Imtilak Properties
31-03-2017

Saudi Press Agency (SPA) announced that a commercial delegation of the Chamber of Commerce and Industry of Madinah is coming to Turkey from April 1 to 8.

The delegation will visit Turkey under the chairmanship of Mounir Mohammed bin Saad, Chairman of the Chamber of Commerce and Industry, with the participation of 70 businessmen and a number of members of the Chamber Council from the Medina and other parts of the Kingdom.

It is expected that the Saudi Chamber of Commerce will sign several memorandums of understanding, as well as several trade deals and partnerships between Saudi businessmen and their counterparts in Turkey.

This comes during a business tour that will start with a meeting between businessmen from the Chamber of Commerce in Istanbul and the Chamber of Commerce in Gebze as well as the Association of Independent Businessmen and Industrialists.

The aim of the meeting is to introduce the competitive and relative advantages and to enhance trade and investment exchanges in Madinah. The Prophet's Mosque is considered as the economic base of that region and its mineral and touristic wealth as well as many mutual investment opportunities in various fields including construction.

It also aims to benefit from the Turkish companies in this field, especially with the growing demand for housing units in the region estimated by the studies of about (70) thousand housing units until the end of 2020, according to the Saudi Agency.

Saad explained that this visit comes as an extension of mutual visits between the trade delegations, which was preceded by the signing of the Chamber of Commerce from Madinah on the sidelines of the Seventh Bosphorus Summit, the first of which is concerned with mutual cooperation and strengthening trade and investment relations between the two chambers of commerce in Madinah and Turkey.

The fourth was the signing of a memorandum of understanding for the construction of an industrial city with international standards in Medina, with a joint capital between Turkey and Saudi Arabia.

Saudi Arabia's inflows of foreign investments registered a clear growth in 2015, for the first time in seven years, after falling in the last 6 years.

The value of foreign direct investment inflows reached about $ 8141 million at the end of last year, a high of %2 compared to 2014, when it reached $ 8012 million.