UAE, Turkey strengthen ties: $50 billion agreements announced during Erdogan’s visit

UAE president Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan announced a joint accord establishing a high-level strategic council in a move to bolster bilateral relations between the two nations, Emirates News Agency (WAM) reported on Wednesday.

The two leaders met at the presidential palace in Abu Dhabi and attended the signing of agreements and memorandums of understanding “estimated to be worth $50.7 billion,” the official WAM news agency reported.

The agreements aim to diversify and expand the framework of the existing UAE-Turkey Comprehensive Economic Partnership Agreement.

Erdogan and the UAE leader “reaffirmed their commitment to promoting stability, both within the region and internationally, stating their shared belief in the importance of dialogue and diplomacy as a means of solving disputes and avoiding conflict,” WAM reported.

The bilateral commitment is expected to deepen economic and strategic relations, bringing mutual benefits to both countries.

The two nations “share the same ambitions for stability, economic growth and sustainable progress,” the agency quoted the UAE’s president as saying.

Erdogan’s visit was part of his Gulf tour that included stops in Qatar and Saudi Arabia.

In March, Turkey and the UAE signed a free trade agreement that aims to increase bilateral commerce to $40 billion annually within five years.