With Gulf charm offensive, Turkey’s Erdogan sets up dealmaking deluge across defense, energy


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Samuel Wendel

Senior Market Research Analyst, Al-Monitor


Aug. 18, 2023

Bottom Line:

A Turkish drone factory is coming to Saudi Arabia following a $3.1 billion deal with defense firm Baykar — one of many key deals that should soon take flight across numerous sectors as Turkey deepens cooperation with former Gulf rivals. The factory news arrived in early August, shortly after Turkish President Recep Tayyip Erdogan kicked off his third term by touring Gulf capitals, the latest salvo in his efforts to repair ties and attract foreign investment needed to revive Turkey’s moribund economy. So far, Gulf states appear open to Erdogan’s pitch and could compete to invest. That’s headlined by the UAE inking agreements worth $50 billion during Erdogan’s visit — double what Turkey had hoped for across the entire trip. Details on deals in the pipeline remain vague, but won’t be for long. Expect a dealmaking deluge across the defense, energy and other fronts in coming months, as Gulf wealth funds and players like Aramco and ADNOC target business with Turkey.

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