Turkey's relationship with UAE
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Economic ties grow between Turkey and the UAE

Created : 29 Nov 2021
Turkey's economy

By Justin Mays:

Amid a volatile week for the Lira, Turkey and the United Arab Emirates are improving economic and political relations. On November 24 Abu Dhabi Crown Prince Mohammed Bin Zayed visited Ankara for the first time in nearly a decade for talks with President Tayyip Erdogan, suggesting positive future relations to follow a tumultuous period.

UAE Trade Minister Abdulla bin Touq al-Mari said on November 23 that economic ties between the UAE and Turkey are growing stronger and offer great opportunities to establish new partnerships in different fields, especially trade and investment, according to Emirati publication WAM. Mari added that "Today, we are starting a new era in sustainable economic partnership between the two countries.”

As a result of a series of high-level meetings between representatives of the two nations, multiple plans are now set to increase economic cooperation and trade volume. A 10 billion dollar fund will be invested in strategic sectors such as energy, food, and healthcare in Turkey. Abu Dhabi Development Holding (ADQ) signed deals to invest in Turkey’s technology firms, energy sector, and infrastructure. Other firms followed and signed deals for ports and logistics. Turkey's central bank governor Sahap Kavcioglu also met with Emirati officials to discuss a currency swap deal to build reserves and support the lira with hard currency.

Cooperation deals for their wealth funds, stock exchanges, central banks, and new investments are paving the way for economic growth and positive relations. As the two nations work to mend ties, the new investments and plans are credited for lifting the Turkish Lira by almost 10% on Wednesday.

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