Treasury and Finance Minister Mehmet Şimşek hailed on Thursday productive bilateral meetings with officials in Saudi Arabia during his recent visit to Gulf states.

"We enjoyed attending the 7th Future Investment Initiative (#FII7) in Riyadh themed "The New Compass," Şimşek said on X, formerly Twitter.

"I would like to congratulate the Kingdom of Saudi Arabia for the outstanding organization and warm hospitality. The event was a resounding success," he added.

"We had productive bilateral meetings, including one with my dear friend His Excellency Mohammed Al-Jadaan (Minister of Finance) and His Excellency Khalid El-Falih (Minister of Investment). We also had numerous interactions with corporate leaders and bankers from around the world," he noted.

Şimşek marked Saudi Arabia as the last stop of his second Gulf tour after the May elections to attract foreign capital aimed at bolstering the country’s policy shift.

He visited the United Arab Emirates (UAE) and Qatar before arriving in Riyadh.

The new economic administration named after the May elections has been actively engaging with investors, presenting the new economic program unveiled early in September, targeting sustainable growth.

Şimşek also held a series of discussions in key economic hubs like the U.S., U.K., Germany and France and conducted numerous important meetings at the International Monetary Fund (IMF) and World Bank annual gatherings in Morocco earlier this month.

"We have witnessed a sincere desire and effort further to enhance trade and investments between Türkiye and Saudi Arabia," Şimşek said.

"Furthermore, we were pleased to come across the intention to engage and welcome Turkish contractors, who have successfully completed $486 billion worth of projects in 135 countries over the past 50 years," the minister underscored.

"Undoubtedly, Türkiye’s wealth of experience in the tourism sector (the 4th top destination in the world) should be tapped to help the brotherly Kingdom achieve its ambitious tourism goals," he further noted, referring to Saudi Arabia’s comprehensive 2030 vision.

Earlier on Wednesday, the minister informed the two countries had signed the "Memorandum of Understanding on Cooperation in the Fiscal Field," which covers climate change related to fiscal policies, public-private partnerships, national fiscal policies, strengthening bilateral relations and improving international coordination and cooperation.

The economic administration is planning an East Asia visit before the year concludes.