Turkish President Recep Tayyip Erdogan visited the United Arab Emirates today, Wednesday, as part of a tour that included Gulf countries, focusing on investment and financing in hopes of reviving the Turkish economy.
During the visit, UAE President Sheikh Mohammed bin Zayed Al Nahyan and his Turkish counterpart Erdogan signed several agreements and memorandums of understanding valued at $50.7 billion, covering development in sectors such as energy, natural resources, and cooperation in space and defense.
Abu Dhabi's sovereign fund (ADQ) announced that it signed memorandums of understanding for financing earthquake relief bonds in Turkey amounting to up to $8.5 billion. Additionally, it signed a separate agreement with the Turkish Export Credit Bank for a total of up to $3 billion to provide credit financing solutions for Turkish companies with plans to export goods and services to the UAE and other markets. The two sides also signed a criminal extradition agreement.
Erdogan stated in remarks broadcast by Turkish state television, "With the joint agreement we will sign, we will elevate our relations to the level of strategic partnership." He added, "We want to enhance the legal infrastructure in areas such as encouraging investment, security, renewable energy, and transportation."
Abu Dhabi is the last stop for Erdogan on his Gulf tour, which included the Saudi city of Jeddah and the Qatari capital, Doha. Indicating the success of his diplomatic efforts, Saudi Arabia has agreed to purchase Turkish drones in the largest defense contract in Turkey's history.
Two senior Turkish officials indicated that "Turkey expects that Arab Gulf countries will inject direct investments estimated at about $10 billion initially into local assets as a result of Erdogan's tour in the region."
