UAE, Turkey to bolster ties with new agreements, renew commitments: Report

The UAE and Turkey will further bolster ties as they are “expected to sign new agreements and renew previous commitments” during Turkish President, Recep Tayyip Erdogan’s visit to the UAE in February, a senior Turkish official told state media WAM news agency.

Mustafa Sentop, Speaker of the Grand National Assembly of Turkey said that “preparations are ongoing” for the visit and claimed that it will be a “testament to the improved ties between our countries,” WAM quoted him as saying.

Details about the agreements that are expected to be signed were not specified.

The Speaker of the Turkish Parliament met Saqr Ghobash, the UAE’s Speaker of the Federal National Council (FNC), on Thursday as the countries seek to develop parliamentary relations.

The visit comes two months after Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed met with Erdogan in Ankara, where the UAE announced a landmark $10 billion investment fund in Turkey.

“Sheikh Mohamed bin Zayed’s visit to Turkey was an important step in carrying forward our relationship to a new level,” Sentop said in the original WAM statement.

On Wednesday, the two countries agreed to a nearly $5 billion swap deal in local currencies to boost dwindling foreign-exchange reserves depleted by Turkey’s financial turmoil.

Additionally, various investment opportunities are being explored between the two countries in the fields of climate change, energy, water and food security, health, agriculture, logistics, infrastructure, finance, and tourism.

According to a WAM estimate, bilateral trade between the two countries in 2020 reached $8 billion. The report also revealed that Turkish contractors have so far undertaken 141 projects worth $13 billion in the UAE.

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