Turkish President Recep Tayyip Erdogan ended his Gulf tour in the United Arab Emirates (UAE), securing agreements worth more than $50 billion to boost Turkey’s economy.
The tour, which also included stops in Qatar and Saudi Arabia, was aimed at attracting investment and improving strained relations between Turkey and the Gulf states.
During his visit, Erdogan signed lucrative deals, an important step towards reviving Turkey’s struggling economy. The agreement covers various sectors including energy, natural resource development, space, defense cooperation and extradition agreement. Notably, ADQ, the sovereign wealth fund of the United Arab Emirates, signed a memorandum of understanding (MoU) to finance up to $8.5 billion of Turkey earthquake relief bonds. Additionally, ADQ will provide credit facilities of up to $3 billion to support Turkish exports through a partnership with the Export Credit Bank of Turkey.
Erdogan expressed optimism about a stronger partnership, saying, “With the joint agreement we will sign, we will elevate our relations to the level of a strategic partnership.” He also highlighted the importance of enhancing legal infrastructure in areas such as investment promotion, security, renewable energy and transportation.
In a successful Gulf tour, Saudi Arabia earlier this week also agreed to buy Turkish drones in what is believed to be the biggest defense contract in Turkey’s history. In addition, a free trade agreement signed between Turkey and the UAE in March aims to increase bilateral commerce to $40 billion annually within five years.
Diplomatic efforts and improved relations between Turkey and the UAE have resulted in increased investment in Turkey, providing much-needed support to its weak lira, huge deficit and chronic inflation.
“We share the same ambitions for stability, economic growth and sustainable progress,” UAE President Sheikh Mohamed bin Zayed Al Nahyan said, underlining the common goals of stability, economic growth and sustainable progress.
President Erdogan’s Gulf tour marked a turning point in Turkey’s economic prospects. The billion-dollar agreements signed during the visit reflect the Gulf countries’ growing confidence and commitment to invest in Turkey’s recovery. These partnerships not only provide significant financial support but also pave the way for closer diplomatic ties and enhanced cooperation in various fields.
Turkish President Erdogan is committed to strengthening Turkey’s economic position through strategic partnerships and international investments.