By: Emincan Yüksel
July 21 2023
No, Saudi minister Khalid Al-Falih has not announced a private investment of $3.3 trillion in Türkiye by 2030
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Fact-Check
The Verdict False
Saudi Arabia has planned an investment of $3.3tn, but not for Türkiye alone; Minister Khalid Al-Falih made no such statement.
Claim ID a4362294
Context
On July 17, 2023, a social media account in Türkiye tweeted that Khalid Al-Falih, the Minister of Investment of Saudi Arabia, announced a private investment of $3.3 trillion in Türkiye by 2030. The tweet quickly gained significant traction, amassing 1.2 million views, 9,000 likes, and 2,300 retweets.
However, upon closer examination by Logically Facts, it was determined that the minister did not make such a statement.
In Fact
Upon investigation, the figure of $3.3 trillion is a target based on "Vision 2030," an investment and development project that aims to reduce the country's dependence on Saudi Arabian oil. It includes developing tourism, increasing public services, and ensuring social development and economic diversification. The figure covers the general investment targets of Saudi Arabia and does not refer to a total investment in Türkiye.
President Recep Tayyip Erdoğan recently undertook a Gulf tour that included the United Arab Emirates, Qatar, and Saudi Arabia to attract investment in Türkiye. The Saudi Arabia-Türkiye Business Forum was held in Jeddah, the first stop of this tour, in cooperation with the Foreign Economic Relations Board and the Saudi Arabian Ministry of Investment. There were no statements at the forum that the aforementioned amount would be invested directly in Türkiye.
In his statement, Khalid Al-Falih talked about "Vision 2030" and mentioned investments in multiple sectors. In addition, Al-Falih noted a focus on the differentiation and diversification of investments.
He also noted that Saudi Arabia will aim for a total investment of $3.3 trillion in every sector until 2030; the announcement did not include any statement that this figure is the entire investment amount for Türkiye.
After the forum, Al-Falih tweeted that agreements had been signed with Türkiye. However, in the statements made by Ömer Bolat, the Minister of Trade, after the meeting, nowhere is it mentioned that there will be a private investment of $3.3 trillion in Türkiye.
The Verdict
Saudi Arabia's $3.3 trillion investment target is from a development project called "Vision 2030." There is no statement in the project that the investment is for Türkiye. In addition, Khalid Al-Falih, the Minister of Investment of Saudi Arabia, has not announced that Saudi Arabia will make a specific investment of $3.3 trillion in Türkiye. Therefore Logically Facts have marked this claim as false.