The UAE and Turkey have inked deals amounting to $50.7B, signifying a strengthening of diplomatic and economic relations between the two countries.
His Highness President Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan presided over the announcement of a joint accord that establishes a high-level strategic council, solidifying the ties between the UAE and Turkey.
During President Erdogan’s official visit to the UAE, both leaders also oversaw the exchange of multiple agreements and Memoranda of Understanding (MoUs), demonstrating a commitment to further enhance collaboration.
The significant announcement and exchange occurred at Qasr Al Watan in Abu Dhabi, and the deals, valued at $50.7B, are intended to broaden the scope of the UAE-Turkey Comprehensive Economic Partnership Agreement and foster increased investment in strategic sectors between the two nations.
The agreements exchanged included:
• An agreement between the government of the United Arab Emirates and the government of the Republic of Turkey on reciprocal promotion and protection of investments
• An extradition agreement between the two countries
• An agreement on legal and judicial cooperation in civil and commercial matters
• An agreement on mutual legal assistance in criminal matters
• A joint declaration on the establishment of a Joint Economic and Trade Commission (JETCO)
• A Memorandum of Understanding between the Ministry of Industry and Technology of the Republic of Turkey and the Ministry of Industry and Advanced Technology of the United Arab Emirates on collaboration in the field of digital transformation
• A Strategic Partnership Framework Agreement signed between the Ministry of Industry and Energy and Natural Resources of the Republic of Turkey, and the Ministry of Investment of the United Arab Emirates, to develop energy and natural resources projects
• A Memorandum of Understanding on the development of joint launch vehicle capabilities for commercial purposes between the UAE Space Agency; the Turkish Ministry of Science, Industry and Technology; and the Turkish Space Agency
• A Memorandum of Understanding between the UAE International Investors Council and the Investment Office of the Presidency of the Republic of Turkey
• A Memorandum of Understanding on strategic cooperation in the field of defence industries between the UAE Tawazun Council and the Turkish Defence Industries Agency
• A Memorandum of Understanding in the field of export credit financing between ADQ and Turkish Eximbank
• A Memorandum of Understanding on investing in sukuk for the purposes of the reconstruction of areas of Turkey affected by earthquakes, between Abu Dhabi Developmental Holding Company (ADQ) and the Turkish Ministry of Treasury and Finance
• A strategic cooperation agreement between the Abu Dhabi National Oil Company (ADNOC) and the Turkish Petroleum Corporation
• A Memorandum of Understanding between the Abu Dhabi Investment Office and the Investment Office of the Presidency of the Republic of Turkey
