Promising Success Turkish Investments in Saudi Arabia
Last Updated: 2023-09-26Turkish investments in Saudi Arabia
Economic relations between Turkey and Saudi Arabia are witnessing rapid progress and remarkable growth, and this success constitutes an important crossing in the path of bilateral investments between these two economically powerful countries. This detailed article reflects the growing importance of Turkish investments in Saudi Arabia and reveals the factors that contributed to the success of this promising economic cooperation.
Saudi Arabia and Turkey occupy a prominent position in the regional and international arena, playing a vital role in maintaining stability and security in the Middle East. They enjoy a strategic position that cannot be ignored, as the two countries are actively involved in maintaining international peace and security. Not only that, but they are members of the G20, the group of the world's largest economies.
Riyadh and Ankara have deep historical ties and radical consolidation, stretching back to 1928 when the friendship and cooperation agreement was signed between the two countries. These cultural, trade and economic ties form a strong foundation for sustainable economic cooperation between them.
In this context, we will look in detail at how Turkish investments in Saudi Arabia have developed and how they have contributed to strengthening the economic ties between these two economic powers. We will explore the visions and actions that led to the success of this collaboration, and take a look at the bright prospects that await this fruitful partnership.
Relationship Evolution: Numbers Tell the Story
Economic relations between Turkey and Saudi Arabia have never been more successful and prosperous than now. Turkish Trade Minister Omer Bulatt proudly announced that the volume of trade exchange between the two countries reached staggering levels of $3.4 billion during the first half of 2023. This staggering figure is not just a statistic, but a living witness proving the sustainable rise in the development of trade relations between the two countries.
While this figure alone reflects a firm commitment to strengthening bilateral ties, the whole story is even more exciting. This increase in the volume of trade exchange comes as a proactive step towards the future, as observers expect this success to continue and increase in the coming years. This success is also reflected in the continuous rise in trade, reaching $6.5 billion in 2022.
These economic figures are not just statistics but reflect a success story focused on the growing cooperation between Turkey and Saudi Arabia and the exchange of mutual benefits. As this positive trend continues, both countries can look forward to a promising investment future driven by success and prosperity.
Saudi Vision 2030: The Path to Success and Development
The implementation of Saudi Vision 2030 marks an exceptional turning point in the path of economic and social development of the Kingdom of Saudi Arabia. This vision is a qualitative challenge for the Kingdom, as it aims to transform and diversify the Saudi economy away from heavy dependence on oil.
Among the main sectors that are witnessing qualitative improvements within Saudi Vision 2030 are the municipal and housing sectors. Achieving this goal depends on careful strategic planning and investment in mega development projects that enhance the infrastructure and development of the real estate sector.
Saudi Vision 2030 embodies the spirit of renewal, diversity and sustainable development. It is not just a development plan, but an ambitious vision to build a vibrant and prosperous future for the Kingdom. The success of this vision depends on diversified cooperation between the public and private sectors and international partnerships, and aims to enhance the natural environment and achieve sustainability in various fields.
Saudi Vision 2030 is not just a strategic document, but a roadmap to achieve the country's ambitions and transform it into one of the world's leading economies. Some of its objectives include promoting education and scientific research, developing national industries, increasing women's participation in the workforce, boosting tourism and diversifying revenue sources. These goals represent exciting opportunities for investment, strengthening cooperation with leading Turkish companies and building successful partnerships in Saudi Arabia.
In this context, the important role of Turkish investments is evident in supporting Saudi Vision 2030 and achieving its sustainable goals. These investments can be a bridge for innovation and growth in the municipal and housing sectors, enhancing economic cooperation between Turkey and Saudi Arabia and opening up promising prospects for the future.
Some of the objectives of Saudi Vision 2030 are:
- Increasing the private sector's share of GDP
- Raising the level of donations for non-profit purposes from the total income of enterprises
- Increasing the participation rate in the labor market
- Increasing the participation rate in the labor market for women
- Increasing the percentage of employment in the retail sector
- Raising the coverage rate for health insurance services
- Increasing the percentage of electricity generation from renewable sources
- Increasing the use of sustainable water resources
- Increasing the percentage of privatization in the education, health and infrastructure sectors
- Increasing the percentage of the Public Investment Fund's investment in foreign assets
Turkish companies in the Kingdom: a strategic partnership that promotes development
Turkish companies occupy a prominent position in the Saudi market, which shows the great importance of Turkish investments in the Kingdom. But that's not the only side of the story. There are about 1,140 Saudi companies operating in Turkey, with capital of up to $18 billion. This close link between the two economies reflects the desire of the two countries to strengthen cooperation and strengthen economic partnerships.
