Agreements signed between Saudi Arabia and Turkey

Several deals were signed between Turkey and Saudi Arabia during Turkish President Recep Tayyip Erdogan’s visit, including agreements on energy, direct investment and defense. Accompanied by around 200 business persons, Erdogan was welcomed by Saudi Crown Prince Mohammed Bin Salman in an official ceremony at the Al-Salam Palace in Jeddah. Among the deals reached during Erdogan’s visit to Saudi Arabia in search of investment was the sale of drones to Riyadh.

Saudi Arabia’s Defense Minister, Prince Khalid bin Salman, announced on Twitter that Saudi Arabia will purchase Turkish Baykar unmanned aerial vehicles. It was declared that the aim was to strengthen Saudi Arabia’s defense capabilities. Furthermore, Ankara and Riyadh reached agreements on various issues, including the promotion of direct investment, cooperation in communications and media, military cooperation, energy cooperation and the sale of drones.

For the past two years, Erdogan has been trying to rebuild ties with the Gulf states, with the exception of Qatar, with which relations have long been strained. Turkey has been trying to alleviate its currency crisis with funds from the Gulf for some time. Qatar and the United Arab Emirates (UAE) have recently provided Turkey with nearly 20 billion dollars in currency swap deals, while Saudi Arabia deposited 5 billion dollars with Turkey’s central bank in March. Days after Erdogan’s re-election last month, the UAE and Turkey signed a trade deal worth 40 billion dollars over the next five years. Erdogan’s visit to the Gulf countries will continue with Qatar on Tuesday and the United Arab Emirates on Wednesday.

Erdogan in search of money

Turkish journalist Fehim Taştekin commented on Erdogan’s visits in a video posted on his YouTube channel. In his assessment, Taştekin said: “Erdogan is looking for money. We don’t know the details, but we can say this: the European wing, the Western wing, will of course set the criteria for the loan. So the money he will get from the IMF will not be in Erdogan’s favor. That is why he is looking for sources with less conditions, sources where he can do politics as he likes. In this sense, the Gulf states are an important source. Erdogan is going there with high expectations, but that doesn’t mean he will get the help he needs unconditionally. The Gulf states will also have conditions. We don’t know what Erdogan is selling and how he is selling it, but that doesn’t mean that these deals will bring a flood of money into the country. There will be negotiations.”

Tastekins adds that the Gulf’s global investment and financial experience has made a big difference: “They now want the same assurances and guarantees as the West. So just because Erdogan is making a visit, there’s no need for much excitement. The dynamics of change in the region have made such contacts possible. Turkey is only one side of it. There have been some remarkable and interesting visits by leaders to the Gulf in recent times, and they do not return empty-handed.”