UAE to invest in Turkey’s economic sectors says minister

Reuters/Ahmed Yosri

The UAE is willing to invest across numerous sectors in Turkey, said Emirati energy and infrastructure minister Suhail Al Mazrouei.

The Gulf state is exploring opportunities in the energy, agriculture, transportation, tourism and other sectors, state-run Anadolu Agency (AA) news agency reported, citing the minister on the sidelines of the St. Petersburg International Economic Forum.

In July 2023 the UAE and Turkey signed deals estimated at $50 billion during President Tayyip Erdoğan’sg visit to Abu Dhabi. Energy accounted for more than half of the agreements.

Al Mazrouei said the UAE is strategically interested in expanding initiatives in the renewable sector with Turkish companies, Anadolu Agency said.

“It makes sense for us to invest in and expand renewable energy projects in Tukeuy and collaborate with Turkish companies,” he said.

The minister highlighted that Turkey’s strategic potential positions it as a crucial hub for natural gas and other infrastructure between Europe and neighbouring regions.

Ankara is a genuine partner, Al Mazrouei said.

Turkey is still trying to rebuild its economy after the impact of a devastating earthquake that hit the country in February last year. It killed an estimated 48,000 people and rendered hundreds of thousands homeless.

Real GDP will expand 2.4 percent in 2024, S&P Global forecasts. That’s down from 4.5 percent last year and the smallest increase since 2020.

That slower growth will continue to be a drag on the economy. Public debt will be equal to 20 percent of GDP in 2024, S&P added. Interest payments as a proportion of government revenue will be 17 percent in 2024, up from 13 percent last year.