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Relations between Turkey and Saudi Arabia have rapidly improved in recent years following tensions caused by the Jamal Khashoggi incident. The two countries have entered a new phase in political and trade ties, with 2024 marking the most active period of this renewal.
- Record-Breaking Trade: Turkey’s exports to Saudi Arabia, which had nearly hit zero during the Khashoggi crisis, reached a record high of $2.9 billion in 2024. Key sectors include machinery, furniture, and carpets. Saudi Arabia’s “Vision 2030” plan offers significant opportunities for Turkish companies in infrastructure and construction projects.
- Business Activities: Turkish business representatives have been exploring opportunities in Saudi Arabia through forums and meetings. Organizations like MÜSİAD and TÜSİAD have organized events, while major Turkish companies in construction, energy, and tourism have expanded their presence in the region.
- Strategic Cooperation: Saudi Arabia aims to collaborate with Turkey in energy projects, particularly in renewable energy, where Turkish firms are expected to play a leading role. However, intense competition from US, Chinese, and French firms in the Saudi market is notable.
- Impact of the Khashoggi Crisis: The 2018 murder of Jamal Khashoggi had strained relations between the two nations. However, in 2022, Turkey transferred the case to Saudi Arabia, paving the way for the restoration of ties.
Future Outlook:
Experts emphasize the need for Turkey to devise a strategic plan to capitalize on the opportunities in the Saudi market. Under Vision 2030, Turkish firms are projected to secure a share of $20 billion from the Saudi market.
