Turkish president-elect Tayyip Erdogan looks set to maintain his influence on daily politics after being sworn in next week, with close allies likely to take on Cabinet posts in a new government and his economic team expected to remain largely intact.

Outgoing president Abdullah Gul has said that Foreign Minister Ahmet Davutoglu was likely to take over as chairman of the party and become the next prime minister, rekindling speculation about the shape of the new Cabinet.

Davutoglu, an academic who has served as Erdogan’s foreign minister for the past five years, is expected to be confirmed as the ruling AK Party’s nominee for chairman today before being formally voted in at an AK general assembly on August 27.

Senior AK officials told Reuters that ministers responsible for the economy would remain in place under Davutoglu, and that close Erdogan allies including his top aide Yalcin Akdogan and intelligence chief Hakan Fidan might be given Cabinet positions.

Investors have been particularly concerned about the fate of Deputy Prime Minister Ali Babacan and Finance Minister Mehmet Simsek, who have guided the economy towards unprecedented stability in recent years.

“The decision will be up to Erdogan and Davutoglu, but in the new cabinet which is expected to be formed at the beginning of September, no changes are expected with Babacan and Simsek or other economic portfolios,” one senior AK official said.

Erdogan, who co-founded the AK Party and has dominated Turkish politics for more than a decade as prime minister, won the country’s first national presidential election on August 10 with 52 per cent of the vote. Previous presidents were elected by Parliament.

Senior officials had told Reuters before the vote that economic ministers would be retained at least until a parliamentary election next June if Erdogan won.

Erdogan will step down as leader of the AK Party when he is inaugurated on August 28.