Turkish contractors could get new construction business worth US$ 50 billion in Saudi Arabia

It seems that trade relations between Turkey and Saudi Arabia may develop much more in the coming days. According to a report by a major source in the economic media, oil giant Saudi Aramco met with about 80 Turkish contractors this week to discuss potential projects worth $50 billion in the kingdom.

It is a known fact that Turkish contractors have a very good reputation globally and it’s no surprise they would contribute to Turkey’s economy and deficit, struggling with major difficulties. Regarding this initiative it was reported by a Turkish top business person that the potential projects would be planned until 2025.

It is also reported that due to the reputation of Turkish contractors mainly and developing relations between Turkey and Saudi Arabia “Aramco wants to see as many Turkish contractors as possible in concerned projects.”

US$ 50 MILLION WORTH OF INVESTMENT PROJECTS

Reports say that among said projects are refinery, pipeline, administration buildings and other infrastructure construction that will be worth 50 billion dollars of investment. Aramco is expected to prepare a list of contractors who will work on the projects, and the parties will meet again in Saudi Arabia soon.

COOPERATION OF TOP IMPORTANCE FOR TURKEY IN PARTICULAR

This new cooperation points to an important moment for economies of both countries as explained by experts. Aramco is the third most valuable company in the world and has a unique influence on global oil markets. Turkish businesses, meanwhile, have been hit hard by the war in Ukraine and several deadly earthquakes earlier this year that claimed the lives of nearly 50,000 people.

Therefore it both countries manage to further develop their cooperation using this opportunity it will certainly be a major help of vital importance for Turkey and its re-elected President Erdogan to come over major difficulties in the economy which is much expected by his supporters particularly following his victory on May 28 presidential elections.