Saudi Arabia- Turkey trade set to grow

13 Apr 2016

(MENAFN) Trade and investment is ready to increase between Turkey and Saudi Arabia in the coming years, as the two sides cement closer economic and political ties.

Furthermore, Turkey allocated 25 percent of its investments in the Middle East to Saudi Arabia, with more than 200 Turkish firms working in the kingdom.

Additionally, trade between the two nations reached USD 8bn last year, having risen from USD 7bn in 2013, while Saudi exports account for USD 4.5bn.

Turkey is looking to grow the volume of Saudi investments on its territory to USD 25bn, and raise trade exchange from the recent USD 8bn to USD 20bn by 2023.

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