PIF mulls opportunities in Turkey, higher trade exchange eyed: Al-Kassabi

Minister of Commerce, Majid Al-Kassabi

The Public Investment Fund (PIF) is studying investment opportunities in Turkey, Minister of Commerce, Majid Al-Kassabi, told the Turkey-based TRT.  

 
The Saudi-Turkish delegations will exchange more visits in the coming period, he said.  
 
Further, the Saudi investments are on the rise in Turkey, which has a special nature and attracts various investments in real estate development, hotels, services, etc.  
 
On the other hand, private investments between $4-$5 billion are eyed in Turkey, Al-Kassabi added, stressing that the Kingdom’s investments in Turkey currently stand at $18 billion.  

He also pointed to Crown Prince Mohammed bin Salman’s directives on strengthening ties with Turkey, particularly on the economic level.

Trade exchange between both countries is expected to reach an advanced level in the next few years, the Saudi minister added, stressing that mechanisms were developed to boost trade to over $10 billion between the Kingdom and Turkey.

Moreover, the two countries can operate in various sectors, such as contracting, building and construction, and tourism, alongside services sectors, including entertainment and technology, as well as logistics. 

Cooperation may also extend to the mining sector, as Turkey owns many companies.

Al-Kassabi concluded that Saudi investors have set up factories and acquired some firms in Turkey.