Saudi Arabia to invest in Turkey 613 billion dollar

December 30, 2015 15:47

Baku. 30 December. REPORT.AZ/ Turkey and Saudi Arabia has agreed to boost economic relations and intensify the investments during the official visit of Turkish President Recep Tayyip Erdoğan to Riyadh, the capital of Saudi Arabia.

Riyadh, which plans to invest 613 billion dollars, is expected to cooperate with Turkish companies in the next 5 years, Report informs referring to the Anadolu Agency.

Saudi Arabia will also attempt to decrease dependency of its economy on fuel with the planned investments until 2020. Turkish companies will play a key role in this process.

Turkey and Saudi Arabia, which monetizes 90 percent of its total revenue from oil, are also expected to extend the bilateral trade volume which is degraded to 5.4 billion dollars at the end of 2014.