A promising success for Turkish investments in Saudi Arabia
The economic relations between Turkey and Saudi Arabia are witnessing rapid progress and remarkable growth, and this enhances the rapid success, which is important in the path of bilateral investments between these two powerful and distant countries. This 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 golden arena, part of which they share in making the most of the Middle East. They enjoy a strategic position that cannot be ignored, as they actively participate in enjoying peace according to their interpretation. Not only that, they are members of the Windows Group, the largest security tool group in the world.
Riyadh and Ankara share strong administrative relations and a radical consolidation that dates back to 1928 when the friendship and cooperation between the two countries was signed. Those cultural and commercial relations, which depend mainly on sustainable economic films for a long time.
In this context, we will look in detail at how Turkish investments in Saudi Arabia have contributed to strengthening economic ties between these two economic powers. We will explore the visions that will make this collaboration a success, and look at the bright prospects that lie ahead in this fruitful engagement.
The story of relationships: The numbers tell the story
Economic relations between Turkey and Saudi Arabia have never been more diverse and prosperous than now. The Foundation of Turkish Trade Minister Omar Polat proudly announced that the volume of exchange between attendees has reached amazing levels, totaling $3.4 billion during the first half of 2023. This amazing number is not just a statistic, but rather a living witness and the sustained rise in the contracts of trade relations between us continues. . .
While this number alone reflects a significant commitment to bilateral relations, the story is much more interesting. This greater amount of trade exchange comes as another step towards the future, as observers seek to communicate this new success in the coming years. This success was also evident in the continued flow of trade, reaching $6.5 billion in 2022.
These economic figures are not just structural, but rather reflect the success of the growing cooperation between Turkey and Saudi Arabia, such as the common benefits. However, with this trend, the two countries can look forward to a promising investment future that will lead to success and prosperity.
Saudi Vision 2030: The path of change and development
The implementation of Saudi Vision 2030 represents an investment point in the transformations of the socio-economic development path of the Kingdom of Saudi Arabia. This vision is considered a qualitative challenge for the Kingdom, as it focuses on transforming and diversifying the Saudi economy away from heavy dependence on oil.
From the twelfth hour, the main thing that will facilitate matters within Saudi Vision 2030 is the coming period and population. This goal is based on significant planning and significant developments in infrastructure and infrastructure.
Saudi Vision 2030 embodies the spirit of sustainable change and diversity. It is not just a development plan, but rather an ambitious vision to build a successful and prosperous future for the Kingdom. The success of this vision depends on diverse cooperation between the public sector and international partnerships, and aims to enhance the natural structure and enable sustainability in various fields.
Saudi Vision 2030 is not just a document of progress, but rather a road map for achieving the country’s ambitions and transforming it into one of the most prominent economies in the world. Some of its goals include promoting national scientific and industrial education, increasing women’s participation in the workforce, health care, and diversifying sources of income. These capabilities represent an effective option for cooperation with Turkish companies and solidarity in Saudi Arabia.
In this context, Turkish investments play an important role in supporting Saudi Vision 2030, which everyone aims to achieve. These investments can be a bridge to tomorrow’s innovation and growth in public and housing sectors, resulting in economic cooperation between Turkey and Saudi Arabia and opening promising prospects for the future.
Some of the goals of Saudi Vision 2030 are:
Increasing the share of private milk in the domestic product
Increase the level of donations for non-profit purposes from the total income target
Increasing the participation rate in the labor market
Increasing the participation rate in the labor market for women
Increasing the employment rate in the retail sector
Health insurance insurance company
Increasing the rate of electricity generation from primary sources
Partially increasing the use of water resources
Increase the allocation rate in robotic keyboard and communications infrastructure
Offering a public investment share in foreign assets
Turkish companies in the Kingdom: a strategic partnership for development
Turkish companies have a prominent position in the Saudi market, which shows the great importance of Turkish investments in the Kingdom. But this is not the only part of the story. There are about 1,140 Saudi companies operating in Turkey, and these companies have capital amounting to $18 billion. This close connection between the two economies confirms the soundness of cooperation and the consolidation of economic partnerships.
In this context, the Saudi Minister of Investment, Khalid Al-Falih, participated in comprehensive efforts to attract 390 Turkish companies to invest in Saudi Arabia with a capital of up to one billion riyals. This dedication ultimately emerges a cycle of large-scale investment flows from large economic relationships.
Part of the companies, Saudi Aramco leads the economic movement with Turkey, reaching out to about 80 of the largest Turkish construction companies to award them distinguished contracts worth millions of dollars in the Kingdom.
Infrastructure development and construction sector development: in support of the Kingdom’s Vision 2030
The Kingdom of Saudi Arabia and Turkey are enthusiastically moving towards enhancing cooperation in the areas of infrastructure development and the 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 the Kingdom of Saudi Arabia’s strategic vision in expanding the construction sector and developing the construction sectors as an essential part of its 2030 vision. This strategic direction encourages the enhancement of investment opportunities and the strengthening of cooperation with leading Turkish companies in the field of construction.
Turkey proudly displays 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 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 economic prosperity in the two countries. It enhances economic exchange and joint investment towards promising horizons.
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 the economies and will contribute strongly to achieving sustainability and prosperity for both countries.
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