Erdogan says his visit to Saudi Arabia will herald new era in ties

Turkish President Tayyip Erdogan said on Thursday he hopes his visit to Jeddah will herald a new era in ties with "brotherly" Saudi Arabia, as the regional rivals hold the first high-level visit in years after intense efforts to repair strained ties.

Erdogan's visit, which his office said was at the invitation of Saudi King Salman, marks the culmination of a months-long drive to mend ties.

Analysts and officials say Saudi funding could help Turkey alleviate its economic woes, including soaring inflation, ahead of tough elections for Erdogan next year. 

Speaking to reporters before departing for Jeddah, Erdogan said Thursday's visit was "the manifestation of our common will" to improve ties and strengthen political, military and cultural relations, adding he will meet Crown Prince Mohammed bin Salman.

"On the occasion of my visit, we will review all aspects of Turkey-Saudi Arabia ties," he said, adding it would be mutually beneficial to boost cooperation on areas including health, energy, food security, defence industry, and finance.

"With common efforts, I believe we will carry our ties even beyond where they were in the past," he said.

In conciliatory remarks that stand in sharp contrast to the war of words in the aftermath of the Khashoggi murder, Erdogan cited the end of the Muslim holy month of Ramazan as a fitting time for the visit, saying it was the month of "replenishing and strengthening brotherly ties".

Ankara hopes the visit will fully end an unofficial Saudi boycott of Turkish imports, imposed in 2020 amid the Khashoggi standoff. The boycott cut Turkish imports to the kingdom by 98%.

A senior Turkish official said there was a "very positive" atmosphere ahead of the trip, adding: "The groundwork is ready so that we can act in unison on trade, investments and regional issues once again."

Also read: Erdogan visits Saudi to mend ties, putting Khashoggi row behind

The visit comes as Turkey grapples with the economic fallout from the war between its Black Sea neighbours Ukraine and Russia as well.

Turkey's economy has been ailing for years and a lira crisis erupted in late 2021 due to an unorthodox monetary policy backed by Erdogan that sent inflation soaring above 60%.

Turkey wants Saudi Arabia to join an existing currency swap network currently worth $28 billion that already involves China, South Korea, Qatar and the UAE. It also eyes investments and contracts similar to those inked with Abu Dhabi, officials say.

Erdogan on Thursday said Saudi Arabia had a "special place" for Turkey due to their trade ties, investments, and projects taken by Turkish contractors over the years.

"The complementary structure of our economies is among the leading factors pulling Saudi investors to the dynamic investment atmosphere in Turkey," he said, indicating renewable energy as an area where he thinks the countries have potential.

Erdogan's trip is part of a wider charm offensive to mend Turkey's strained ties across the region, including with Egypt, Israel and the United Arab Emirates.

Diplomats and analysts say the overtures are needed to help relieve economic and political pressures after Turkey's policies in Syria, Libya and elsewhere in recent years left it increasingly isolated.

"Erdogan is pragmatic and a political animal, and his polls may not hold up for a year unless he can boost jobs," said a Western diplomat. "So he is partly seeking deals and funding in Saudi, and a swap line for perhaps $10-$20 billion would be something worthwhile."