Saudi Arabia-Turkey trade reaches $8bn


09/02/2014 07:28 AST

Turkey is a safe place for investment despite the current economic and political atmosphere, a Turkish official confirmed.

Fikret Ozer, the Turkish consul general in Jeddah, has encouraged interested parties to consider the successful experience of famous Saudi businessman Saleh Kamel, one of Turkey’s main investors.

During his visit to the Jeddah Chamber of Commerce and Industry last week, Ozer said the embassy and consulate are ready to provide consultations to stakeholders.

Accompanied by the commercial attaché, president of the Chamber of Commerce and Industry in Tarabzon and a number of businessmen and managers of Turkish tourism companies, Ozer praised the relationship between the two governments. He explained that close relations, particularly in counter-terrorism and fighting drug-smuggling, will ease investors’ work in Turkey.

Ozer ensured investors that following the economic crisis, the lira has started recovering, especially after the central bank’s intervention. He criticized Western powers for disrupting the efforts of Turkey, a donor country, to achieve high economic growth rates. Reforms done by the leading Justice and Development party is improving the party’s reputation and trust.

Ozer stated that the trade volume between Turkey and Saudi Arabia had reached $8 billion. According to the latest statistics, “the Turkish exports to Saudi Arabia are growing by 20-30 percent,” he said. Carpets, machines, iron, and textile industries are some of Turkey’s popular products. Turkey is witnessing a major development producing drones for military use, he said.

He stressed that his government is working to resolve obstacles facing investors. He said his country offers "golden investment opportunities," particularly in the housing and tourism sectors east of the Black Sea.

Ozer pointed out that there are two types of investment in the real estate sector. The first relates to owning residential houses, made possible to all GCC citizens two year ago. The second relates to establishing real estate companies. He explained that there are no restrictions on GCC citizens owning houses but stakeholders can buy lands up to a maximum of 300,000 square meters.

He tackled the issue of Turkish work force in Saudi Arabia following a government adjustment campaign, “Turkish workers are definitely less than they were 30 years ago, but existing labors either work in Turkish companies or run their own businesses,” Ozer said.

The meeting was attended by the CEO of Jeddah Chamber of Commerce and Industry, Mazin bin Fuad Tunsi and board members Saud Sa’di, Hassan Kansara, and Hisham Ka’ki.

Arab News
Economic and Business News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.15 1,265,926
GFH 0.6
EMIRATESNBD 8 953,900
DAMAC 3.04 4,480,836
DANA 0.67 63,659,571
SABIC 102.33 6,566,984
Recent News

Maaden announces new Vice Chairman
The Saudi Arabian Mining Company (Maaden) announces the Board of Directors decision on June 21, 2017 of appointing H.E. Sulaiman Bin Abdulrahman Al-Gwaiz (non-executive member) as the Vice Chairman f

QNB sees minimal impact from standoff
Qatar National Bank said it expects to meet its earnings targets as the ongoing Saudi-led campaign to ‘isolate’ the country has minimal impact on its operations.

The Middle East’s largest le

Egypt seeks FDI boost as its economy struggles
Egypt’s investment ministry has finalised a much-anticipated set of regulations outlining incentives that it hopes will lure back badly needed foreign investors, Investment Minister Sahar Nasr told R

Qatar bourse says Gulf institutions dumped Qatari shares
The Qatar Stock Exchange on Wednesday said it believed some institutional investors from Saudi Arabia, the UAE and Bahrain dumped shares to drive down the Qatari stock market in the wake of the diplo

UAE banks clear $175bn cheques in 5 months
A total of 12.922 million cheques worth Dh643.7 billion ($175 billion) were handled by the UAE Clearing Cheque System during the first five months of 2017, according to the UAE Central Bank data.

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?