Riyadh, Saudi Arabia — Saudi Arabia’s exports to Turkey during the past three years amounted to SAR 52.280 billion ($13.93 billion), and the Kingdom’s imports from Turkey totaled SAR 16.787 billion.
Saudi exports largely comprised plastics, metal products, organic chemical products, steel, precious metals and stones and its imports from Turkey were carpets, furniture, prefabricated buildings, machinery, historical and artistic artifacts and stone and cement products.
As part of the Saudi-Turkish economic cooperation, the Saudi Fund for Development (SFD) has played a pioneering role in securing concessional financing for a number of development projects and programs in Turkey over the past three decades.
The two countries seek cooperation with regard to encouraging direct investment, signing an agreement already in this field.
They also established the Turkish-Saudi Business and Investment Forum last December with a focus on highlighting promising cooperation opportunities for Turkish companies in the mega projects that the Kingdom is set to implement within the scope of the Kingdom Vision 2030.
Moreover, the encouraging business environment in the Kingdom has succeeded to attract 390 Turkish companies to invest in the Saudi market with a total capital of SAR 985.6 million.
Turkish companies are active in several sectors in the Kingdom, especially construction, manufacturing, wholesale and retail trade and restaurants.
A total of 1,140 companies Saudi companies have invested in several sectors in Turkey, with investments surpassing $18 billion.
On March 19, 2023, the “Saudi-Turkish Business Forum” was held in Riyadh, with the participation of more than 450 Saudi and Turkish companies and many government agencies in the two countries. The forum witnessed the signing of three trade cooperation agreements between representatives of the Saudi and Turkish business sectors in localizing the industry of welding equipment and supplies, and the manufacture of high-tech trucks and tanks to meet the needs of the transport and contracting market, in addition to the establishment of a joint Saudi-Turkish project in automation and engineering.
The statistics of the Saudi aid platform show that between 1979 – 2023, the Kingdom has provided Turkey with financial aid worth $490 million, through 44 projects that included education, energy, transportation and storage, health, water and environmental sanitation, shelter, and non-food items, and in various sectors.
Saudi Arabia topped the list of donors in response to the earthquake in Turkey this year, signing project contracts for the benefit of the earthquake-affected victims worth more than $48.8 million.
Saudi-Turkey relations date back to 1929, following the signing of the Agreement of Friendship and Cooperation between the two countries.
The visit of then King Abdullah bin Abdulaziz Al Saud, to Turkiye in August 2006 resulted in the signing of six bilateral agreements between the two countries on bilateral political consultations between the ministries of foreign affairs of the two countries; a cooperation protocol between the National Center for Documents and Archives of the Kingdom and the General Directorate of State Archives at the Turkish Prime Minister’s Office.
They also signed agreements on investments, avoiding double taxation and health sector. An agreement was also signed to regulate the transport of passengers and goods on land roads between the two countries’ governments.
The visit of King Salman bin Abdulaziz Al Saud to Turkey in April 2016 and his meeting with Turkish President Recep Tayyip Erdogan culminated in the announcement of the establishment of the Saudi-Turkish Coordination Council to enhance joint cooperation in the fields of politics, diplomacy, economy trade, banking, finance, maritime navigation, industry, energy, agriculture, culture, education, technology, military, military industries, security, and media. The Council held its first meeting in February 2017 in Ankara.
During this visit, Turkish President Recep Tayyip Erdogan awarded the Order of the Republic to King Salman, the highest honor in Turkey.