940 Saudi companies invest $6bn in Turkey

Turkish President Recep Tayyip Erdogan (L) meets King of Saudi Arabia Salman Bin Abdulaziz (R) in Riyadh, Saudi Arabia on 14 February 2017 [Kayhan Özer/Anadolu Agency]

As many as 940 Saudi companies have invested $6 billion in Turkey, an official said yesterday.

A representative of the Investment Support and Promotion Agency of Turkey (ISPAT) in Saudi Arabia, Mustafa Kirksour told the Anadolu Agency that the investments amounted to $6 billion.

Turkish President Recep Tayyip Erdogan began a three-day tour of the Gulf on Sunday accompanied by a large delegation of businessmen to strengthen the growing relations between the two sides on the political and economic levels.

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His tour includes visits to Bahrain, Saudi Arabia and Qatar. In the last 10 years, Turkey’s exports to these three countries totalled $33 billion.

Kirksour noted that the decline in the Turkish lira has encouraged the Saudis to invest more in the country.

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