The Turkish government is expecting a swift agreement on a defense deal of $6 billion (Rs 518472751800) with Saudi Arabia. As part of this deal, Saudi Arabia could acquire warships, tanks, and missiles from Turkey. Furthermore, following the agreement, Saudi Arabia will become a participant in Turkey’s KAAN fighter jet development project, which already involves Pakistan. It is expected that this deal could be finalized during Turkish President Recep Tayyip Erdoğan’s planned visit to Saudi Arabia in March.
Following Bloomberg’s report on the potential deal, shares of Turkey’s state-owned defense contractor Aselsan climbed 2.2% in Istanbul on Monday. Meanwhile, Otokar Automotive, known for manufacturing armored vehicles, trimmed its earlier losses, ending the day 0.8% lower. Anil Ulas Kosoglu, an analyst at Is Investment in Istanbul noted that Turkey’s defense industry generates approximately $7 billion in annual exports, highlighting that a $6 billion deal would represent a significant contribution. He also indicated that Otokar, with its existing exports in the sector, could potentially benefit from such an agreement.
Turkey eyes Rs 518472751800 of Saudi Arabia, What did Erdoğan offer Crown Prince Salman? It is related to…
Turkey is working to bolster its defense industry and sees Saudi Arabia, one of the world’s leading arms importers, as an important market. In 2023, Saudi Arabia signed a deal with Turkey’s Baykar to procure high-altitude drones. According to officials, Ankara now plans to offer its Altay main battle tank and missile defense systems to Saudi Arabia, several media reported.
Turkey’s Foreign Minister Hakan Fidan is scheduled to visit Saudi Arabia on Tuesday, according to a statement from the Turkish ministry. Officials indicated that discussions about the deal could take place during his visit. While the Saudi government has not responded to requests for comment, Turkey’s Defense Ministry declined to provide any statements. Relations between Riyadh and Ankara have seen significant improvement in recent years, following tensions sparked by the 2018 murder of Washington Post columnist Jamal Khashoggi by Saudi agents in Istanbul.
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