Turkish President Recep Tayyip Erdogan is set to embark on a three-day tour of the Gulf region, starting with a visit to Saudi Arabia, followed by high-level meetings in Qatar and the UAE.
Erdogan will be accompanied by several ministers and businesspeople, with the aim of strengthening ties with the region while addressing common concerns such as Syria, Libya, Palestine, and Iraq.
The visit is expected to result in several bilateral agreements across a range of sectors including energy, pharmaceuticals, technology, food, logistics, agriculture, and petrochemicals.
The urgent need for Turkey to attract foreign direct investment and boost its international currency reserves is closely tied to this visit, with Erdogan turning to investors in the Gulf for external resources before November when the country faces several debt repayments.
Economic concerns will be the top priority of Erdogan's Gulf visit, according to Robert Mogielnicki, a non-resident fellow at the Arab Gulf States Institute in Washington.
Building closer economic and trade ties will be a gradual process with uncertain returns on investment, despite potential investment announcements or memoranda of understanding arising from this visit.
The visit is expected to result in several bilateral agreements across a wide range of sectors, including energy, pharmaceuticals, technology, food, logistics, agriculture, and petrochemicals.
Aylin Unver Noi, Professor at Halic University in Istanbul, noted that various factors have contributed to the normalization of relations among regional actors, including the Abraham Accords, the change in the US administration, the 2021 AlUla agreement, the economic impact of the
COVID-19 pandemic, the war in Ukraine, and the earthquakes in southeastern Turkey.
Recently, Turkish Minister of Treasury and Finance Mehmet Simsek visited Saudi Arabia, accompanied by Turkiye’s newly appointed Central Bank governor, Hafize Gaye Erkan.
Turkish companies have signed various agreements with Saudi counterparts in engineering consultancy, construction, and real estate development, indicating the potential for increased collaboration.
Vice-president Cevdet Yilmaz, a Turkish President Recep Tayyip Erdogan will travel to Qatar, Kuwait, and Oman next week in an effort to strengthen ties with the Gulf countries and attract economic support for Turkey's struggling economy.
During his visit, Erdogan will meet with top officials in each country to discuss cooperation in various fields, including trade, defense, and investment.
The visit comes at a crucial time for Turkey, which is gearing up for two elections in May.
In recent years, Turkey has normalized relations with the United Arab Emirates and Saudi Arabia, and has aggressively courted Gulf investments to help stabilize its economy.
Erdogan's visit to the region is seen as an effort to further strengthen those ties and attract additional investment.
According to Hakan Akbas, a senior adviser at the commercial diplomacy firm Albright Stonebridge Group, Saudi Arabia is pursuing a policy of "check-book diplomacy" with Turkey, and is planning to invest in a range of sectors, including state-owned assets, export-driven enterprises, and real estate projects.
In addition to economic cooperation, the visit is also expected to boost bilateral trade and tourism between Turkey and the Gulf countries.
Erdogan's visit is likely to result in new deals for military and defense equipment procurement, as the Saudi government looks to diversify its suppliers beyond the US.
Overall, Erdogan's visit to Qatar, Kuwait, and Oman is seen as a significant opportunity for Turkey to strengthen its ties with the Gulf region and attract much-needed economic support.