The United Arab Emirates said it had signed agreements estimated to be worth $50bn with Turkey as President Recep Tayyip Erdoğan tours the oil-rich Gulf in a bid to attract investment from the region and bolster his country’s ailing economy.
The UAE’s state news agency said the Gulf state and Turkey forged a series of provisional agreements that included the establishment of a joint economic and trade commission, commitments to develop energy and natural resources projects, and an extradition pact.
ADQ, one of Abu Dhabi’s state investment funds, also said it would provide up to $8.5bn through bonds to support reconstruction efforts after February’s earthquake that devastated a vast area of southern Turkey. The fund also said it would provide $3bn in export credit financing to Turkish companies to boost bilateral trade.
It was not immediately clear how the estimated $50bn value of all the agreements was calculated. But the deals mark a deepening of ties between regional powers that have spent much of the past decade at loggerheads, often backing rival sides during the turmoil that erupted across the Middle East after the 2011 popular Arab uprisings.
Erdoğan, who held talks with UAE President Sheikh Mohammed bin Zayed al-Nahyan, said the agreements would “elevate our relations to the level of strategic partnership”.
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