Turkish President arrives in Saudi Arabia

JEDDAH, (Reuters): Turkish President Recep Tayyip Erdogan arrived in Saudi Arabia on Monday, July 17, for the first stop of a Gulf tour with “high hopes” for investment and finance as Turkey looks to ease budget strains, chronic inflation and a weakening currency.

Erdogan will meet with Saudi Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, later on Monday.

Investments and funding from the Gulf have helped relieve pressure on Turkey’s economy and hard currency buffer since 2021 when Ankara launched a diplomatic effort to repair ties with Saudi Arabia and the United Arab Emirates.

Erdogan’s visit to Saudi Arabia will be the first stop in a Gulf tour that includes Qatar and the UAE between July 17-19 and follows his re-election in May.