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Turkey, UAE sign multi-billion dollar investment deals, Middle East News & Top Stories

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ANKARA (REUTERS) – Turkey and the United Arab Emirates on Wednesday (November 24) signed agreements covering billions of dollars in investments, including in technology and energy, following talks between President Tayyip Erdogan and the crown prince of Abu Dhabi, Sheikh Mohammed bin Zayed al-Nahyan.

Sheikh Mohammed’s visit to Ankara, the first in years, comes as the two countries scramble to mend frayed ties and amid a currency crisis in Turkey.

The MoUs have been signed between 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 countries’ pivot to partnership after a battle for regional influence since the Arab uprisings erupted a decade ago.

The disputes spread to the eastern Mediterranean and the Gulf, before Ankara launched a regional charm offensive last year.

Sheikh Mohammed said he had held “fruitful” talks with Erdogan on strengthening bilateral ties.

“I look forward to exploring new opportunities for cooperation for the benefit of our two nations and advancing our mutual development goals,” he said on Twitter.

ADQ signed an agreement on investing in Turkish technology companies and establishing a technology-focused fund, while Abu Dhabi Ports signed an agreement on port and logistics cooperation.

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

$ 10 billion fund

“The problems with the UAE are now behind us. We are entering a period entirely based on cooperation and mutual benefit,” said another official familiar with preparations for Wednesday’s visit, adding that the UAE’s investment Arab Emirates would ultimately run into billions of dollars.

The UAE has announced a $ 10 billion (S $ 13.7 billion) fund to primarily support strategic investments in Turkey, especially in health and energy, its news agency said. State WAM.

Turkish state-run news agency Anadolu quoted Foreign Minister Mevlut Cavusoglu as saying he would be visiting Abu Dhabi in December and that the two countries had “very constructive” talks.

The Turkish and Emirati central banks also signed a cooperation agreement on Wednesday.

Earlier, two sources said they were in talks about a possible swap deal. Turkey’s central bank has already sought swap deals with other countries as a source of hard currency to build up reserves and support the lira, which has lost as much as 45% this year.

It has swap agreements worth US $ 6 billion with China, US $ 15 billion with Qatar and US $ 2 billion with South Korea, for a total of US $ 23 billion. U.S. dollars.

Turkey said in September it was in talks with the United Arab Emirates over energy investments such as power generation.

The UAE, whose sovereign wealth funds have made significant investments in Turkish online grocer Getir and e-commerce platform Trendyol, said it is looking to deepen its economic ties with Ankara.

Turkey, at odds with several regional powers as well as its Western allies on various issues, has launched similar normalization efforts with its Egyptian and Saudi rivals, although these channels have produced little public improvement.

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