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Turkey, UAE signal accords on power, expertise at talks: officers

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  • Sheikh Mohammed’s assembly with Erdogan comes as two nations work to fix frayed ties.
  • Mohammed says he had “fruitful” talks with Erdogan on strengthening ties.
  • UAE publicizes establishing $10 billion fund to assist investments in Turkey.

ANKARA: Turkey and the United Arab Emirates signed accords on power and expertise investments on Wednesday after talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan in Ankara.

Sheikh Mohammed’s assembly with Erdogan, the primary such go to in years, comes as the 2 nations work to fix frayed ties after a interval of bitter regional rivalry, and amid a foreign money disaster in Turkey.

The memorandums of understanding had been signed between the Abu Dhabi Improvement Holding (ADQ), Turkish Wealth Fund (TVF), and the Turkish Presidency Funding Workplace, in addition to with some Turkish corporations.

The agreements spotlight the pivot in the direction of financial partnership after a battle for regional affect for the reason that Arab uprisings erupted a decade in the past. The disputes have prolonged to the japanese Mediterranean and Gulf, earlier than Ankara launched a allure offensive within the area final yr.

Following the talks, Sheikh Mohammed mentioned he had “fruitful” talks with Erdogan on strengthening ties between Turkey and the UAE.

“I look forward to exploring new cooperation opportunities to benefit our two nations and advance our mutual development goals,” he mentioned on Twitter.

ADQ signed an accord on investing in Turkish expertise corporations and on establishing a technology-oriented fund, whereas Abu Dhabi Ports additionally signed an settlement on port and logistics cooperation.

A deal between ADQ and Turkish firm Kalyon on power and infrastructure, one other with CCN Group on well being cooperation, and a 3rd with Turkey’s Presidency Funding Workplace on renewable power had been additionally among the many agreements, a Turkish official mentioned.

$10 billion fund

The UAE introduced it was establishing a $10 billion fund to assist primarily strategic investments in Turkey, together with within the well being and power fields, its state information company WAM mentioned.

“Problems with the UAE are now behind us. We are entering a period based fully on cooperation and mutual benefit,” mentioned one other official conversant in preparations for Wednesday’s go to, and added the UAE funding would finally be within the billions of {dollars}.

The Turkish and Emirati central banks additionally signed a cooperation settlement on Wednesday. Earlier, two sources mentioned they had been holding talks a couple of potential swap settlement.

Turkey’s central financial institution has beforehand sought swap offers with different nations as a supply of exhausting foreign money to construct reserves and assist the lira, which has declined as a lot as 45% this yr.

It has swap agreements value $6 billion with China, $15 billion with Qatar and $2 billion with South Korea, for a complete of $23 billion.

Turkey mentioned in September it was in talks with the UAE over investments in power resembling energy technology, whereas the UAE, whose sovereign wealth funds have made vital investments in Turkish on-line grocer Getir and e-commerce platform Trendyol, has mentioned it seeks deeper commerce and financial ties with Ankara.

State broadcaster TRT Haber mentioned Turkish Overseas Minister Mevlut Cavusogu will go to Abu Dhabi in mid-December.

Ankara, at odds with a number of regional nations in addition to its Western allies over numerous points, has launched comparable normalisation efforts with its rivals Egypt and Saudi Arabia, although these channels have yielded little public enchancment. 

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