Saudi Arabia and Turkiye Strengthen Bilateral Cooperation in Various Sectors
As ministers gather in Istanbul, the collaboration between Saudi Arabia and Turkiye is set to expand in the realms of real estate, infrastructure, and waste management.
Saudi Arabia’s Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, is embarking on a three-day official tour until July 4 to meet with officials and companies in Turkiye, aiming to enhance cooperation and investment opportunities in these key sectors.
With bilateral trade surpassing SR26 billion ($6.93 billion) in 2023, both countries are actively engaged in boosting their cooperation and economic relations.
Advancements in the Saudi Real Estate Market
The Saudi real estate market is rapidly evolving with ambitious urban development projects and significant infrastructure investments, attracting global attention while prioritizing sustainability and innovation.
Strengthening Ties in Istanbul
Upon his arrival in Istanbul, Minister Al-Hogail met with Turkiye Presidency’s Investment Office Chief, Burak Daglıoglu, to discuss ways to enhance bilateral cooperation.
Al-Hogail highlighted the strong relations between Saudi Arabia and Turkiye, acknowledging their robust commercial ties and joint investments, and expressed the Kingdom’s openness to collaboration with companies from various sectors.
He also praised the experience and capabilities of Turkish investment companies in real estate, waste management, and recycling, noting their suitability for the Saudi market and welcoming their interest in investing in these areas.
Defense Cooperation and High-Level Talks
Besides economic collaboration, defense cooperation between the two nations is also prominent. Saudi Minister of Defense, Prince Khalid bin Salman, recently met with Turkish President Recep Tayyip Erdogan in Ankara to discuss ways to enhance relations, regional developments, and future cooperation paths.
High-level talks on military capabilities, technology transfer, and scientific research development have been ongoing between the two countries, with the bilateral committee holding its fourth meeting in Istanbul earlier this year.
The meeting, attended by officials from both sides, highlighted the commitment to strengthening and developing existing and future cooperation between the ministries of defense in Saudi Arabia and Turkiye.
Additionally, Saudi Assistant Minister of Defense Talal bin Abdullah Al-Otaibi visited Turkiye’s leading drone manufacturer Baykar to discuss existing cooperation and explore further collaboration opportunities.