Saudi Arabia`s King Salman welcomed Turkish President Tayyip Erdogan recently at the al-Salam palace in the Red Sea city of Jeddah.
It is hoped the visit will lead to the normalisation of relations after intense efforts to repair strained ties. Crown Prince Mohammed bin Salman attended the ceremony before having a one-on-one meeting with the President.
King Salman invited Erdogan to the Kingdom in an effort to strengthen political, military and cultural relations. Analysts and officials believe political obstacles to restoring ties and ending the unofficial trade boycott have been removed. Dialogue between public and private sector companies has already resumed and it is hoped trade would rapidly return to previous levels.
As part of the meeting, the Saudi Finance Minister discussed areas of mutually beneficial cooperation and exchanged views on the economy, trade and investments with his Turkish counterpart. They considered sectors including health, energy, food security, defence spending and finance.
Saudi financing or funding could help Turkey alleviate its ailing economy after a Lira crisis erupted in late 2021. The country has since been looking for ways to lessen the pressure via international collaboration.
The Kingdom of Saudi Arabia is considering joining an existing Lira currency swap network currently worth SAR 1.05 trillion (USD 28 billion). The network already involves Qatar, China, South Korea and the United Arab Emirates.
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