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Wednesday, October 4, 2023

UAE and Turkish Presidents witness $50bn accord to boost partnership

Today, President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan witnessed the announcement of a joint accord to establish a high-level strategic council between the UAE and Turkeys, solidifying their bilateral ties. This significant event occurred during President Erdogan’s official visit to the UAE at Qasr Al Watan in Abu Dhabi. The total value of these agreements is estimated to be around $50.7 billion, and they focus on diversifying the framework of the UAE-Turkeys Comprehensive Economic Partnership Agreement and promoting deeper investments in strategic sectors between both nations.

Today’s exchange of agreements included:

• UAE and Turkeys reciprocal investment promotion and protection agreement.

• Extradition agreement between the two countries.

• Legal and judicial cooperation agreement in civil and commercial matters

• Mutual legal assistance agreement in criminal matters.

• Joint Economic and Trade Commission (JETCO) establishment declaration.

• Memorandum of Understanding on collaboration in digital transformation between UAE and Turkey’s Ministries of Industry and Technology.

• Strategic Partnership Framework Agreement for energy and natural resources projects between UAE and Turkey’s Ministries of Industry, Energy, and Investment.

• Memorandum of Understanding for joint launch vehicle capabilities in commercial space endeavors between UAE and Turkey’s space agencies.

• Cooperation agreement between UAE International Investors Council and Turkey’s Investment Office.

• Strategic cooperation memorandum in defense industries between UAE Tawazun Council and Turkey’s Defense Industries Agency.

• Memorandum of Understanding in export credit financing between ADQ and Turkish Embank.

• Sukuk investment agreement for Turkey’s earthquake-affected areas’ reconstruction between ADQ and Turkish Ministry of Treasury and Finance.

• Strategic cooperation agreement between Abu Dhabi National Oil Company (ADNOC) and Turkish Petroleum Corporation.

• Memorandum of Understanding between Abu Dhabi Investment Office and Türkiye’s Investment Office.

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