The United Arab Emirates and Turkey have signed agreements worth billions of dollars in investments in areas ranging from energy and technology following talks between Turkish President Tayyip Erdogan and Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed al-Nahyan.
The agreements were signed following a visit by Sheikh Mohammed to Ankara, a first in years.
The development comes at a time when the Turkish Lira is depreciating heavily against the US dollar. The visit also mends frayed ties between the two countries.
The memorandums of understanding were signed between the Abu Dhabi Development Holding (ADQ), Turkish Wealth Fund (TVF), and the Turkish Presidency Investment Office, as well as with some Turkish companies. The agreements highlight the countries’ pivot towards partnership after a battle for regional influence since the Arab uprisings erupted a decade ago.