UAE and Turkey Sign $50.7bn Agreements, Establish Strategic Council
The UAE and Turkey recently sealed agreements and accords amounting to a combined total of $50.7 billion, signaling a commitment to bolstering bilateral investment ties and enhancing collaboration in key strategic sectors.
UAE and Turkey Sign $50.7 Billion Worth of Agreements to Strengthen Bilateral Ties
The signings, covering diverse industries such as energy, defense, infrastructure, technology, finance, and space, took place at Qasr Al Watan in Abu Dhabi during Turkish President Recep Tayyip Erdogan's official visit to the UAE. Both countries also witnessed the establishment of a high-level strategic council through a joint accord, further deepening economic cooperation between the nations.
UAE and Turkey's Comprehensive Economic Partnership Agreement (Cepa) Aims for $40 Billion Bilateral Trade
Earlier this year, the UAE and Turkey signed the Comprehensive Economic Partnership Agreement (Cepa), which was ratified in May. The Cepa is expected to facilitate the increase of bilateral non-oil trade from the current $19 billion to over $40 billion, while also generating employment opportunities in both nations. The UAE's Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, expressed confidence that the agreement would usher in a new era of economic integration between the two countries , Notably, Turkey has emerged as the fastest-growing of the UAE's top 10 trading partners, emphasizing the strengthening trade and investment ties between the two nations. As the agreements aim to deepen UAE-Turkey collaboration, Turkish Finance and Treasury Minister Mehmet Simsek highlighted Turkey's commitment to strengthening macroeconomic stability and unlocking its economic potential through sound monetary policy, fiscal discipline, and structural reforms.
UAE and Turkey Forge Comprehensive Collaboration Across Energy, Defense, and Investment Sectors
Among the agreements announced are partnerships in various sectors, such as energy, defense industries, export credit financing, strategic co-operation, and mutual legal assistance, reflecting the comprehensive nature of the collaboration between the UAE and Turkey. The deal further includes a focus on investments in renewable energy, green hydrogen and ammonia, hydropower plants, and nuclear energy co-operation , Both countries have experienced significant investments from each other, with the UAE's total investments in Turkey reaching $7.8 billion by the end of 2021. Prominent Emirati companies, including ADQ Holding, Emirates NBD, Emaar Properties, and Mubadala Investment Company, have made major investments in various sectors of the Turkish economy.
Turkish Officials Strengthen Economic Ties with UAE in High-Level Visits
Turkey's Vice President Cevdet Yilmaz and Treasury and Finance Minister Mehmet Simsek's recent visit to the UAE aimed to fortify ties between the nations, showcasing the importance both countries attach to fostering stronger economic relations. Turkish President Recep Tayyip Erdogan's official visit to the UAE underscores the shared vision of attracting more investment and further deepening the partnership between the two nations.