Erdogan visits UAE at the end of Gulf tour to attract investments

Middle East News
2023-07-19 | 05:21
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Erdogan visits UAE at the end of Gulf tour to attract investments
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Erdogan visits UAE at the end of Gulf tour to attract investments

Turkish President Recep Tayyip Erdogan has begun a visit to the United Arab Emirates, the final stop on a Gulf tour aimed at attracting investments to his country, which is facing significant economic challenges, according to the UAE state news agency WAM on Wednesday.

The tour, which lasted three days, included Saudi Arabia and Qatar, where agreements were signed to revive Turkey's economy, which is suffering from high inflation and a collapse in the value of the national currency.

The agency stated that Erdogan arrived in the UAE "on an official visit to the country, accompanied by his wife, Emine Erdogan."

President Erdogan arrived in the UAE from Qatar, where he met with the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani. During their talks, both sides emphasized "the strong desire of the two countries to deepen bilateral cooperation by enhancing trade exchange and economic relations," according to the Qatar News Agency.

This is Erdogan's second visit to the UAE since the warming of relations between the two countries in late 2021, following periods of tension over the past decade.

The UAE and Turkey supported conflicting parties in the war in Libya and had differing positions on gas exploration in the Eastern Mediterranean. Turkey also provided support to members of Islamist groups, including the "Muslim Brotherhood," classified as a "terrorist" organization by the UAE and Gulf countries.

Relations also soured due to the boycott imposed by Saudi Arabia, the UAE, Bahrain, and Egypt on Qatar, Ankara's closest ally, which lasted from mid-2017 until early 2021. Tensions escalated further with Gulf countries, especially Saudi Arabia, following the murder of Saudi journalist Jamal Khashoggi in Istanbul in 2018.

However, relations improved with a visit by UAE President Sheikh Mohammed bin Zayed Al Nahyan to Turkey in November 2021, when he held the position of Crown Prince of Abu Dhabi, followed by Erdogan's visit to the UAE in February 2022.

Last month, UAE President Sheikh Mohammed bin Zayed Al Nahyan met his Turkish counterpart in Istanbul shortly after Erdogan's re-election for a third term following a snap election in May. Turkish Vice President Fuat Oktay also met with Sheikh Mohammed bin Zayed during a visit to the UAE in June.

The restoration of Turkish-Gulf relations has opened the door for increased investments in the Turkish economy.

In March of last year, the UAE and Turkey signed a comprehensive economic partnership agreement aimed at increasing the value of non-oil trade to $40 billion annually within 5 years. In 2021, a $10 billion fund was established to support investments in Turkey.

The total non-oil trade between the UAE and Turkey reached approximately $19 billion in 2022, an increase of 40% from 2021 and 112% from 2020, making Turkey one of the top 10 trading partners of the UAE, according to official UAE data.
 
 
 
 
 
 
 
AFP

Middle East News

Erdogan

Visits

UAE

United Arab Emirates

End

Gulf

Tour

Attract

Investments

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