector, which accounted for 30% of the total Saudi investments in the country.

Akinji added that Saudi investments in Turkey were concentrated in major Turkish cities such as Istanbul, Antalya, and Ankara, and included various fields such as housing, construction, agriculture, machinery, entertainment, pharmaceuticals, medical devices, and others.

The economic expert Akinji emphasized that the sector always favored by Saudi investors in Turkey was the real estate sector, as official statistics recorded the purchase of nearly 15,000 homes by Saudis in Turkey during the period from 2015 to 2022.

Increase in Trade Exchange Value

Regarding the volume of trade exchange between the two countries, the latest statistics showed a tangible improvement and an increase in the volume of trade exchange between Saudi Arabia and Turkey during the past few months of the current year.

This improvement and increase in the volume of trade exchange between the two countries comes after a significant decline due to the global outbreak of the Coronavirus pandemic, in addition to political factors that the governments of both countries have overcome, resulting in a 180% increase in trade exchange between Saudi Arabia and Turkey this year compared to the previous year.

Edited by: Imtilak Real Estate

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