Gulf investment takes off in Turkey
Gulf-Turkish relations have made a leap unlike any in years following the visit of Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan
A number of agreements were signed during the visit, the most prominent of them
a memorandum of understanding between Abu Dhabi Developmental Holding Company and the Turkey Wealth Fund; several agreements in various fields were concluded in the presence of Turkish President Recep Tayyip Erdoğan and his guest, Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed
The agreements covered partnerships between the two countries' stock exchanges, their sovereign wealth funds, and the health and energy sectors
In the energy field, a memorandum of understanding on energy cooperation between the two countries was signed by Turkish Minister of Energy and Natural Resources Fatih Dönmez and Emirati Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei. A memorandum of understanding on environmental cooperation between the two countries was also signed.
The UAE announced the setting up of a fund worth 10 billion dollars to support investment in Turkey, according to the official Emirates news agency, which added that it “will focus on strategic investments, chief among them the logistics sectors including energy, health and food”.
Turkish officials gave the Abu Dhabi crown prince a warm welcome on Wednesday, in a visit seen as opening a new page between two countries whose relations have known tension in recent years.
A Turkish official said “the problems with the United Arab Emirates are now behind us. We are entering a period built entirely on cooperation and mutual benefit”, adding that Emirati investment would in the end run into billions of dollars.