Turkey, Saudi agree on reviving great economic potential, Erdoğan says

Ankara and Riyadh maintain a common will to "reactivate a great economic potential" between the two countries, Turkish President Recep Tayyip Erdoğan said on Saturday, following his  first visit to Saudi Arabia since the 2018 killing of journalist Jamal Khashoggi drove a wedge between the two countries.

Turkey and Saudi Arabia are determined to accelerate efforts for the common interests and stability of the region, state-run Anadolu news agency cited the Turkish leader as telling reporters on a flight back from the kingdom.

"Talks centered around the quick recovery of the economy,  doing away with customs issues, investment incentives, new projects that our contractors can take on," Erdoğan said.

"We agreed with Saudi Arabia to reactivate a great economic potential through organisations that will bring our investors together," he added.

Erdoğan arrived in Saudi Arabia on Thursday for a two-day official visit, ending months of efforts to renew relations with Middle East and Gulf states. The Turkish leader met with Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman during the first high-level visit in five years.

The trip arrived as Turkey is facing an economic crisis fuelled by the collapse of the lira and two-decade high inflation, prompting Ankara to seek financial support from energy-rich Gulf countries.

Erdoğan also said he expressed Turkey’s support for the kingdom in its bid to host EXPO 2030 in Riyadh, Anadolu said.

Analysts maintain Saudi funding could help prop up Turkey’s ailing economy ahead of presidential elections scheduled for next year. They said a swap line could help boost depleted Turkish reserves.

The media readout from Saturday did not mention a possible currency swap line nor specifics of any other planned investments that could help relieve Turkey's economic woes.

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