Turkey and the United Arab Emirates will sign accords on energy and technology investments after talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan in Ankara on Wednesday, a Turkish official said.
Sheikh Mohammed’s meeting with Erdogan, the first such visit in years, comes as the two countries work to mend frayed ties and amid a currency crisis in Turkey.
The official said the memorandums of understanding would be 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 towards economic partnership after a battle for regional influence since the Arab uprisings erupted a decade ago. The disputes have extended to the eastern Mediterranean and Gulf, before Ankara launched a charm offensive in the region last year.
ADQ will sign an accord on investing in Turkish technology firms and on establishing a technology-oriented fund, the person said, adding Abu Dhabi Ports will also sign an agreement on port and logistics cooperation.
ADQ will also sign deals with Turkish company Kalyon on energy and infrastructure, one with CCN Group on health cooperation, and another with Turkey’s Presidency Investment Office for UAE investments in renewable energy projects of up to 3GW in Turkey.
“Problems with the UAE are now behind us. We are entering a period based fully on cooperation and mutual benefit,” said another official familiar with preparations for Wednesday’s visit, and added the UAE investment would ultimately be in the billions of dollars.
Turkey’s Central Bank Governor, Sahap Kavcioglu, was also meeting United Arab Emirates officials at the Turkish presidency for preliminary talks regarding a potential swap agreement, two sources told Reuters.
Turkey said in September it was in talks with the UAE over investments in energy such as power generation, while the UAE, whose sovereign wealth funds have made significant investments in Turkish online grocer Getir and e-commerce platform Trendyol, has said it seeks deeper trade and economic ties with Ankara.