Saudi Gazette report

JEDDAH — The engaging enterprise atmosphere within the Kingdom has succeeded in attracting 390 Turkish firms to spend money on the Saudi market, with a capital of almost SR1 billion, Funding Minister Eng. Khalid Al-Falih confirmed.

Eng. Al-Falih made the remarks throughout his speech on the Saudi-Turkish Enterprise Discussion board that was held in Jeddah on Monday, on the sidelines of the Turkish President Recep Tayyip Erdogan’s go to to Saudi Arabia.

He additionally famous that the variety of firms with Saudi capital invested in Turkey has now reached 1,140 firms working in a number of sectors, indicating that they aspire to extend the quantity.

Eng. Al-Falih harassed the significance of joint work between all events in Saudi Arabia and Turkey to determine challenges in investments within the non-public sector within the two nations and to work rapidly and successfully to resolve and overcome them in a method that might profit them.

Saudi Arabia is eager to contain Saudi and overseas non-public sectors, together with the non-public sector from Turkey, within the main developmental course of, because the Nationwide Funding Technique goals to allow diversified investments with an estimated whole quantity of SR3 trillion and $300 billion by 2030.

Eng. Al-Falih indicated that he’s very pleased with the non-public sector firms in each nations which are robust in all places on this planet. “What we now have not been in a position to do but is to combine these distinguished capabilities between Saudi Arabia and Turkey,” he mentioned.

The minister mentioned that there are promising alternatives within the Kingdom that giant Turkish firms with distinguished capabilities can profit from independently, or by forming funding partnerships with Saudi non-public sector establishments in distinct sectors.

He pointed to the development sector in Saudi Arabia, which is witnessing an unprecedented renaissance, as the amount of spending in it in 2023 exceeds $70 billion yearly.

The development sector in Saudi Arabia is predicted to succeed in greater than $215 billion by 2030, Eng. Al-Falih mentioned.

He additionally famous that striving to satisfy the rising demand of the development and contracting sector gives a possibility to create many partnerships between Turkish and Saudi firms.

This is able to elevate operational effectivity to enhance efficiency, scale back prices, and spend money on many fashionable supplies and applied sciences, which might additionally contribute to supporting the transition to wash power.

The Kingdom is taken into account one of many largest meals and beverage markets within the area. The Saudi meals and beverage market constitutes 60% of the amount of the Gulf market, and its quantity in 2020 reached greater than $45 billion, he mentioned, anticipating that it’ll develop by roughly $65 billion by 2035.