Saudi Arabia on Monday announced a $1.4 billion purchase of Turkish textile and equipment, the largest such deal in the kingdom’s history.
The investment is part of efforts to shore up its domestic market, which is struggling with a severe downturn in oil prices, the kingdom said in a statement on its official news agency SPA.
It said the purchases are worth $1 trillion over the next 10 years.
The purchase, which could be completed in the first half of 2018, is part in Saudi Arabia’s efforts to bolster its domestic textile sector.
Last year, the Saudi government pledged to spend $500 million to develop more than 1,000 textile mills.