(Bloomberg) -- Saudi Crown Prince Mohammed bin Salman will meet Turkish President Recep Tayyip Erdogan on Wednesday, during a landmark visit Ankara hopes will end years of rancor and lure much-needed trade and investment.

The visit is the first by the de facto Saudi ruler since the 2018 killing of Washington Post columnist Jamal Khashoggi at the Saudi consulate in Istanbul strained ties between the two regional powers. 

Erdogan has been working to rebuild relations with Saudi Arabia and other Arab powers as part of a broader Middle East realignment underway since Joe Biden entered the White House -- and to bolster a troubled economy ahead of major elections scheduled for next year. 

Turkish companies have complained of an unofficial boycott of the country’s goods after shipments to Saudi Arabia slumped in late 2020. Last year, Turkish exports were just over $200 million, down from around $3.2 billion in 2019, according to official Turkish data.

As Erdogan steers the economy away from reliance on the foreign inflows to focus more on export income, he wants that trade back. 

A warming of relations with the United Arab Emirates last year has already unlocked billions of dollars worth of potential business.

The UAE signed a $4.9 billion currency swap with Turkey in January, offering Turkey’s beleaguered currency much-needed support. The UAE has outlined plans for a $10 billion fund to support investments as it seeks to at least double bilateral trade. 

Erdogan Invites Saudi Crown Prince as Turkey Seeks Investment

In a bid to turn the page on a particularly fraught period in bilateral relations, a Turkish court ended its investigation into the Khashoggi murder in April and turned the case over Saudi authorities.

The veteran Turkish leader followed up with a relatively low-key visit to the kingdom. He will welcome Prince Mohammed with full ceremony around 4:30 p.m. (1:30 GMT) before holding bilateral talks and an official banquet later in the day. 

Saudi Prince Seals $7.7 Billion in Egypt Deals at Start of Tour

MBS Tour

Turkey is the final leg of a Middle East tour that took the Saudi crown prince to Egypt and Jordan, promoting his role as a regional power-broker ahead of Biden’s first visit next month. 

Saudi Arabia signed almost $8 billion in deals on Tuesday with Egypt, a major wheat importer whose finances have been strained by elevated global grain and fuel prices and the accompanying rise in interest rates. Saudi Arabia has already deposited billions of dollars in Egypt’s central bank to shore up reserves after Russia’s invasion of Ukraine.  

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