After pumping 10 billion dollars into the economy: The UAE and Turkey enter into important economic alliances

UAE Minister of Foreign Trade, Dr. Thani bin Ahmed al Zeyoudi, announced that his country is betting on Turkey in its endeavor to enhance bilateral trade exchanges, in the latest indication of improving relations between the two countries.

In an interview with Bloomberg Agency published last Thursday, al Zeyoudi confirmed, that the UAE hopes to double or triple the volume of trade with Turkey to open new markets.

He added that the UAE “is betting on Turkey as a country that will open up new markets for us through its logistics and supply chain”.

At the end of November of last year 2021, Turkey and the UAE signed 10 economic cooperation agreements in various fields between the two countries.

The agreements – which included partnerships between the stock exchanges of the two countries, sovereign wealth funds, health and energy fields – were signed at the Presidential Complex in the capital, Ankara, after a bilateral meeting and another at the level of delegations between the two sides.

A memorandum of understanding was signed between the Abu Dhabi Development Holding Company and the Turkish Sovereign Fund, by Arda Armut, CEO of the Fund, and Mohammed Hassan al Suwaidi, Chairman of the Board of Directors of Abu Dhabi Development Holding Company.

​​​​A memorandum of understanding for cooperation was also signed between Abu Dhabi Development Holding Company and the Turkish Sovereign Fund, as well as a memorandum of understanding for cooperation between Abu Dhabi Development Holding Company and the Turkish Presidential Investment Authority, and a memorandum of understanding for cooperation between Abu Dhabi Stock Exchange and Istanbul Stock Exchange.

On the cooperation between the Central Bank of Turkey and its UAE counterpart, a memorandum of understanding was signed by “Shehab Kavcioglu” – President of the Central Bank of Turkey – and the UAE Minister of Energy and Infrastructure, “Suhail bin Mohammed al Mazrouei”.

An administrative cooperation and partnership agreement in customs affairs was also signed between Turkey and the UAE.

In the field of energy, a memorandum of understanding on energy cooperation between the two countries was signed by the Turkish Minister of Energy and Natural Resources Fatih Donmez and the UAE Minister of Energy and Infrastructure, “Suhail bin Mohammed al Mazrouei”.

In addition to signing a memorandum of understanding on cooperation in the field of environment between the two countries.

Simultaneously with the signing of the above-mentioned agreements, the UAE announced the establishment of a $10 billion fund to support investments in Turkey, according to the official Emirates News Agency, adding that it will focus on strategic investments, especially the logistical sectors, including energy, health and food.

Turkish official said, “The problems with the UAE are now behind us.

We’re entering a period completely based on cooperation and mutual benefit,” adding that the UAE’s investments will eventually be in the billions of dollars.

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