UAE and Turkey sign agreements worth over $50 billion

WAM

The UAE and Turkey have signed strategic agreements and Memorandums of Understanding (MoUs) worth $50.7 billion, marking a significant step in strengthening ties between the two countries. 

The deals were signed in the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan, who is currently on an official visit to the UAE. 

The UAE Ministry of Investment and the Ministry of Energy and Natural Resource of Turkey signed a strategic partnership agreement outlining UAE plans to make large-scale investments covering the full spectrum of the Republic of Turkey's ambitious national energy transition strategy and spearheaded by UAE national champions and sector leaders in each nation.

Investments include projects in renewable energy, green hydrogen and ammonia, hydropower plants, transmission projects, battery storage, nuclear energy cooperation and emerging technologies, including hydrogen and carbon capture utilisiation and storage.

The agreements and MoUs aim to further strengthen bilateral ties in sectors including energy, oil, defense, space, trade financing, and earthquake reconstruction.

Non-oil trade between the UAE and Turkey reached over $103 billion from 2013 to 2022. 

A recently signed Comprehensive Economic Partnership Agreement aims to increase trade to $40 billion within five years. 

President His Highness Sheikh Mohamed bin Zayed Al Nahyan also awarded the Order of Zayed on Turkish President Erdogan during the visit. The Order of Zayed is considered the highest civilian honour granted by the UAE, and is bestowed upon world leaders and heads of state.

The award bears the name of the UAE’s Founding Father, the late Sheikh Zayed, whose legacy of humanitarianism, international cooperation and the pursuit of peace continues to have an impact throughout the world today.

His Highness Sheikh Mohamed stated that awarding the Order of Zayed to President Erdogan was a reflection of the UAE’s appreciation for his efforts at strengthening bilateral relations and building upon the historic ties between the UAE and Turkey.

President Erdogan gifted a Turkish-made electric car to the UAE President. The Togg electric vehicle was first introduced as a prototype in 2019, and the car manufacturer aims to produce one million vehicles in five different models by 2030.

His Highness, accompanied by President Erdogan, drove the car in the courtyard of Qasr Al Watan while being briefed on its specifications and environmental credentials.

The UAE President thanked Erdogan for the generous gesture - who has also gifted the same cars to other leaders during his Middle East trip.

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