Saudi company considers $5 billion investment in Türkiye

Türkiye is attracting significant international investment, including a potential $5 billion investment from a Saudi company, according to Turkish Vice President Cevdet Yilmaz.

Speaking on a TV channel, Yilmaz highlighted the growing confidence in Türkiye’s economic policies during the 10th Investment Advisory Council Meeting, led by President Recep Tayyip Erdogan.

Saudi investment interest in Türkiye to grow

Yilmaz noted that both portfolio and direct investments in Türkiye are entering a new phase, emphasizing that the results of these developments will become more evident in the coming period.

“Türkiye has become a country that investors discuss seriously. It’s stable, predictable, and most importantly, peaceful,” Yilmaz stated, adding that converting this interest into concrete results is now the goal.

Saudi company eyes major investment

During the Investment Advisory Council Meeting, a Saudi-owned company expressed interest in investing $5 billion in Türkiye’s energy and other sectors.

“No matter where we go, we observe significant global interest. Türkiye is at the center of discussions among investors,” Yilmaz commented, emphasizing the Ankara’s increasing appeal on the global stage.

Direct foreign investments on the rise

Yilmaz highlighted the uptick in foreign direct investments, particularly in the last three months. “In the past seven months, direct investments have exceeded $6 billion, and we aim to surpass $10 billion by the year’s end,” Yilmaz said.

Türkiye currently holds a 1% share of global investment, with plans to increase this to 1.5%.

Addressing concerns over early election calls, Yilmaz reaffirmed Türkiye’s commitment to political stability, stating that the country is not considering early elections. He emphasized the importance of political stability for economic success and pointed out that investor interest is focused on the country’s long-term prospects rather than internal politics.

Türkiye’s fiscal and economic outlook

Yilmaz provided updates on Türkiye’s fiscal situation, noting improvements in the budget deficit and current account balance. “Despite allocating 2.5 trillion liras ($73 billion) for earthquake-related expenditures, we’ve kept the budget deficit below 5%,” he said.

Yilmaz also projected the current account deficit to drop to 1.7% by year-end, with inflation expected to fall below 20% by the end of next year.