4 March 2013
Turkey's economy minister penned a memorandum of understanding with the Islamic Development Bank
JEDDAH -- Turkey on Saturday signed a memorandum of understanding with the Islamic Development Bank (IDB).
The MoU was signed by Turkish Economy Minister Zafer Caglayan and Ahmed Mohammed Ali Al-Madani, IDB's president in Jeddah, Saudi Arabia.
The deal seeks to boost trade and investment between Turkey and and the members of the Islamic Development Bank.
Turkish economy minister meets Saudi officials
Caglayan on Sunday met with Saudi Arabia's Minister of Transport Jubarah bin Eid al-Suraysiri and Minister of Housing Shawaysh bin Saud al-Dhuwayhi as part of a visit in capital Riyadh.
Caglayan was in Riyadh to hold a series of talks and participate in a Turkish-Saudi Arabian Business Forum.
Speaking to reporters after the meetings, Caglayan said he briefed the Saudi ministers about Turkey's newly introduced incentive system, calling for the investment of Saudi funds which he said had withdrawn from the United States and Europe.
Caglayan Saudi investors were willing to do more business with their Turkish counterparts, adding that a Turkish construction company had recently won a tender to build housing units worth of $450 million.