UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan with Recep Tayyip Erdogan, President of Turkey. Image Credit: UAE Presidential Court

Abu Dhabi: UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan witnessed on Wednesday the signing of several strategic agreements and MOUs worth a total of $50.7 billion to further cement ties between the two nations.

The agreements and MOUs included the following:

The UAE Ministry of Investment and the Ministry of Energy and Natural Resource of Turkey signed a partnership agreement outlining UAE plans to make large-scale investments to boost Turkey’s national energy transition strategy. Investments include projects in renewable energy, green hydrogen and ammonia, hydropower plants, transmission projects, battery storage, nuclear energy cooperation and emerging technologies, including hydrogen and carbon capture utilisiation and storage.

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Abu Dhabi National Oil Company (ADNOC) and the Turkish Petroleum Corporation signed a cooperation agreement to explore upstream and petrochemical projects.

An MoU on strategic cooperation in the field of defence industries between the UAE Tawazun Council and the Turkish Defence Industries Agency was also signed.

A MoU on the development of joint launch vehicle capabilities for commercial purposes between the UAE Space Agency, the Turkish Ministry of Science, Industry and Technology, and the Turkish Space Agency was signed as well.

Another MoU was signed in the field of export credit financing between ADQ and Turkish Eximbank to boost exports and bilateral trade.

A deal on investing in sukuk for the purposes of the reconstruction of areas of Turkey affected by earthquakes, between Abu Dhabi Developmental Holding Company (ADQ) and the Turkish Ministry of Treasury and Finance was also inked.

Turkey is one of the UAE’s largest trading partners, with non-oil intra-trade between the nations from 2013 to 2022 amounting to more than $103 billion, divided into $56 billion in imports, about $35 billion in exports, and more than $12 billion in re-exports, according to the UAE’s Federal Competitiveness and Statistics Centre (FCSC).

Earlier this year, the Governments of the two countries signed a Comprehensive Economic Partnership Agreement (CEPA), which aims to increase trade between the two countries to $40 billion in the next five years.