Home Business UAE Companies Ink Historic Deals Exceeding $50 Billion with Turkey

UAE Companies Ink Historic Deals Exceeding $50 Billion with Turkey

The deals cover various sectors including energy, defense, infrastructure, technology, finance, and space.

UAE Companies Ink Historic Deals Exceeding $50 Billion with Turkey

Abu Dhabi and Turkey have strengthened their bilateral relations with the signing of several strategic agreements and memorandums of understanding (MOUs) worth a total of $50.7 billion. The agreements were witnessed by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan.

One of the significant agreements is the partnership agreement between the UAE Ministry of Investment and the Ministry of Energy and Natural Resource of Turkey. This outlines the UAE’s plans to make large-scale investments to support Turkey’s national energy transition strategy. The investments will focus on projects in renewable energy, green hydrogen, ammonia, hydropower plants, transmission projects, battery storage, nuclear energy cooperation, and emerging technologies like hydrogen and carbon capture utilization and storage.

Additionally, the Abu Dhabi National Oil Company (ADNOC) and the Turkish Petroleum Corporation have signed a cooperation agreement to explore upstream and petrochemical projects. This move is expected to further strengthen energy ties between the two nations.

In the defense sector, an MOU on strategic cooperation was signed between the UAE Tawazun Council and the Turkish Defense Industries Agency. This agreement aims to foster collaboration and enhance defense industries in both countries.

The UAE Space Agency, the Turkish Ministry of Science, Industry and Technology, and the Turkish Space Agency also signed an MOU on the development of joint launch vehicle capabilities for commercial purposes, boosting space cooperation between the two nations.

To support trade and exports, an MOU on export credit financing was signed between ADQ and Turkish Eximbank, facilitating smoother trade between the UAE and Turkey.

Furthermore, an agreement on investing in sukuk for the reconstruction of areas in Turkey affected by earthquakes was inked between Abu Dhabi Developmental Holding Company (ADQ) and the Turkish Ministry of Treasury and Finance. This shows the UAE’s commitment to supporting Turkey in times of need.

The UAE and Turkey have a robust trading relationship, with non-oil intra-trade between the nations amounting to more than $103 billion from 2013 to 2022. The Comprehensive Economic Partnership Agreement (CEPA) signed earlier this year aims to further boost trade between the two countries to $40 billion in the next five years.

Overall, these agreements and MOUs mark a significant step in strengthening the economic and strategic ties between the UAE and Turkey. It demonstrates the commitment of both nations to work together on various sectors, from energy to defense and space exploration, fostering mutual growth and development.

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