Fri. Dec 3rd, 2021

The UAE also said it was setting up a $ 10 billion fund to support strategic investments in Turkey’s health and energy fields, its state news agency WAM said.

Turkey and the United Arab Emirates on Wednesday signed agreements on energy and technology investments following talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan in Ankara.

Sheikh Mohammed’s meeting with Erdogan, the first visit in years, comes as the two countries work to repair worn-out tires after a period of bitter regional rivalry and amid a currency crisis in Turkey.

The memoranda of understanding have been signed between the Abu Dhabi Development Holding (ADQ), Turkish Wealth Fund (TVF), and the Turkish Presidency Investment Office, as well as with some Turkish companies.

The agreements highlight the pivot to economic partnership following a struggle for regional influence since the Arab uprising broke out a decade ago. The disputes spread to the eastern Mediterranean and the Gulf, before Ankara launched a charm offensive in the region last year.

Following the talks, Sheikh Mohammed said he had “fruitful” talks with Erdogan on strengthening ties between Turkey and the UAE.

“I look forward to exploring new collaborative opportunities to benefit our two nations and advance our mutual development goals,” he said on Twitter.

ADQ signed an agreement on investment in Turkish technology companies and the establishment of a technology-oriented fund, while Abu Dhabi Ports also signed an agreement on port and logistics cooperation.

An agreement between ADQ and the Turkish company Kalyon on energy and infrastructure, another with CCN Group on health cooperation, and a third with Turkey’s Presidency Investment Office on renewable energy were also among the agreements, a Turkish official said.

$ 10 billion fund

The UAE has announced the establishment of a $ 10 billion fund to support mainly strategic investments in Turkey, including in the health and energy fields, its state news agency WAM said.

“Problems with the UAE are now behind us. We are entering a period that is fully based on cooperation and mutual benefit, ”said another official, who is familiar with preparations for Wednesday’s visit, adding that the UAE investment will eventually be in the billions of dollars.

The Turkish and Emirati central banks also signed a co-operation agreement on Wednesday. Two sources earlier said they were in talks over a possible swap deal.

Turkey’s central bank has previously sought swap deals with other countries as a source of hard currency to build up reserves and support the lira, which has fallen by as much as 45 per cent this year.

It has $ 6 billion in swap agreements with China, $ 15 billion with Qatar and $ 2 billion with South Korea, for a total of $ 23 billion.

Turkey said in September it was in talks with the UAE over energy investments such as power generation, while the UAE, whose sovereign wealth funds made significant investments in the Turkish online grocery store Getir and e-commerce platform Trendyol, said they were looking for deeper trade . and economic ties with Ankara.

State broadcaster TRT Haber said Turkish Foreign Minister Mevlut Cavusogu would visit Abu Dhabi in mid-December.

Ankara, in conflict with several regional countries as well as its Western allies on various issues, has launched similar normalization efforts with its rivals Egypt and Saudi Arabia, although those channels have yielded little public improvement.

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