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Türkiye and Saudi Arabia outlined ambitious plans to dramatically expand economic cooperation during a major investment forum in Riyadh on Tuesday, with officials from both countries targeting $10 billion in bilateral trade by next year and $30 billion in the longer term.
The forum, attended by more than 700 business representatives and government officials from both nations, coincided with President Recep Tayyip Erdogan's visit to the kingdom at the invitation of Saudi Crown Prince Mohammed bin Salman. The gathering brought together 230 Turkish participants alongside their Saudi counterparts to explore investment opportunities across multiple sectors.
"We are very happy to see the Turkish private sector here," Saudi Investment Minister Khalid bin Abdulaziz al-Falih said at the opening session. "What the private sectors of Türkiye and Saudi Arabia will do certainly goes beyond what we think."
The forum marked what officials described as a strategic deepening of ties between two of the Middle East's largest economies, with discussions spanning construction, renewable energy, defense industry cooperation, and food security.
Saudi investments in Türkiye have surpassed $2 billion, concentrated primarily in construction and real estate sectors, according to al-Falih. He indicated these figures could increase by several billion dollars as new projects currently under discussion move forward.
Turkish companies have maintained a growing presence in the Saudi market, with more than 5,600 Turkish firms now operating in the kingdom — up from approximately 3,500 just a few years ago. Turkish contractors have completed 434 projects worth $32.5 billion in Saudi Arabia to date.
"This rapid increase is not a coincidence, but the result of mutual trust and a clear vision," said Hasim Sungu, chairman of the Foreign Economic Relations Board (DEIK) Türkiye-Saudi Arabia Business Council.
Trade Minister Omer Bolat told the forum that bilateral trade volume has exceeded $8.6 billion. "The goals of our leaders to increase the trade volume between the two countries to $10 billion in the short term and $30 billion in the long term are fixed," he said. "I hope that 2026 will be the year we achieve the $10 billion target."
The Saudi investment minister emphasized that Turkish companies are well-positioned to participate in the kingdom's Vision 2030 development projects, including preparations for Expo 2030 in Riyadh and the 2034 FIFA World Cup.
Al-Falih identified tourism, real estate, and education as sectors where Turkish firms could find significant opportunities in Saudi Arabia. He also highlighted food industry and agricultural cooperation as priority areas for partnership, noting Türkiye's advanced capabilities in these sectors.
"We want to expand our partnership over the next three years," al-Falih said. "When we look at the opportunities in both countries, we see great potential."
The minister characterized the relationship between the two economies as complementary rather than competitive, with Saudi Arabia serving as a major investment destination while Türkiye functions as a leading manufacturing and export hub in the region.
DEIK Chairman Nail Olpak called on Saudi business leaders to take greater advantage of investment opportunities in Türkiye, describing the country as the largest investment, production, and technology base between Western Europe and China.
Olpak noted that Ziraat Bank operates a branch in Jeddah and said officials would explore establishing a presence in Riyadh following requests from business contacts. He emphasized that finance and banking play crucial roles in developing bilateral relations.
Both sides also discussed potential cooperation in third countries, particularly in reconstruction efforts. "Türkiye and Saudi Arabia can undertake important collaborations in the reconstruction of Gaza and Ukraine and in other third countries," Bolat said.
During the event, the Turkish Contractors Association signed an agreement with the Saudi Contractors Authority, the official public body that regulates and represents the construction and contracting sector in the kingdom.
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