Saudi-Turkish economic ties are warming: A number of Saudi and Turkish companies signed 16 coordination agreements and MoUs worth SAR 2 bn (c.USD 533 mn) during Turkish President Recep Tayyip Erdogan’s visit to the country on Monday, Asharq Business reports, citing Saudi Housing Minister Majid Al Hogail. The agreements cover a number of sectors, including industry and real estate, he said on the sidelines of the Turkish-Saudi Business Forum. The two countries also signed five MoUs that will see them strengthen ties in energy, defense, and direct investment, the news outlet reported separately.

Remember: Erdogan is visiting KSA, Qatar and the UAE this week to try and attract as much as USD 25 bn in fresh investment to shore up the ailing Turkish economy.

Tags: