Business Maverick: Erdogan and Saudi Crown Prince Embrace as Years of Rancor End

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Saudi Crown Prince Mohammed bin Salman and Turkish President Recep Tayyip Erdogan used a lavish reception in Ankara on Wednesday to turn the page on years of rancor that had brought trade and diplomatic ties to a virtual standstill.

Erdogan welcomed the crown prince with full military honors as blue-uniformed presidential guards on horseback carried the flags of both countries. The two leaders smiled and embraced ahead of the national anthems.

Back then, Erdogan’s aides appeared to revel in releasing gory details of how Saudi agents had dismembered Khashoggi, putting the heir to the throne under immense international pressure. In the US, Joe Biden vowed during his election campaign to turn the world’s biggest oil exporter into a pariah. Two Turkish officials involved in talks with the Saudis said Ankara is seeking to secure a currency swap deal, akin to several that Turkey has implemented with other countries in recent years. It’s one of several options being discussed to secure foreign inflows from the world’s biggest oil exporter, which is flush with cash from high oil prices. A deal could ease pressure on Turkey’s battered currency and help the government cope with the rising cost of energy imports.

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