Saudi-Turkey trade ties deepen as Turkish contractor wins Jeddah project

Trade relations between Saudi Arabia and Turkey have further deepened with Turkish contractor Yuksel handed a $12 billion contract at the King Abdullah Air Base in Jeddah.

The year-long project consists of site work for a future Life Support Area, Munition Storage Area and Air Defense Artillery for the US Army Corps of Engineers’ Transatlantic Middle East District, according to MEED.

The contract is the latest deal secured by a Turkish contractor in Saudi Arabia after an unofficial embargo was lifted following rekindled diplomatic ties between Riyadh and Ankara.

In August, Saudi Baytur, another contractor from Turkey, won a contract from Umm Al-Qura for Development & Construction Co. to build part of its Masar mixed-use development in Makkah.

In an exclusive interview with Arab News on the sidelines of the recently concluded First Investment Initiative in Riyadh, Nureddin Nebati, the finance minister of Turkey, said the country is seeking more cooperation with Saudi Arabia and other countries as it plans to be an energy hub to Europe.

“Turkey from its geographical position is an energy corridor from Russia, Iran, and Saudi Arabia. Any kind of natural gas or oil that is going to be transported or shipped, will cost less and will be more safely shipped,” said Nebati.

Even though Nebati didn’t elaborate further on how the two countries might cooperate, he made it clear that peace in the region will bring energy costs down. “Turkey and Saudi Arabia are also assisting each other, which will bring peace to the region. That peace will bring more affordable gas prices, the energy prices, and will allow both countries to look ahead,” he added.

He further pointed out that Turkey wants to elevate economic cooperation with Saudi Arabia, which will ultimately benefit the region.

“In the incoming period, the cooperation between Saudi Arabia and Turkey will trigger, of course, new cooperation areas and with the vision of Saudi Arabia and Turkey’s 2023 vision, we will step out to a new century and will contribute to bringing peace and prosperity in the region,” he added.

In June, Crown Prince Mohammed bin Salman visited Turkey and had talks with the Turkish president, Recep Tayyip Erdoğan.

“God willing, we will have the opportunity to assess to what higher level we can take TurkeySaudi Arabia relations,” said Erdogan after the meeting.