Turkey, UAE sign cooperation agreements as they restore ties

Turkey, UAE sign cooperation agreements as they restore ties

Turkey, UAE sign cooperation agreements as they restore ties

President Recep Tayyip Erdoğan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan oversaw the signing of several investments and cooperation deals on Nov. 24 as Turkey and the United Arab Emirates move to repair relations and boost economic ties.

Erdoğan and the crown prince held one-on-one talks, along with an inter-delegation meeting, and a signing ceremony was held in Ankara.

Turkey and UAE signed a memorandum of understanding (MoU) on the exchange of financial information to prevent money laundering and terror financing.

Another MoU was inked between Abu Dhabi Ports Company and Turkey Wealth Fund (TVF).

The Abu Dhabi Developmental Holding Company (ADQ), the state investment fund of the UAE and the TVF signed two MoUs.

MoUs were also signed between ADQ and Turkey’s Presidential Investment Office, and Abu Dhabi Securities Exchange (ADX) and Turkey’s Borsa Istanbul.

Meanwhile, the Turkish Central Bank and the Central Bank of the UAE also inked an MoU.

The two countries signed agreements in the fields of customs, energy and environment.

Earlier, UAE’s Industry and Advanced Technology Minister Sultan Al Jaber said they were ready to set new targets for further investment and cooperation in different sectors with Turkey.

HH UAE allocates $10 bln fund to invest in Turkey, CEO says

The UAE has allocated $10 billion fund to invest in Turkey, the chief executive officer (CEO) of Abu Dhabi Developmental Holding Company announced.

CEO Mohamed Hassan Alsuwaidi told reporters that the fund has been allocated, following a meeting between Erdoğan and Al Nahyan.

Al Nahyan: We had fruitful discussions

“We had fruitful discussions focusing on ways to strengthen relations between our countries,” Al Nahyan said on Twitter.

“I look forward to exploring new cooperation opportunities to benefit our two nations and advance our mutual development goals,” he noted.

Following his visit to Ankara, Al Nahyan sent a telegram to Erdoğan, thanking him for the warm welcome and hospitality.

In his message, Al Nahyan said the visit gave them the opportunity to discuss ways to strengthen the relations between the two countries in a way that would serve common interests, benefit the two friendly peoples and fulfill their aspirations.

Al Nahyan also wished Erdoğan good health and happiness, and the Turkish people lasting security, stability and prosperity.

“Turkey and the UAE are determined to strengthen their bilateral economic relations and benefit from regional cooperation opportunities. We believe that this will be the beginning of a new era in terms of regional stability in Turkey-Gulf relations,” Turkish presidency’s communication director Fahrettin Altun tweeted.

Turkey’s foreign minister to visit Abu Dhabi in December

This is the crown prince’s first official visit to Ankara since 2012 and the first top-level meeting between the UAE and Turkey over recent years. The UAE and Turkey backed opposing sides in the Libyan conflict and had diverging opinions on other regional issues such as gas exploration in the eastern Mediterranean and Muslim Brotherhood.

Relations were particularly tense after a Saudi Arabia-led blockade on Qatar by Arab countries, including the UAE, in 2017.

Turkey and the Gulf country stepped up to restore ties this year.

On Aug. 31, the Turkish president held a phone call with the crown prince in which they discussed bilateral relations and regional issues.

Also, on Aug. 18, Erdoğan received the UAE National Security Advisor Tahnoun bin Zayed Al Nahyan at the presidential complex in Ankara, where they discussed bilateral and regional issues as well as UAE investments in Turkey.

Meanwhile, Foreign Minister Mevlüt Çavuşoğlu will visit Abu Dhabi, the capital of the UAE, next month, he announced on Nov. 24.

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