https://arab.news/w4xj7
RIYADH: The Saudi Cabinet has approved a memorandum of understanding with Turkiye designed to strengthen cooperation in central banking between key financial institutions in the countries.
Crown Prince Mohammed bin Salman chaired the Cabinet on Feb. 11, during which the Kingdom’s economy and the progress of various government-led initiatives were discussed, the Saudi Press Agency reported.
The approval of the MoU between the central banks of Saudi Arabia and Turkiye highlights the progress of economic and trade ties between the two nations.
In December, Saudi Arabia’s Cabinet approved the signing of an MoU between the Kingdom and Turkiye to boost cooperation in the field of energy.
Turkiye is a key destination for Saudi Arabia’s non-oil goods, with the Kingdom sending outbound shipments worth SR960.4 million ($256.09 million) to the West Asian nation in November.
Hakan Fidan, foreign minister of Turkiye, visited the Kingdom in January, where he met his Saudi counterpart, Faisal bin Farhan, and discussed ways to develop ties in various sectors to increase trade volume.
An MoU was also approved by the Cabinet to enhance cooperation in the financial sector between the Saudi Ministry of Finance and the Qatari Ministry of Finance.
It also gave the green light to an MoU between the Saudi General Authority for Foreign Trade and Maldives’ Ministry of Economic Development and Trade to strengthen commercial ties.
An additional MoU approved by the body was between the Saudi Ministry of Economy and Planning and the Omani Ministry of Economy to enhance cooperation between both sides.
The Cabinet also praised the continuing economic diversification efforts in the Kingdom, particularly the launch of the King Salman Automobile Manufacturing Complex.
The initiative is expected to boost the economic contribution of the non-oil sector to the Kingdom’s gross domestic product and support the National Industry and Logistics Development Program.
The body also commended the completion of the Financial Sustainability Program’s executive plan, which seeks to enhance Saudi Arabia’s spending efficiency, develop effective revenue streams, and bolster the Kingdom’s economic resilience under Vision 2030.