Saudi Arabia and Turkey have economic relations described by the two countries as strong and solid, reflecting the volume of trade between them, which amounts to about eight billion dollars, the flow of inter-investments, the increase in the number of Saudi tourists who are coming to Turkey, and the Turkish labor entering the Saudi market.
These relations were reinforced following a number of official visits by the leaders of the two countries, including a visit by Turkish President Recep Tayyip Erdogan to Riyadh in July 2017, preceded by a visit to Saudi King Salman bin Abdul Aziz in April 2016.
But these relations were affected by the failed coup in July 2016 and Ankara’s pro-Qatar stance on the Doha blockade since June 2017. The disappearance of Saudi journalist Jamal Khashoggi after he entered the Saudi consulate in Istanbul.
Analysts warned that if Khashoggi’s death was proven, it would have serious consequences for the already deteriorating relations between Riyadh and Ankara.
The nature of economic relations between Turkey and Saudi Arabia:
The data show that the number of Saudi companies in Turkey rose to about one thousand companies, after the number of 11 companies in 2011. These companies invest more than six billion dollars.
The growth in the number of companies after Turkey approved the granting of ownership rights to foreign investors in 2012. Ankara aspires to increase the number of Saudi companies in their country.
Saudi investments in Turkey are estimated at more than $ 11 billion and are concentrated in the real estate sector in particular. The sector accounts for about 25%, or 249 companies.
Saudi Arabia’s investments in Turkey include industry, energy and food.
The Turkish tourism sector is one of the most important areas that strengthen relations between Ankara and Riyadh.
Ankara says that Saudi tourists to Turkey increased by 35 percent in the first half of 2018 compared to the same period last year.
According to Turkish Ambassador to Riyadh Erdogan Cook, 620 thousand Saudi tourists visited Turkey last year, expected to increase this number this year.
A number of Saudi citizens also chose to settle in several Turkish states, such as Istanbul, Bursa, Trabzon and elsewhere.