Saudi Arabia and Turkey signed eight cooperation agreements in a number of investment areas during the Saudi-Turkish Joint Business Council meeting held on the sidelines of the 7th Bosphorus summit that was hosted by the Turkish city of Istanbul last week.
Turkish President Recep Tayyip Erdogan had launched the summit under the theme, ‘An international goal an international future,’ along with official delegates participating from 70 different countries.
Saudi Arabia was the guest of honor at the event, which had the presence of heads of state, prime ministers, senior officials and businessmen.
The Saudi delegation was headed by Commerce and Investment Minister Majed bin Abdullah Al-Qasabi. Economy Minister Nihat Zeybkekci led the Turkish delegation.
Al-Qasabi pointed out that the Kingdom’s Vision 2030 is ambitious, where the Kingdom works on attracting qualitative investments, supports job creation and promotes trade between the states, their allies and partners.
“There are many Saudi investments in Turkey and there are many Turkish companies operating in the Kingdom,” the minister said in a statement to the Saudi Press Agency on the sidelines of the summit.
The most prominent of the agreements was the strategic cooperation signed between BMG Financial Group and Aktif Bank, which will enable providing investment banking services to their respective clients for investments. Banking, health care, food, renewable energy, agriculture and real estate were identified as some of the key investment sectors.
Basil Al-Ghalayini, CEO of BMG Financial Group, pointed out that several projects by Saudi investors were under review in Turkey. They are estimated at $650 million. Turkish industrial companies will be invited to invest in their Saudi counterparts as technical partners prior to their listing in the second financial market. Amounts expected to be injected into this segment are expected to be around SR500 million.
BMG Financial Group and Aktif Investment Bank ink deal
BMG Financial Group and Aktif Investment Bank ink deal
Alfanar Engineering signs MoU with Schneider Electric Saudi Arabia
Alfanar Engineering Services announced the signing of a strategic MoU with Schneider Electric Saudi Arabia during its participation in the Saudi Arabia Smart Grid Conference. Both Schneider Electric and Alfanar Engineering have committed to further enhancing operational excellence and customer-centric service delivery thereby ensuring long-term asset reliability of their clients in the Kingdom.
Alfanar Engineering brings to the collaboration a strong in-Kingdom service footprint, supported by extensive operations and maintenance capabilities, advanced testing and commissioning equipment, and a network of specialized service centers and labs strategically located across Saudi Arabia. These capabilities enable the delivery of responsive, high-quality technical support tailored to the needs of critical infrastructure and industrial operations. Schneider Electric, with its extensive installed base of energy management and automation solutions, plays a key role in supporting mission-critical facilities and national industries across the Kingdom.
The collaboration was signed by Sattam Al-Motairi, chief operating officer of Alfanar Engineering Services, and Mohamed Shaheen, cluster president — Saudi Arabia, Schneider Electric. It brings together Alfanar’s local operational expertise and service reach with Schneider Electric’s global technologies and service standards. Together, the two companies will enhance service reliability, improve response efficiency, and deliver greater value through sustainable solutions that optimize asset lifecycles. The MoU also supports the development of localized technical services, contributing to the Kingdom’s objectives for sustainable infrastructure, localization, and industrial resilience.
Al-Motairi said: “At Alfanar Engineering Services, we believe that true value is created long after equipment is installed, through reliable service, fast response, and teams that understand the realities of the field. This collaboration with Schneider Electric enables us to enhance the delivery of after-sales services across the Kingdom, combining deep local expertise with world-class technology. Our focus is clear: keeping critical operations running, supporting our customers’ long-term success, and contributing meaningfully to Saudi Arabia’s industrial and infrastructure ambitions.”
Oday Al-Aithan, vice president of field services for Schneider Electric in Saudi Arabia, Pakistan, Yemen, and Bahrain, said: “At Schneider Electric, we are turning advanced energy management and digital solutions into tangible outcomes through our partnership with Alfanar Engineering Services. By combining our integrated technologies, extensive installed base, and global expertise as a leading energy technology partner with Alfanar’s strong in-Kingdom field services, we deliver smarter, faster, and more reliable solutions that optimize asset performance, accelerate response times, and support resilient, sustainable infrastructure, contributing to the Kingdom’s Vision 2030.”
