Search Site

TAQA Q1 net income $571m

Net income fell $2.58bn due to one-off items recognized in 2023.

QatarEnergy buys stake in Egypt blocks

It did not disclose the cost of the agreement.

TSMC’s April revenue up 60%

It capitalized on huge wave of demand for chips used in AI hardware.

Etihad reports record Q1 profit

Total revenue increased by $269 million in the same period.

Aramco Q1 profit down 14.5%

Despite lower profit, it will pay $31bn in dividends to Saudi government.

Erdogan discusses Saudi-Turkish relations during his visit to oil kingdom

Economic interests are "a major, major driver" of Erdogan's visit, said Dina Esfandiary, senior Middle East adviser for the International Crisis Group.
  • The pair "reviewed the Saudi-Turkish relations and ways to develop them in all fields," SPA reported
  • Pictures published by Turkish state media also showed a separate sit-down with King Salman, the crown prince's father.

Turkish President Recep Tayyip Erdogan met with Saudi Arabia’s crown prince on Thursday to “develop” relations in his visit to the oil rich kingdom. 

Saudi state news agency SPA published images of the Turkish leader embracing Crown Prince Mohammed bin Salman. 

The pair “reviewed the Saudi-Turkish relations and ways to develop them in all fields,” SPA reported.

Pictures published by Turkish state media also showed a separate sit-down with King Salman, the crown prince’s father. 

The trip came as Turkey, facing an economic crisis fuelled by the collapse of its currency and soaring inflation, tries to drum up financial support from energy-rich Gulf countries.

Prior to flying from Istanbul to Saudi’s second city Jeddah, where some roads were lined with Turkish and Saudi flags, Erdogan said he hoped “to launch a new era” in bilateral ties.

“We believe enhancing cooperation in areas including defence and finance is in our mutual interest,” Erdogan said.

Erdogan’s arrival will be seen as a win by Saudi officials keen to turn the page, said Saudi political analyst Ali Shihabi.

“Of course it is a vindication,” Shihabi said. “Erdogan was isolated and paid a high economic price in massive economic losses resulting from an economic and travel boycott, which is why he is the one coming to Saudi”.

Both countries stand to benefit, he added, as Erdogan “needs the trade and tourism flows from Saudi, and Saudi would prefer to have him ‘on side’ on a variety of regional issues — and may be open to buy arms from Turkey.”

Few details about Erdogan’s itinerary were made public, and the trip was closed to independent media.

A Turkish official told AFP that Erdogan was not likely to make any formal announcement during the trip, which was expected to stretch into Friday.

Economic interests are “a major, major driver” of Erdogan’s visit, said Dina Esfandiary, senior Middle East adviser for the International Crisis Group.

“I’m sure we’ll see a statement about how it’s time for things to get better, maybe building economic ties and trade, a boost to the Turkish economy thanks to the Saudis,” she added.

Turkey has suffered an annual inflation rate topping 60 percent and a wave of winter street protests that have hurt Erdogan’s popularity ahead of a general election next year.

Erdogan is now seeking backing from Gulf countries with which he has been at odds in the decade since the Arab Spring revolts.

In February, he travelled to the United Arab Emirates for the first time in nearly a decade, where he called on wealthy business leaders to invest in Turkey.

The last time Erdogan visited Saudi Arabia was in 2017, when he tried to mediate a dispute pitting the kingdom and other Gulf countries against Qatar.Â