Saudi Arabia and Turkiye signed 16 cooperation agreements worth more than SR2.3 billion in several fields and investment sectors.

The agreements were signed on the sidelines of the Saudi-Turkish Business Forum held in Istanbul in areas including real estate development, construction, and engineering consultancy, among other sectors.

The forum reviewed the Saudi-Turkish investment opportunities and the enhanced partnership between the two sides in the fields of urban development, building, contracting, and smart cities in cooperation with the Federation of Saudi Chambers (FSC), and the Council for Foreign Economic Relations of Turkey (DEİK)

The forum was attended by Saudi Minister of Municipal and Rural Affairs and Housing Majed Bin Abdullah Al-Hogail, and the Turkish Minister of Trade Omer Polat.

Al-Hogail said the forum translated the depth of the historic relations between the two countries, noting that it is also considered as an opportunity to enhance cooperation and joint work, as well as exchange successful experiences in the municipality and housing sectors.

Saudi Arabia is witnessing qualitative progress in different economic and development sectors, of them are the municipality and housing sectors, which was achieved through effective strategic planning to realize the goals of the Kingdom's Vision 2030, Al-Hogail pointed out.

He also expressed his aspiration, through the forum, to strengthen the cooperation between the two sides in the fields of real estate development, automation, and infrastructure projects.

Al-Hogail confirmed that Saudi Arabia is providing several diverse and promising investment opportunities in a qualitative environment suitable for investment.

Saudi Arabia has started building more than 300,000 housing units in an area exceeding 150 million Square meters, with an investment value exceeding SR100 billion, Al-Hogail stated, while calling on Turkish companies to invest in real estate development in the Kingdom.

On his part, Polat expressed happiness that his country is hosting the Saudi-Turkish Business Forum, which will open new horizons for cooperation between the two countries in a number of economic sectors.

Al-Hogail held a meeting with the Saudi delegation participating in the forum, in order to learn more about the challenges faced by the Saudi investors and to discuss the proposed solutions.

Al-Hogail also met with a number of Saudi and Turkish investors and businessmen to discuss investment opportunities and the fields of cooperation between the two sides.

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