BMG Financial Group and Aktif Investment Bank ink deal

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.