Saudi Arabia, Turkiye aim to strengthen economic, urban development cooperation

Saudi Arabia and Turkiye aim to further strengthen their cooperation in the fields of economy, urban development and city planning, as top ministers from both sides met in Ankara on Tuesday.

During the meeting, Saudi Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail held discussions with Turkiye’s Minister of Environment, Urbanization and Climate Change Mehmet Ozhaseki on a wide range of issues of common interest and explored ways to enhance cooperation between both countries.

The meeting was also attended by Turkiye’s Minister of Treasury and Finance Mehmet Simsek and the president of Turkish Contractors’ Association, Erdal Eren.

“Under the leadership of our president, we will continue our efforts to further improve the relations between Turkiye and Saudi Arabia, with which we have strong historical and cultural ties,” Omer Bolat, Turkish minister of trade, said in a tweet.

He added: “We discussed bilateral trade, mutual investments, contracting services, smart city technologies, and the activities of Turkish companies in Saudi Arabia to deepen our relations by taking concrete steps.”

Top officials from both sides also discussed investment opportunities in the housing and municipal sectors in the Kingdom, while reviewing the Saudi experience in the real estate development sector.

In a tweet upon his arrival, Al-Hogail said that the meeting’s purpose is to “continue cooperation in the municipal and residential fields, and to exchange experiences that deepen our experiences, to continue progress in our future steps.”

Al-Hogail also discussed Turkish experiences in the fields of developing cities, maintaining their historical character, financing, construction and urban development.

The minster was also briefed on the most successful Turkish practices in the municipal and housing sector, with the goal of benefitting from the country’s expertise and meeting the ministry’s objectives, the Saudi Press Agency reported.

In reference to the standing of the two nations and their influence at the regional and international levels, Al-Hogail underlined the depth and strength of the bilateral ties between Saudi Arabia and Turkiye.

Additionally, he extended an invitation to Turkish ministers and business leaders to visit the Kingdom and take part in the Cityscape Global exhibition in Riyadh in September, the SPA report added.

During the Saudi-Turkish Business Forum held in March in Riyadh, Mehmet Mus, the then trade minister of Turkiye, had said that the bilateral trade with the Kingdom is expected to reach $10 billion in the coming years.

Speaking at the same forum, the president of the Federation of Saudi Chambers, Hassan Al-Huwaizi, stated that that 1,140 Saudi companies invested in Turkiye while 390 Turkish companies invested in the Kingdom and the bilateral trade volume jumped from SR17 billion ($4.52 billion) in 2017 to SR23 billion in 2022.

Among others, investments were made in the construction, manufacturing and retail sectors, he added.