In this context, the Saudi Minister of Investment, Khalid Al-Falih, pointed to continuous efforts aimed at attracting 390 Turkish companies to invest in Saudi Arabia with a capital of up to one billion riyals. This dedication to expanding the circle of joint work and promoting investments highlights the commitment of the two countries to strengthening economic relations between them.
In addition to companies, Saudi Aramco is leading the economic movement with Turkey, meeting with about 80 of Turkey's largest construction companies with the aim of awarding them contracts worth millions of dollars in the kingdom.
In this way, it can be said that the presence of Turkish companies in Saudi Arabia and Saudi companies in Turkey is not just trade agreements, but the embodiment of the diversity and deepening of economic relations between the two countries. This partnership seeks to promote development and strengthen economic ties between Turkey and Saudi Arabia, which opens the door to promising prospects and promotes economic exchange and joint investments.
Investment Facilities
The Saudi government seeks to attract more foreign investment by providing investment facilities. These facilities include tax breaks, modern facilities, and streamlined bureaucratic procedures. These measures make Saudi Arabia a preferred destination for international companies.
Education & Training
Turkish investments contribute to the development of the workforce in Saudi Arabia through training and education programs. The two countries are working together to develop workers' skills and provide the vocational education needed to meet the changing needs of the labor market.
Infrastructure Development and Development of Construction Sectors: In Support of the Kingdom's Vision 2030
The Kingdom of Saudi Arabia and Turkey are passionately moving towards strengthening cooperation in the fields of infrastructure development and development of the construction sectors in a way that reflects their renewed and promising commitment. This cooperation includes continuous efforts to exchange expertise and experiences between the two countries with the aim of achieving their common interests. In the official meetings between Saudi and Turkish officials, we witnessed an inspiring review of the interests of Turkish contracting companies and the promising investment opportunities available in Saudi Arabia.
We also noted the importance of Saudi Arabia's strategic vision in expanding the construction sector and developing the construction sectors as an essential part of its Vision 2030. This strategic direction encourages the enhancement of investment opportunities and enhanced cooperation with leading Turkish companies in the field of construction.
Turkey proudly demonstrates its exceptional expertise in the construction sector, and its brilliance in mega projects in its major cities such as Istanbul, making it an ideal model for economic development in the region. This experience and competence opens promising doors for Turkish companies to benefit from the sustainable growth in the Saudi market and actively participate in achieving the Kingdom's Vision 2030. In this way, cooperation between Turkey and Saudi Arabia in the field of infrastructure development and development of construction sectors can become a catalyst for development and prosperity. economic in the two countries, promotes economic exchange and joint investment towards promising prospects.
In conclusion, the economic cooperation between Turkey and Saudi Arabia represents an inspiring model for regional partnerships in the Middle East. As interaction and communication between the two countries increase, we look to a promising future full of success and progress in this fruitful relationship. This great cooperation will have a positive impact on economies and will contribute strongly to the sustainability and prosperity of both countries.
If you are interested in more investment opportunities and promising real estate projects in Turkey, we invite you to contact the Mersat Real Estate team. We are here to help you achieve successful investments and unique opportunities that meet your aspirations. Go towards a bright future and benefit from our experience and expertise in the world of real estate investment in Turkey.
Mersat Real Estate Team Edit
FAQ
Q1: Which sectors benefit the most from Turkish investments in Saudi Arabia?
A1: Key sectors include infrastructure, energy and manufacturing.
Q2: Are there any large projects launched between Turkey and Saudi Arabia?
A2: Yes, large projects have been launched in cooperation with Turkish companies in Saudi Arabia.
Q3: What are the future opportunities for economic relations between the two countries?
A3: Future opportunities include diversifying investment and increasing bilateral cooperation in new areas.
Q4: Can Turkish companies invest in emerging sectors in Saudi Arabia?
A4: Yes, it is possible for Turkish companies to invest in emerging sectors in Saudi Arabia.
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Turkish Investments | Saudi Economy | Investment Opportunities | Economic Cooperation | Promising Success | International Investment | Turkey and Saudi Arabia | Economic News | Economic Analysis | Economic Developments
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