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21-07-2023
DUBAI/ ANKARA: President Recep Tayyip Erdogan of Turkey wrapped up his Gulf tour in the United Arab Emirates (UAE), securing agreements worth over $50 billion to bolster the Turkish economy.
The tour, which also included stops in Qatar and Saudi Arabia, aimed to attract investments and repair strained relations between Turkey and Gulf states.
During his visit, Erdogan oversaw the signing of lucrative deals, marking a significant step towards reviving Turkey’s struggling economy. The agreements cover various sectors, including energy, natural resources development, space, defense cooperation, and an extradition accord. Notably, the UAE’s sovereign wealth fund, ADQ, signed a memorandum of understanding (MoU) to finance up to $8.5 billion of Turkey earthquake relief bonds. Additionally, ADQ will provide credit facilities of up to $3 billion to support Turkish exports through a partnership with the Export Credit Bank of Turkiye.
Erdogan expressed his optimism about the strengthened partnership, saying, “With the joint agreement we will sign, we will elevate our relations to the level of strategic partnership.” He also highlighted the importance of enhancing legal infrastructure in areas such as investment promotion, security, renewable energy, and transportation.
The successful Gulf tour also saw Saudi Arabia, earlier this week, agreeing to purchase Turkish drones in what is considered the largest defense contract in Turkey’s history. Furthermore, a free trade agreement signed between Turkey and the UAE in March aims to increase bilateral commerce to $40 billion annually within five years.
The diplomatic efforts and improved relations between Turkey and the UAE have resulted in increased investments in Turkey, providing much-needed support to its weakened lira, heavy deficits, and chronic inflation.
The UAE’s President, Sheikh Mohamed bin Zayed Al Nahyan, underscored the shared goals of stability, economic growth, and sustainable progress, saying, “We share the same ambitions for stability, economic growth, and sustainable progress.”
President Erdogan’s Gulf tour has marked a significant turning point in Turkey’s economic prospects. The multi-billion dollar agreements signed during the visit demonstrate the growing confidence and commitment from Gulf nations to invest in Turkey’s recovery. These partnerships not only provide crucial financial support but also pave the way for closer diplomatic ties and increased cooperation in various sectors.
Turkey’s President Erdogan remains determined to strengthen Turkey’s economic position through strategic partnerships and international investments. (Int’l News Desk)
