Search Site

Trends banner

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

Saudi Arabia and Turkey to boost ties in industrial, mining sectors

An MoU will be signed in the coming days with Saudi Arabia to advance cooperation in export strategies. (QNA)
  • The two countries desire to ramp up mutual investments in the manufacturing sector
  • Turkish companies would attempt to obtain more shares of Saudi Arabia's projects

Ankara, Turkey— Saudi Arabia and Turkey are looking to boost cooperation in the industrial and mining sectors.

In this regard, Turkish Minister of Energy and Natural Resources Alparslan Bayraktar met on Monday with Saudi Arabia’s Industry and Mineral Resources Minister Bandar Ibrahim Al Khorayef, who is currently visiting Turkey.

The two sides discussed during the meeting enhancing cooperation that benefits the two countries, notably in the industrial and mining sectors.

The two ministers signed a memorandum of understanding (MoU) to advance mining cooperation, particularly critical minerals that are required in new technologies such as electric vehicles and solar panel technologies.

Bayraktar also pointed to Saudi Arabia’s interest in green hydrogen, solar and wind energy.

On the other hand, Turkish Minister of Trade Omer Bolat discussed with Al Khorayef opportunities to enhance the Turkiye-Saudi Arabia economic relations to achieve the desired goals of the two countries.

In a statement after the meeting, Bolat said that Turkiye will implement a strong plan to increase trade with Saudi Arabia, especially mutual investments in the manufacturing sector.

A MoU will be signed in the coming days with Saudi Arabia to advance cooperation in export strategies and sectoral partnerships, Bolat added.

Bolat said that Turkiye will continue to work with Saudi Arabia so Turkish companies obtain more shares of Saudi Arabia’s projects, in line with the country’s industry and mining strategy and Saudi Vision 2030.