Turkish businesses deepen ties with Saudi Arabia through major partnerships

President Recep Tayyip Erdogan’s recent visit to Saudi Arabia for the joint summit of the Organisation of Islamic Cooperation and the Arab League marks a new chapter in the deepening ties between the two countries.

In a notable shift, Saudi Arabia is now welcoming Turkish investments beyond the construction sector, with initiatives in industries such as aviation, mining, pharmaceuticals and e-commerce.

In the past two years, diplomatic advances have opened doors to major economic developments, laying a foundation for substantial investments across diverse sectors.

A report by economy-focused dunya.com highlights that leading Turkish firms—Eczacibasi Holding, Nurol, Rixos Group, and Baykar Makina—are setting their sights on Saudi Arabia, contributing to a dynamic economic landscape with investment potential reaching billions of dollars.

NEO Space established first collaboration in Europe with Turkish Airlines

Driven by the Vision 2030 agenda and the $500 billion NEOM City Project, Saudi Arabia has become a key market for Turkish businesses. The latest example of this cooperation is Turkish Airlines’ partnership with Saudi Arabia’s NEO Space Group, launched recently.

The agreement provides in-flight connectivity solutions on 14 Airbus A350 planes that Turkish Airlines is set to receive in 2026 and 2027. This collaboration, notably NEO Space Group’s first European airline partnership, is backed by Saudi Arabia’s Public Investment Fund (PIF), valued at $930 billion.

Eczacibasi doubled initiatives

Eczacibasi has announced plans to expand into two sectors, starting with a strategic mining partnership through its ESAN subsidiary. ESAN recently signed a letter of intent with Saudi Arabia’s Almasane Alkobra Mining (Amak) and UAE-based Arab Mining Co. to form a joint industrial mining venture with an initial capital of 1 million Saudi Riyals ($267,000) and a 45% stake for ESAN.

Additionally, Eczacibasi’s ceramic division, Eczacibasi Building Products, signed a goodwill agreement with Riyadh-based Saudi Ceramics in 2023 to explore joint investment opportunities.

Abdi Ibrahim to set up new company, Trendyol to invest $2B

Abdi Ibrahim is expanding its footprint through a joint venture with Cigalah Group, part of Saudi Arabia’s Mohamed Yousuf Naghi & Sons, a major player in automotive brands. The new entity, Abdi Cigalah Pharma (ACP), is gearing up for production.

Meanwhile, Trendyol, one of the fastest-growing e-commerce companies in Saudi Arabia, is strengthening its presence in the region. Reaching one billion daily users, Trendyol plans to invest $2 billion across Saudi Arabia and the Gulf over the next three years.