RIYADH: Saudi Arabia and Turkiye explored investment opportunities and partnerships in the construction sector during a roundtable, focusing on enhancing supply chains and fostering collaboration between public and private sectors. 

The event, led by Minister of Investment Khalid Al-Falih and joined by Minister of Municipalities and Housing Majid Al-Hogail, brought together key stakeholders from both nations, representing the public and private sectors.

This follows a significant rise in trade between the two countries, with the total volume reaching SR25.4 billion ($6.75 billion) in 2023, a 15.5 percent increase. Saudi exports amounted to SR15.6 billion, while Turkish imports to the Kingdom totaled SR9.8 billion. 

“We reviewed the significant investment and partnership opportunities between public and private sector institutions in both countries, as well as the development of supply chains in this vital sector,” said Al-Falih in a post on X, formerly Twitter. 

The meeting explored key investment opportunities, and discussed enhancing cooperation and localizing supply chains, according to a statement issued by the Ministry of Investment.  

The ministers were joined by senior representatives from some of the largest construction firms in both nations. 

Regarding the roundtable, the ministers emphasized the significant partnership opportunities between public and private sector institutions. They noted the strategic importance of strengthening supply chains to support the development of this essential sector.   

The meeting followed the Saudi-Turkish Business Forum held in Riyadh last week, where business groups from both nations explored export opportunities across multiple economic sectors. 

The forum, organized by the Federation of Saudi Chambers, witnessed the participation of a delegation from the Exporters Assembly, comprising 40 Turkish companies, along with several firms from the Kingdom. 

The event spotlighted opportunities for joint ventures in agriculture, food, and tourism, along with potential collaborations in advanced manufacturing, construction, and infrastructure.  Other key areas included technology, innovation, and logistics, the Saudi Press Agency reported.     

Also organized by the Foreign Economic Relations Board of Turkiye, the event attracted over 450 companies and several government agencies from both nations at the time.   

Last year, Turkiye’s exports totaled $255.8 billion, and the country aims to increase this figure to $400 billion by 2028, working closely with exporters to accelerate the growth of foreign trade.   

RIYADH: Saudi Arabia’s tourism sector added jobs at a steady pace in the second quarter of 2024, with the workforce growing 5.1 percent year on year to 959,175, official data showed. 

According to official data released by the General Authority for Statistics, the sector’s workforce rose 1.57 percent quarter on quarter, signaling sustained momentum in the industry. 

Saudis accounted for 25.6 percent of the total, with 245,905 nationals employed in tourism by the end of June, while expatriates made up 74.4 percent at 713,270. 

The increase highlights the Kingdom’s rapid transformation into a global tourism destination as part of its Vision 2030 economic diversification strategy, which aims to attract 150 million annual visitors by the end of the decade. 

GASTAT data revealed that tourism jobs made up 5.7 percent of the total workforce in the second quarter, a slight decline of 0.2 percentage points from the same period last year. 

In the private sector, tourism accounted for 8.6 percent of employment, down 0.5 percentage points year on year. 

Breaking down the demographics further, male employees dominated the sector at 831,076, while female workers totaled 128,099. 

GASTAT also reported gains in Saudi Arabia’s hotel sector, with occupancy rates rising to 55.4 percent in the second quarter, a 0.5 percentage point increase from last year. The average length of stay for guests surged by 17.6 percent to 5.2 nights.

However, the average daily room rate edged down slightly to SR725.5 ($193.08), a 0.4 percent drop from the second quarter of 2023, reflecting competitive pricing as the industry expands. 

The tourism boom aligns with regional trends, as a Mastercard report released earlier this month highlights the sector’s role in Gulf economies, with Saudi Arabia leading efforts to attract global visitors. 

In 2023, Saudi Arabia’s tourism sector contributed 11.5 percent to gross domestic product and generated $36 billion in revenue, both record highs, according to official data released earlier this year. The sector is projected to grow to 16 percent of GDP by 2034.