Turkish retailers opened nearly 400 stores, and Turkish construction giants also increased their target: The target is a business of $10 billion a year.
Turkish retailers are opening stores one after another in Saudi Arabia. While looking at the social business network at the weekend, Bella Maison founder Muhammed Tan said, “We opened our third store in Saudi Arabia at Hail Mall. I saw the post “Congratulations to all Bella Maison members.”
Immediately afterwards, I came across a post about Jimmy Key opening 4 stores in 4 different cities in Saudi Arabia.
Kigili is one of the brands preparing to open a store in the country…
When I saw these posts, I wondered whether the retail sector’s investments in this country were increasing. I asked United Brands Association (UBA) President Sinan Oncel about his members’ investments in Saudi Arabia.
Oncel said, “According to our data, 31 of our brands had 272 stores and 91 sales points in Saudi Arabia at the end of 2022. “There appear to be 278 stores and 95 sales points by the end of 2023.”
I would like to make a note here: UBA members have more than 18 thousand stores and sales points abroad.
Going back to Saudi Arabia… As it is known, the relations between Turkiye and Saudi Arabia, which were at odds during the Arab Spring, were further strained due to the murder of Jamal Khashoggi. Turkish brands and products were boycotted in Saudi Arabia, but then the ice was thawed.
Nowadays, Saudi Arabia is one of the most talked about countries in the world with its 2030 vision. Within the framework of this vision, an investment of $3.3 trillion is planned. $1.4 trillion of this investment consists of construction projects within 3 years.
Neom, DiriyahGate, Qiddiya, Amalla and Red Sea are projects in which Turkish construction companies are competing to get a share. The investment for Neom, which is designed only as a smart city and where 9 million people are expected to live, is $500 billion…
Erdal Eren, President of the Turkish Contractors Association, recently said that they signed a $2.7 billion contract in Saudi Arabia last year and that they aim to increase this to $10 billion a year.
In one of our conversations, Limak Holding Honorary President Nihat Ozdemir stated that their new target country abroad is Saudi Arabia and said: “They are building a region called Neom. They are trying to create a new Dubai. They also won the 2029 Winter Olympics. So we got two jobs there. We will continue to take on more business with our Saudi partners.”
Source: Patronlardunyasi / Prepared by Irem Yildiz