UAE businesses to invest in Turkey

Turkish President Recep Tayyip Erdogan called on business leaders in the wealthy United Arab Emirates Tuesday to invest in his country.

Erdogan arrived in the UAE capital Abu Dhabi on Monday for a two-day visit to revive relations that were long strained by regional disputes, marking his first trip to the oil-rich Gulf country in nearly a decade.

“As the leading representatives of the private sector in the United Arab Emirates, I am sure you fully comprehend the benefits of establishing commercial and investment partnerships with Turkey,” he told investors at a business conference in Abu Dhabi. “It is you, the esteemed members of our business world, who will realise the two countries’ potential, especially in trade and investments.”

Erdogan’s visit comes after Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan, the UAE’s de facto ruler, travelled to Ankara in November on the first high-level visit to Turkey since 2012.

The Turkish president said on Tuesday that that trip “started a new era” with the UAE, adding there was a “strong collective will to develop trade relations and increase investments”.

Erdogan and Sheikh Mohammed on Monday oversaw the signing of 13 cooperation agreements and memoranda of understanding, including a letter of intent on cooperation in the defence industries, according to the UAE’s official WAM news agency.

Other areas of cooperation included health, technology, climate action and crisis and disaster management, the news agency said.

Turkey-UAE trade topped 26.4 billion dirhams ($7.2 billion) in the first half of 2021. The UAE hopes to double or triple trade volume with Turkey, which it sees as a route to new markets.

About 400 Emirati companies operate in Turkey, the UAE’s 11th largest trading partner, WAM said.

Erdogan on Tuesday also met with UAE Prime Minister and ruler of Dubai, Sheikh Mohammed bin Rashid Al-Maktoum, at the Expo 2020 world fair, where the two discussed ways to develop bilateral relations.