President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan Wednesday witnessed the signings of several strategic agreements and memorandums of understanding (MOUs) worth a total of USD 50.7 billion aiming to strengthen connections between the two countries.
The following was listed among the agreements and MOUs:
A strategic partnership agreement was signed by the UAE Ministry of Investment and the Ministry of Energy and Natural Resources of Turkey emphasizing UAE objectives to stimulate significant investments covering the entirety of the Republic of Turkey’s ambitious national energy transition strategy, led by UAE national champions and industry experts in each country.
Investments are made in several crucial sectors, including nuclear energy cooperation, green hydrogen and ammonia, hydropower plants, transmission projects, battery storage, as well as developing technologies such as hydrogen and carbon capture utiliziation and storage.
A joint venture has been set between Turkish Petroleum Corporation and Abu Dhabi National Oil Company (ADNOC) in an effort to investigate upstream and petrochemical projects.
A MOU on strategic cooperation in the field of defence industries between the UAE Tawazun Council and the Turkish Defence Industries Agency.
A MOU on the development of joint launch vehicle capabilities for commercial purposes between the UAE Space Agency; the Turkish Ministry of Science, Industry and Technology; and the Turkish Space Agency.
A MOU in the export credit financing industry between ADQ and Turkish Eximbank to promote exports and reciprocal trade between both countries.
A MOU on investing in sukuk with a view to reconstruct the areas of Turkey affected by earthquakes, between Abu Dhabi Developmental Holding Company (ADQ) and the Turkish Ministry of Treasury and Finance.
Turkey is considered one of the UAE’s major trading partners, with non-oil intra-trade between the countries from 2013 to 2022 summing to more than USD 103 billion, divided into USD 56 billion in imports, about USD 35 billion in exports, and more than USD 12 billion in re-exports, according to the UAE’s Federal Competitiveness and Statistics Centre (FCSC).
Earlier this year, the governments of the two countries signed a Comprehensive Economic Partnership Agreement (CEPA), targeting USD 40 billion during the coming five years.
Turkey has a considerable economic potential owing to the government’s allegiance to guaranteeing macroeconomic stability in addition to the attractiveness of Turkey as an investment destination which is rapidly flourishing and prospering at the moment.