Turkey

Erdoğan Arrives in Saudi Arabia for Gulf Tour

JUL 18 2023·Updated JUL 19 2023

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The Facts

Turkish Pres. Recep Tayyip Erdoğan traveled to Jeddah, Saudi Arabia on Monday to kick off a Gulf tour that will also include the UAE and Qatar as he looks to attract foreign investment in his country’s ailing economy. Erdoğan was accompanied by around 200 businesspeople, with business forums having been arranged in all three countries.
The Associated Press
Erdoğan met with Saudi Crown Prince Mohammed bin Salman (MBS), and the pair attended the signing ceremony for a deal in which Saudi Arabia agreed to buy Turkish Baykar drones. Saudi Defence Minister Prince Khalid bin Salman Al Saud said on Tuesday that purchasing the drones will bolster the Kingdom's "defense and manufacturing capabilities.”
Al Jazeera
Erdoğan and MBS also signed memoranda of understanding over direct investment and cooperation in the energy, media, and defense sectors.
France 24
Bakyar CEO Haluk Bayraktar declined to comment on the total contract value and number of systems acquired, but he did say that the company’s flagship product, the TB2 drone, was not part of the deal. Bayraktar called the agreement "the biggest deal signed with Saudi Arabia in Turkish defense history in a single contract."
Defense News
Erdoğan's visit comes as the Turkish economy has continued to falter, with the Turkish Lira weakening to a record low of 26.6 against the dollar on Tuesday. In the first five months of this year, Turkey’s current account deficit reached record levels this year at around $37.7B.
Al Jazeera
Though Turkey and Qatar have maintained good relations in the last decade, Ankara and other Gulf nations have seen increased tensions since the Arab Spring uprisings that swept the region in 2011. However, relations have greatly improved in the last year or so, with a growing trade relationship between Turkey and Saudi Arabia, among other Gulf countries.
Dw.Com

Sources Split

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The Spin

Narrative A

Erdoğan's pursuit of Gulf capital is bearing fruit, as the region begins to move past post-Arab Spring rivalries. The investment opportunities between Turkey and the Gulf countries are immense and would mutually benefit all parties. Such economic cooperation and development should not be squandered due to past disagreements regarding geopolitics.

Daily Sabah

Narrative B

Turkey's economy will never jumpstart with Erdoğan in power, as his disastrous economic policies have devalued the currency and squandered foreign exchange reserves. Raising interest rates could tackle inflation, but it's unclear if Erdoğan has the tools and willpower to weather the economic storm and turn around the crisis-ridden country. Even if Erdoğan managed to extract funds from the Gulf, it will not solve the root issues.