UAE and Turkey: results of the presidential visit

UAE and Turkey: results of the presidential visit

Turkish President Recep Tayyip Erdogan visited the United Arab Emirates to discuss the development of economic and partnership relations. A total of 13 agreements were signed between the two states. 

Turkey's economy is in crisis, with inflation hitting 48.7%, while the UAE is successfully recovering from the economic blow of the pandemic and is seeking to diversify the economy, as well as abandon oil dependence. For the United Arab Emirates, Turkey currently looks promising for investment, and also opens the way to the markets of Asia and Africa. 

Last year, the Abu Dhabi State Investment Fund pledged to invest $10 billion in Turkey, and in November 2021, Turkish and Arab investment companies signed billions of dollars of MoUs in sectors such as energy, technology and logistics. 

Meanwhile, trade between Turkey and the UAE exceeded $7.2 billion in the first half of 2021. This year, the countries plan to triple the volume of trade.