United Arab Emirates to invest $ 10 billion in Turkey

Emirati Prince Mohammed ben Zayed and Turkish President Recep Tayyip Erdogan during their meeting this Wednesday, November 24, 2021 in Ankara.

© ADEM ALTAN / AFP

Text by: RFI Follow

1 min

After years of tensions between Turkey and the United Arab Emirates, Crown Prince Mohammed ben Zayed was received in Ankara on Wednesday, November 24 by Turkish President Recep Tayyip Erdogan.

This visit - the first in ten years - formalized the warming of relations between the two countries, even if it was above all a question of economic cooperation.

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With our correspondent in Istanbul,

Ankara and Abu Dhabi maintain their differences on the regional scene, but business is picking up.

That was the meaning of this visit by Mohammed ben Zayed to Recep Tayyip Erdogan.

It ended with the signing of around ten economic cooperation agreements, but without a joint press conference. 

The Abu Dhabi sovereign wealth fund (ADQ) and the Turkish sovereign wealth fund have thus signed a strategic cooperation agreement and another providing for the creation of a fund dedicated to investments in Turkish technology companies.

Energy, transport and financial services

ADQ has also signed with the Turkish Presidency Investment Agency for partnerships and direct investment projects in fields as varied as energy, transport and financial services.

Other agreements involve the Abu Dhabi Port Company and the Turkish Sovereign Fund, but also the Istanbul Stock Exchange and the Abu Dhabi Stock Exchange.

President Erdogan is counting on the United Arab Emirates to

some of the much-needed investment right now, totaling at least ten billion dollars.

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• Turkey

• United Arab Emirates

• Economy

• Recep Tayyip Erdogan