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Turkey signs $50bn deals with UAE to revive economy

Car, Transportation, Vehicle WAM
UAE President Sheikh Mohamed bin Zayed driving the Turkish-made Togg electric car gifted by President Erdoğan to the Emirati leader

The UAE and Turkey have signed deals estimated at $50.7 billion during a visit by President Tayyip Erdoğan to Abu Dhabi.

Erdoğan and UAE President Mohamed Bin Zayed Al Nahyan attended the signing ceremony of the agreements, including an extradition accord, energy and natural resources development, space and defence cooperation, the UAE state-run Wam news agency reported.

Abu Dhabi sovereign wealth fund ADQ signed a memorandum of understanding (MoU) to finance up to $8.5 billion of Turkey earthquake relief bonds.

An MoU with the Export Credit Bank of Turkiye will see the fund invest up to $3 billion in credit facilities to support Turkish exports.

Abu Dhabi was Erdoğan’s final stop in the three-nation Gulf tour, including Saudi Arabia and Qatar, that focused on reviving Turkey’s economy.

Turkey is one of the UAE’s largest trading partners, with non-oil intra-trade between the nations from 2013 to 2022 reaching $103 billion, according to the UAE’s Federal Competitiveness and Statistics Centre.

The two countries earlier this year signed a comprehensive economic partnership agreement (Cepa), which aims to increase trade between the two countries to $40 billion in the next five years.