Two top Turkish economic officials are visiting the United Arab Emirates in their first trip abroad since joining President Recep Tayyip Erdogan’s revamped cabinet last month, as the government looks for more foreign cash.
Vice President Cevdet Yilmaz and Finance Minister Mehmet Simsek are set to meet UAE’s President Sheikh Mohamed bin Zayed Al Nahyan in the capital Abu Dhabi, according to people familiar with the matter, who asked not to be named as they aren’t authorized to speak publicly.
The purpose of the visit is to discuss economic cooperation between the two countries, Turkey’s state Anadolu Agency reported.
As Turkey turns the page on years of unconventional policies, it needs the financial backing of key allies as its $900 billion economy comes under strain. On Thursday, the central bank is poised take the biggest step yet in a return to economic orthodoxy by raising interest rates for the first time in over two years.
The outreach to the UAE underscores the improvement in relations between two traditional foes that previously clashed over a range of issues.
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