PodcastPresident Erdoğan ends Gulf tour with United Arab Emirates visit, secures $50.7B investment
President Recep Tayyip Erdoğan on July 19 ended his 3-nation Gulf tour with his last visit to the United Arab Emirates securing a $50.7B investment. He has previously visited Saudi Arabia and Qatar to find investments and funds as an alternative to the country's chronic economic problems.
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President Recep Tayyip Erdoğan visited Saudi Arabia on June 17 as he toured wealthy Gulf Arab nations for investment and funds, hoping to revive Turkey's economy which has struggled with a weakened lira, heavy deficits and chronic inflation.
The president is accompanied by his Cabinet members and other top Turkish officials.
Photos: Saudi Press Agency/Handout via REUTERS
Erdoğan was welcomed by Saudi Crown Prince Mohammed bin Salman with an official ceremony that followed a delegation-level meeting.
After the meetings, Turkey and Saudi Arabia signed five agreements on direct investment, defense industry, energy, and communication.
One of these agreements was signed between Baykar, a defense industry company known to be close to the Turkish government, and the Saudi Arabian Ministry of Defense.
The company announced the addition of its unmanned combat aerial vehicles (TİHA) to the Saudi Arabian Army's inventory as "the largest defense and aviation export contract in the history of the Republic of Turkey." The drone deal with Saudi Arabia included joint production as well.
Within the scope of Erdoğan's visit, the Foreign Economic Relations Board (DEİK) also organized a business forum meeting between Turkey and Saudi Arabia.
Melih Tanrıverdi, CEO of the "defense industry company" SADAT, also attended the meeting. Main opposition Republican People's Party (CHP) Kemal Kılıçdaroğlu previously stated that the SADAT is a "paramilitary" organization of the government.