Home Business Historic $50 billion accords solidify UAE-Turkey relations

Historic $50 billion accords solidify UAE-Turkey relations

The world watched as the United Arab Emirates (UAE) and Turkey took a significant stride in their relationship. The leaders of the two nations, President Sheikh Mohamed bin Zayed Al Nahyan of the UAE and Turkish President Recep Tayyip Erdogan, convened at Abu Dhabi’s Qasr Al Watan to formalize a series of agreements collectively valued at over $50 billion. A key highlight was the establishment of a high-level strategic council intended to solidify ties between the two countries.

The newly minted agreements are aimed at diversifying and enhancing the UAE-Turkey Comprehensive Economic Partnership Agreement. These pacts cover a wide range of sectors, underpinning reciprocal promotion and protection of investments, legal and judicial cooperation, digital transformation, defense, space, and energy. Other notable deals involve joint strategies in investing in sukuk for earthquake-affected areas in Turkey and the forging of strategic cooperation between the Abu Dhabi National Oil Company (ADNOC) and the Turkish Petroleum Corporation.

Historic $50 billion accords solidify UAE-Turkey relations

In a symbolic gesture of unity, President Erdogan presented President Al Nahyan with a Turkish-made electric vehicle, the Togg. Described as an emblem of Turkey’s pride in the strengthened ties, the vehicle was accepted with appreciation and a shared anticipation for Turkey’s future growth and development. The two leaders took the opportunity to test drive the environmentally friendly vehicle within the palace’s courtyard.

Historic $50 billion accords solidify UAE-Turkey relations

Further solidifying their alliance, President Al Nahyan conferred the highest civilian honor, the Order of Zayed, upon President Erdogan. This prestigious award, named after the UAE’s Founding Father, recognized Erdogan’s significant efforts in bolstering bilateral relations. President Erdogan expressed gratitude and pride in receiving the award, reaffirming the shared vision of global peace, understanding, and cooperation.

The high-level engagement culminated in an official reception for President Erdogan, organized by his UAE counterpart. The Turkish president, received at Qasr Al Watan, was greeted by local children waving flags of both nations. The leaders also inspected a guard of honor and witnessed a performance of national anthems, while a 21-gun salute marked the significant occasion.

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