The "Saudi-Turkish Business Forum" is held with promising prospects for fruitful cooperation.

During the "Saudi-Turkish Business Forum" held in the capital Riyadh yesterday (Sunday), representatives of Saudi and Turkish business sectors signed joint agreements in several fields.

The official Saudi Press Agency reported that the forum was attended by a number of high-level figures and senior officials, including: Saudi Minister of Commerce "Majid Al-Qasabi", Turkish Minister "Mehmet Muş", as well as more than 450 Saudi and Turkish companies, and representatives of some government agencies from both countries.

New Opportunities for Economic Cooperation Between Turkey and Saudi Arabia

The Saudi Minister of Commerce confirmed in his speech that "the forum will help create new opportunities for economic cooperation between Turkey and Saudi Arabia."

The Saudi Press Agency also quoted the Turkish Minister of Commerce as saying: "Both Saudi Arabia and Turkey are emerging economic powers and have significant competitive advantages."

Al-Qasabi expressed the Kingdom's aspirations to increase trade between the two countries to 10 billion dollars in the coming years.

In the same context, Mr. Muş spoke about the growing fundamentals of the Turkish economy, inviting Saudi companies to enter the Turkish market and benefit from the opportunities and incentives for investment in Turkey, saying: "The Turkish economy is developing rapidly, with a solid investment incentive system and a huge market, including a billion consumers in Turkey, the European Union countries, and free trade zones."

The Turkish minister pointed out on his Twitter account the strengthening of relations between Turkey and Saudi Arabia "by enhancing dialogue between the private and public sectors in both countries," and described his meeting with the Saudi Foreign Minister "Al-Qasabi" as "positive in order to enhance trade and economic cooperation."

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About 1,140 Saudi Companies Invest in Turkey

Mr. "Hassan Al-Huwaizi", President of the Federation of Saudi Chambers of Commerce, also spoke about the nature of Turkish-Saudi relations, saying: "The Saudi-Turkish relations, which began in 1929, are among the best global models."

Al-Huwaizi pointed out that these relations have received the attention of the leaders of both countries and have had a positive impact through the establishment of the Saudi-Turkish Coordination Council as a platform for cooperation at all levels, agreeing to develop and diversify cooperation and facilitate trade exchanges.

Al-Huwaizi also mentioned the presence of "1,140 Saudi companies investing in Turkey, and 390 Turkish companies investing in the Kingdom, participating in construction, manufacturing, wholesale and retail trade..."

Signing of Trade Cooperation Agreements Between the Two Countries During the Forum

According to the Saudi Press Agency, the forum witnessed the signing of at least 8 agreements, where "representatives of the Saudi and Turkish business sectors signed three trade cooperation agreements, in the field of local manufacturing of welding equipment and supplies, as well as in the field of truck and tank manufacturing, including a joint project in automation, and joint engineering projects in the Middle East."

The Turkish minister said on his Twitter account that he joined his Saudi counterparts in meetings with Saudi and Turkish companies aimed at consulting on ways to increase mutual trade in all sectors.

The Turkish minister also held two separate meetings with "Saleh Al-Jasser", Minister of Transport and Logistics Services, and "Majid Al-Hogail", Minister of Municipal, Rural Affairs and Housing, where they discussed ways of cooperation in implementing infrastructure and construction projects.

Cooperation Agreements Between "Imtilak Group Companies" and a Number of Saudi Companies

For its part, the presence of "Imtilak Investment Group", represented by its director Mr. "Abdullah Al-Hammad", at the Saudi-Turkish Business Forum, had a positive impact through the signing of a number of memorandums of understanding and cooperation agreements with several prominent Saudi companies.

These agreements include various fields of real estate investment:

• Real estate brokerage and enhancing opportunities for investors to acquire real estate, according to the best standards.
• Real estate development based on precise scientific studies.
• Oregon Investment Portfolio Management Company (one of the Imtilak Group companies) also signed cooperation agreements in the field of portfolio management of all types, especially real estate portfolios.

The signed agreements also aimed to strengthen relations with the partners of "Imtilak Investment Group" to achieve optimal cooperation in terms of business development and exchange of expertise.

Edited by: Imtilak Real Estate©