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Turkey, UAE Ink Billions of Dollars in Agreements in Ankara
(Pixabay)

Turkey, UAE Ink Billions of Dollars in Agreements in Ankara

Turkey and the United Arab Emirates signed agreements worth billions of dollars in areas including technology and energy. The agreements were signed on Wednesday, following talks between Turkish President Recep Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. It is the first meeting in Ankara between leaders of Turkey and the UAE in years, and signals a thaw in an otherwise fraught relationship.

Last year Turkey accused the UAE of destabilizing the region with its involvement in Libya and Yemen, while Abu Dhabi and other Gulf and Arab capitals criticized Turkish military and political actions.

Erdogan said last year that Ankara was considering severing diplomatic ties with Abu Dhabi after the UAE normalized relations with Israel under the US-brokered Abraham Accords. But in August, Erdogan held a rare meeting with UAE National Security Advisor Sheikh Tahnoun bin Zayed Al Nahyan. Two weeks later, the Turkish president and the Emirati crown prince spoke by phone.

The memorandums of understanding signed Wednesday were between the Abu Dhabi Development Holding (ADQ), Turkish Wealth Fund (TVF), and the Turkish Presidency Investment Office, as well as with some Turkish companies. The UAE also announced a $10 billion fund to support mainly strategic investments in the areas of health and energy in Turkey, according to reports. The Turkish and Emirati central banks reportedly also signed a cooperation agreement.

On Wednesday, Turkey’s lira recovered as much as 7%, after it fell 15% in the wake of recent rate cuts staunchly defended by Turkey’s President Recep Tayyip Erdogan. The lira has lost 43% of its value since the beginning of the year.

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