Securing Investments: Erdoğan’s Visit to the UAE

Securing Investments: Erdoğan’s Visit to the UAE

Over the past few months, diplomatic relations between Turkey and the United Arab Emirates (UAE) have steadily improved. These warming ties are largely due to a charm offensive initiated by Turkish President Recep Tayyip Erdoğan with the Gulf countries at a time when his country’s economy is in dire straits. Owing to this rapprochement, Turkey had managed to secure deals worth USD 10 billion, in the areas of energy and technology, during Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan's visit to Ankara in November 2021.

During the month of February 2022, President Erdoğan paid a visit to Abu Dhabi, UAE, where he met with Crown Prince Sheikh Mohammed bin Zayed Al Nahyan during an official ceremony held in the Emirati capital. It was the Turkish leader’s first official visit to the country since 2013. On arrival, he was received with honors by the Crown Prince while the Turkish flag was projected on the Burj Khalifa, the tallest building in the world. 

Since their reconciliation, both partners have demonstrated their readiness to focus on economic cooperation. During his visit, President Erdoğan engaged with several investors to whom he extolled the many advantages offered by his country in both economic and commercial terms: “Turkey provides very important advantages for investors looking for alternatives to Asia-centred production areas,” he said during an event in Abu Dhabi.

Even during the period of tensions between the two countries, the trade volume between Turkey and the UAE remained stable while the private sector partnership programmes were also maintained, thereby allowing the UAE to remain Turkey's main economic partner in the Gulf region.

The UAE offers financial support and favorable investment opportunities to high-tech companies and startups. Turkey, with its dynamic and young population, is leading new global initiatives that develop advanced technology,” President Erdoğan declared during his visit.

During the meeting, Turkey and the UAE published a joint statement to start negotiations for the signing of several agreements, including a bilateral trade and investment deal and a defence cooperation agreement.

“The UAE sees economic and developmental cooperation … as a key tool in wisely managing various issues to rid our region of continuous escalation,” Anwar Gargash, diplomatic adviser to the UAE president, said on Twitter on the sidelines of the Turkish president's visit.

During his time in the UAE, Erdogan also visited the Turkish pavilion at Dubai Expo 2020 and met the ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum.