Saudi Cabinet calls for direct investment into Türkiye

By Ibrahim al-Khazen

ISTANBUL (AA) – The Saudi Cabinet has called for encouraging direct investments into Türkiye.

In a meeting chaired by King Salman bin Abdulaziz on Tuesday, the Cabinet mandated Investment Minister Khalid Al-Falih to conduct talks with the Turkish side on the issue.

According to the state news agency SPA, the minister was mandated to discuss a proposal for a memorandum of understanding for cooperation on encouraging direct investments.

Last month, Al-Falih hosted Turkish Finance Minister Nureddin Nebati in Riyadh during which he said Saudi businessmen will invest in Türkiye in various fields, including technology, real estate and energy.

Turkish exports to Saudi Arabia reached $420.9 million with an annual increase of 180% in the January-September period, putting the 2021 figures of trade far behind them as the two countries continue to pursue a rapprochement in relations.

* Writing by Ahmed Asmar