Imtilak Properties
25-03-2017

A Turkish official confirmed yesterday that the decision taken by Turkey to grant the right of ownership to foreign investors in Turkey since 2012 has increased the numbers of Saudi companies in the country for more than 90 times compared to what it was in 2011.

In turn, the consultant, "Mustafa Gugso" senior adviser to the Agency for the support and encouragement of investment attached to the presidency of Turkey, explained that the Saudi companies in Turkey was 11 companies only before 2011, and gradually increased to reach 1000 companies in 2016.

"Saudi investments have expanded in many different sectors in Turkey, not only investment in real estate," he said.

He added that nearly 35 Turkish companies have launched several partnerships in the field of trade, industry and various services with their Saudi counterparts recently.

He pointed out that the percentage of Saudi companies currently investing in the real estate sector in Turkey has reached %27, which is about 249 companies of the total Saudi companies investing in Turkey.

He also said that 658 Saudi companies invest in the country in the fields of energy, industry and food mainly, which is equivalent to about %73 of the total investment in Turkey.

The Turkish government approved in 2011 a law that allows the foreigners to own in its land on concessional terms, which led to the prosperity of trade and economy in the coming years.

Gugso noted that Saudi Arabia is currently the 12th largest investor in Turkey in all sectors, with trade volume between Turkey and Saudi Arabia reaching $ 6 billion, with aims of raising it to $ 10 billion in the next few years.