What's driving Saudi-Turkish momentum as trade set to pass $8B?
As economic relations between Riyadh and Ankara continue to warm, Turkish construction companies are finding Saudi Arabia full of opportunity.
Amid an upbeat phase in economic relations between Riyadh and Ankara, the Turkiye-Saudi Arabia Business Forum was held in Istanbul earlier this month. Along with the Saudi commerce minister, Majid bin Abdullah Al-Qasabi, around 500 business leaders from both the countries attended the event.
In an address to the forum on Nov. 3, Qasabi stressed that Turkey holds a “special place” in the Saudi market and said that Riyadh sees Turkey as both a “fraternal country” and a “strategic partner.” The forum showcased Turkish-Saudi ties in a wide range of sectors, with 10 new agreements signed in the fields of construction, energy, tourism, technology and health.
As part of a broader strategy by Ankara to upgrade economic ties with more Islamic countries, bilateral trade between Turkey and Saudi Arabia is set to surpass $8 billion this year. Noting that bilateral ties were “flawless and growing stronger,” Turkish Trade Minister Omer Bolat said that the two countries were now “setting their sights on $10 billion by 2025.”
Turkish-Saudi relations
