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UAE to invest more in Turkiye

June 27, 2023 at 9:52 am

Turkish President Recep Tayyip Erdogan (R) meets with President of the UAE Sheikh Mohammed bin Zayed Al Nahyan (L) in Istanbul, Turkiye on June 10, 2023 [TUR Presidency/Murat Cetinmuhurdar/Anadolu Agency]

The UAE is preparing to direct more investment towards Turkiye amounting to $30-$40 billion, with agreements being signed after this week’s festival of Eid Al-Adha. According to journalist Hande Firat writing in Hurriyet, after overcoming diplomatic problems between Turkiye and the UAE, great progress has been made on very important issues.

She pointed out that the visit to the UAE by Turkish Vice President Cevdet Yilmaz and Minister of Finance and Treasury Mehmet Simsek has opened the door for long-term investments. This is being followed by measures with other Gulf countries.

Turkish President Recep Tayyip Erdogan intends to conduct a number of visits to the Gulf, and this will have a direct impact on accelerating the investment flow. Firat added that the agreements will be signed during Erdogan’s visit to the UAE, which is showing great interest in investing in Turkiye, especially in the energy and defence industries.

The first package of long-term Emirati investments will include finance for renewable energy, transportation (ports, airports and infrastructure) and reconstruction work in the areas hit by the earthquake on 6 February.

One of the advantages of the agreements that will be signed with the UAE is that they provide the largest and most comprehensive investment that has been made in Turkiye from a single source in many years. It appears that the new investment has arisen after establishing trust and meeting the demand for Bayraktar drones.

READ: Turkiye expects Gulf investments after top-level UAE visit – sources