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Saudi Arabia and Turkey have inked agreements encompassing energy, defense, and various other sectors.

by Swati Gupta

July 18, 2023 17

Saudi Arabia and Turkey have signed several significant agreements in the fields of energy, defense, and other sectors, marking a notable milestone in their bilateral relations. The signing ceremony, witnessed by Turkish President Tayyip Erdogan and Saudi Crown Prince Mohammed bin Salman, took place in Jeddah, Saudi Arabia on July 17, 2023.

According to the Saudi state news agency SPA, the two countries signed a series of memorandums of understanding, including agreements related to energy and direct investments. The precise details of these agreements were not disclosed in the report.

One of the prominent deals involved Saudi Arabia’s purchase of drones from the Turkish defense company, Baykar. Saudi Defense Minister Prince Khalid bin Salman stated in a tweet that the purpose of the drone acquisition was to enhance the readiness and defense capabilities of the Kingdom’s armed forces while bolstering domestic manufacturing capacities.

In addition to the defense agreement, the two nations also signed a defense cooperation plan, signifying their commitment to strengthening collaboration in the defense sector.

President Erdogan’s visit to Saudi Arabia commenced on Monday, and he held a meeting with Crown Prince Mohammed bin Salman late in the evening, as reported by SPA. Erdogan’s Gulf tour, which also includes Qatar and the United Arab Emirates, is aimed at forging strategic partnerships and attracting investments to address Turkey’s budgetary pressures, inflationary concerns, and the devaluation of its currency.

The signing of these agreements between Saudi Arabia and Turkey reflects a positive development in their bilateral relationship. The energy sector cooperation is expected to foster closer ties and facilitate the exchange of expertise, resources, and technologies to meet the growing energy demands of both countries.

The defense agreements, including the procurement of drones, underscore the mutual interest in enhancing military capabilities and strengthening defense systems. This collaboration will contribute to the stability and security of the region, as well as promote cooperation in defense manufacturing and technology transfer.

Furthermore, these agreements open doors for increased direct investments between Saudi Arabia and Turkey, stimulating economic growth and diversification. The exchange of investments will enable the two nations to tap into new opportunities, promote trade, and foster economic cooperation across various sectors.

President Erdogan’s Gulf tour signifies Turkey’s commitment to deepening ties with its regional partners. By engaging in productive discussions and signing agreements with Saudi Arabia, Qatar, and the United Arab Emirates, Turkey aims to foster stronger economic and strategic relationships in the Gulf region.

The visit also highlights Saudi Arabia’s role as a vital partner for Turkey in the Gulf. Both countries recognize the significance of collaboration in addressing regional challenges and exploring mutually beneficial opportunities.

As President Erdogan’s tour continues, it is anticipated that the agreements signed with Saudi Arabia will set the stage for enhanced cooperation and further strengthen the bonds between the two nations. The successful implementation of these agreements will bring tangible benefits, including increased economic cooperation, improved defense capabilities, and the exchange of knowledge and expertise in various sectors.

The signing of these agreements demonstrates the commitment of Saudi Arabia and Turkey to promoting stability, prosperity, and mutually beneficial partnerships in the Gulf region. The ongoing cooperation between the two countries is expected to pave the way for deeper engagement, contributing to the overall development and progress of both nations.