After winning a historic runoff election to extend his two-decade rule for another five years as Turkiye's economic troubles intensify, President Recep Tayyip Erdogan is scheduled to be sworn in as head of state on Saturday.

A spectacular celebration in his palace in the nation's capital, Ankara, with the participation of numerous world leaders, will take place after the inauguration in the parliament.

Despite an economic crisis and harsh criticism following a terrible earthquake in February that claimed more than 50,000 lives, Turkiye's transformational but controversial leader prevailed in the runoff election on May 28 against a strong opposition coalition.

According to official figures, Kemal Kilicdaroglu, a secular candidate, received 47.82 percent of the vote, whereas Erdogan received 52.18 percent.

Followed by oath taking ceremony, late on Saturday the president is due to unveil his new cabinet with media speculating that former finance minister Mehmet Simsek, a reassuring figure with international stature, could play a part.