UAE invests $10 billion in Turkey as Erdoğan, Al Nahyan meet

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The United Arab Emirates has set aside a $10 billion fund to invest in Turkey, Chairman of Abu Dhabi Development Holding Mohammed Hassan Al Suwaidi said in a statement late Wednesday.

Earlier on the same day, Turkey and the United Arab Emirates signed a series of cooperation agreements during Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan’s visit to Ankara.

Sheikh Mohammed arrived in the Turkish capital Ankara on the invitation of President Recep Tayyip Erdoğan.

The crown prince’s visit is his first to Turkey since 2012, and the first top-level meeting between the UAE and Turkey in recent years.

Agreements for cooperation in multiple fields including trade, energy and environment, as well as agreements covering direct investments in Turkey were signed.

Investment deals were also signed between the Abu Dhabi Developmental Holding Company PJSC (ADQ), the state investment fund of the UAE, and the Turkey Wealth Fund (TWF), as well as the Presidential Investment Office.

Another agreement was signed between the Abu Dhabi Securities Exchange and Turkey’s stock exchange, Borsa Istanbul, besides a memorandum of understanding (MoU) with the Abu Dhabi Ports company.

The ADQ signed a cooperation agreement with Kalyon Group in the fields of energy, infrastructure and transportation, and with the CCN Group in health.

Earlier, UAE’s Industry and Advanced Technology Minister Sultan Al Jaber said they are ready to set new targets for further investment and cooperation in different sectors with Turkey.

The visit by the Emirati crown prince, seen as the de facto leader and the force behind the UAE’s foreign policy posture, was his first official trip to Turkey since 2012, and the highest-level visit by an Emirati official since relations hit a low as the countries have battled for regional influence and backed opposing sides in conflicts. The crown prince’s brother, the UAE national security adviser Tahnoun bin Zayed Al Nahyan, visited Turkey in August as the first major step toward mending strained ties.

A statement from the Turkish president’s office had said the two leaders would discuss bilateral ties as well as steps that can be taken to expand cooperation. They would also exchange views on regional and international developments.

Turkish officials described MBZ’s visit as the “beginning of a new era” following years of hostility after Ankara blamed the UAE for financing the 2016 coup plotters in Turkey and undermining Turkish interests in Libya.

Ahead of the visit, one source familiar with the preparations for MBZ’s visit stated that there has been an increasing Emirati interest in Turkish defense companies, which have established lucrative opportunities with domestic production capabilities in recent years. The Abu Dhabi Investment Authority and other Emirati companies are also reportedly interested in health care, fintech targets and other industries in Turkey.

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