Saudi Arabia foresees investment of $600bn in Turkey during the next 20 years, according to Abdul Kareem Abu al Nasr, the chairman of National Commercial Bank, the biggest Saudi lender.
Investment in Turkey’s agriculture and manufacturing is set to increase, Abu al Nasr says on Wednesday in a presentation to be delivered in Turkey, a copy of which has been obtained by Bloomberg News.
“In the agriculture space, Turkey emerged as one of the top recipients of Saudi investment, as the kingdom seeks to boost its food security,” he said.
Planet Food World Co will invest $3bn in Turkish agriculture in the next five years, with the aim of exporting food products to the Gulf region, he added.
The strength of Turkey’s agriculture enabled exports of farm products to Saudi Arabia to increase from $90m in 2008 to $144m in 2009, according to Abu al Nasr.
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