This is how they saw Erdogan’s Gulf tour: Looking for a solution to the collapse of the economy

President Recep Tayyip Erdoğan, who is seeking foreign resources to put out the fire in the economy, left yesterday for the Gulf tour consisting of Saudi Arabia, Qatar and the United Arab Emirates.

Erdogan will pay an official visit to Saudi Arabia, Qatar and the United Arab Emirates (UAE) until July 19. Erdogan, who met Saudi Crown Prince Mohammed bin Salman yesterday, will also meet Qatari Emir Sheikh Tamim bin Hamed Al Thani and United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan.

NEGOTIATIONS STARTED FROM ARABIA

While there were various assessments in the foreign press about Erdogan’s Gulf tour, analysts said many Western investors turned away from the country due to economic policies in Turkey and Gulf countries closed the investment gap.

Yesterday, Saudi Arabia’s state agency SPA published a news item about the visit. In the news, it was claimed that Turkey and Saudi Arabia have signed a memorandum of understanding in many fields, from energy to defense to direct investment.

In the news that the British news agency Reuters served with the phrase “last minute”, it was commented that “Erdogan started the first leg of the Gulf tour, which he started with high hopes in terms of investment and finances, from Saudi Arabia. on Monday, given the tight budget, chronic inflation and the weakening of TL”.

Two senior Turkish officials had previously said that as a result of Erdogan’s trip to the region, he expects the Gulf states to invest roughly $10 billion in direct investment in national assets.

BLOOMBERG: THE GULF FILLS THE WEST GAP

In the analysis published yesterday in the US financial agency Bloomberg, it was stated that Erdogan changed some economic policies to end the post-election cost of living crisis and tried to improve relations with the oil-rich states of the Arab world.

The report says the visit to the Gulf comes at a time when Ankara is trying to stabilize its public finances and reduce its record current account deficit. The article also included the following analysis:

“Erdogan’s unorthodox policies have accelerated inflation and alienated many Western investors. The Gulf countries emerged with the goal of closing the investment gap. The United Arab Emirates, Saudi Arabia and Qatar have already provided foreign currency to the CBRT through swap agreements and direct deposits.

AFP: GEZİ AFTER THE DECLINE IN THE ECONOMY

The French news agency AFP wrote that Erdogan went on a tour of the Gulf to attract foreign investment to Turkey’s ailing economy. The report said: “Erdogan’s latest trip came as he was struggling with the collapse of the LT and the rising inflation that is affecting the economy.”

In the AFP news, it was also recalled that relations between the two countries deteriorated after the assassination of Jamal Khashoggi, but Erdogan restored ties.

“Erdogan’s visit to the Gulf after the critical elections in Turkey reflects the importance of these countries in Turkey’s foreign policy agenda,” Qatar University researcher Sinem Cengiz told AFP.

Cengiz said: “The Gulf’s growing interest in investing in various sectors is a driving force for Turkey, which is trying to increase exports to alleviate its economic problems.”