UAE, Turkey sign deals worth $50 billion, strategic ties hit new highs between two countries

The UAE and Turkey have bolstered strategic cooperation by signings strategic agreements and memoranda of understanding (MoUs) worth more than $50 billion.

Further cementing the strong bilateral ties, the UAE, President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and Turkish President Recep Tayyip Erdogan, met for the fifth time in the past two years. And the bonhomie between the two leaders got more evident during this visit. Sheikh Mohamed conferred the Order of Zayed, considered the UAE’s highest civilian honour, on Erdogan. And in a heartwarming gesture, Erdogan presented the Togg, a Turkish-made electric car, to Sheikh Mohamed.

The leaders witnessed the announcement of a joint accord on establishing a high-level strategic council between the two countries and exchanging several agreements and MoUs.

Later, Sheikh Mohamed tweeted that he “enjoyed fruitful talks” with Erdogan, who was in the Capital after visits to Saudi Arabia and Doha.

“We explored ways to continue building on our two countries' close, historic ties. The UAE and Turkey remain committed to fostering regional stability, growth and sustainable economic development,” Sheikh Mohamed said.

Turkey is one of the UAE’s largest trading partners, with non-oil intra-trade between the nations from 2013 to 2022 amounting to more than $103 billion, divided into $56 billion in imports, about $35 billion in exports, and more than $12 billion in re-exports, according to the UAE’s Federal Competitiveness and Statistics Centre (FCSC). Earlier this year, the two countries' governments signed a Comprehensive Economic Partnership Agreement (CEPA), which aims to increase trade between the two countries to $40 billion in the next five years.

The agreements and MoUs – estimated to be worth $50.7 billion – announced during this visit are aimed at diversifying the framework of CEPA and deepening investment between both nations across strategic sectors. They were exchanged between Mohamed Hassan Al Suwaid, UAE’s Minister of Investment, and Hakan Fidan, Turkish Minister of Foreign Affairs.

The agreements exchanged today included:

• An agreement between the government of the United Arab Emirates and the government of the Republic of Türkiye 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.

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