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UAE is set to welcome Turkish president on Monday
This will be Erdogan's first official trip to the Emirates in nearly a decade
The UAE is set to welcome Turkish President Recep Tayyip Erdogan on Monday, February 14, in his first official visit for nearly a decade as part of major efforts to boost bilateral relations.
The president’s two-day trip comes months after His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, paid a visit to Turkey in November 2021 in a fundamental step to increase joint cooperation.
The Ankara talks saw the signing of several cooperation deals between both countries, with the UAE announcing the set up a US$10 billion investment fund in Turkey to focus on energy, health and food.
New agreements are expected to be signed during Erdogan’s visit to the UAE as both countries seek to strengthen cooperation in the fields of climate change, energy, water and food security, in addition to health, agriculture, logistics, infrastructure, finance and tourism.
Sheikh Mohamed bin Zayed’s visit had marked a new era of diplomatic relations between both countries that started on April 1, 1977. The Turkish embassy had opened in Abu Dhabi in 1979, and the UAE’s embassy was established in Ankara since 1983.
Economic relations between both countries grew since the UAE’s inception, with a 1984 economic agreement that was followed by several trade partnerships.
Over the past year, government representatives of both countries have been exchanging visits in a boost to relations aimed at strengthening regional stability and prosperity.
Recently, Turkey and UAE signed 10 strategic agreements in security, economy and technology. Bilateral trade between both countries amounted to Dh26.4 billion in the first half of 2021, marking a 100 per cent growth compared to the same period last year.
One of the latest agreements was signed between both countries last month. The Turkish and Emirati central banks had agreed a nearly $5 billion swap deal in local currencies.
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Turkey is among the top 11 trading partners with the UAE, while the UAE is Turkey’s top trading partner among the GCC countries and the 12th globally.
Nearly 400 companies in Turkey are established by the UAE, with real estate topping the UAE's investments in Turkey. The UAE also has major investments in banking, port operations and tourism.
The UAE’s investment inflow to Turkey mounted to Dh18.4 billion by the end of 2020, while the Turkish investment in the UAE totaled more than Dh1.3 billion until the beginning of 2020 across several sectors including construction, real estate, finance, insurance, and IT.
- sherouk@khaleejtimes.com
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