Multiple Strategic Agreements Between Turkey and Saudi Arabia

The visit of Turkish President Recep Tayyip Erdogan to the Kingdom of Saudi Arabia on Monday, July 18, marked a significant shift in the field of strategic and economic cooperation between the two countries.

The visit witnessed the signing of agreements in several sectors in the presence of both the Turkish President and Saudi Crown Prince Mohammed bin Salman.

The official visit included the signing of important memorandums of understanding and agreements, covering key areas such as defense industries, energy, communications, and direct investment between the two countries.

The most important agreements signed between the two countries during the meeting of the Turkish President with the Saudi Crown Prince in Jeddah were as follows:

• Memorandum of understanding and joint cooperation in the communication and media sector between the Saudi Ministry of Information and the Directorate of Communications in the Turkish Presidency.
• Signing of an executive plan stipulating joint cooperation between the Turkish and Saudi Ministries of Defense in the presence and approval of both countries' defense ministers.
• Joint cooperation agreement between the Saudi Ministry of Defense and the Turkish company Baykar, manufacturer of military drones.
• Memorandum of understanding in the energy sector between the Saudi Ministry of Energy and the Turkish Ministry of Energy and Natural Resources.

In a related context, Turkish Minister of Trade Omer Bolat issued a direct invitation to Saudi businessmen and companies to invest in his country, noting that the number of Saudi companies operating in Turkey exceeds 1,400 active companies.

Bolat, who was part of the delegation accompanying the Turkish President during his visit to Saudi Arabia, also confirmed that the volume of trade exchange between Turkey and the Kingdom of Saudi Arabia reached 6.5 billion US dollars in 2022, explaining that the next goal is to increase this volume according to the vision of both countries to 10 billion dollars in the short term and 30 billion dollars in the long term.

It is worth mentioning that the visit of Turkish President Recep Tayyip Erdogan to Saudi Arabia comes as part of a tour of three Gulf countries, namely Qatar, the UAE, and the Kingdom of Saudi Arabia.

Edited by: Imtilak Real Estate

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