UAE companies announce agreements worth over $50 billion in Republic of Türkiye

ABU DHABI, 19th July, 2023 (WAM) -- The value of the strategic agreements and MoUs signed today between the UAE and the Republic of Türkiye totalled of US$50.7 billion, further cementing ties between the two nations.

The agreements and MoUs, which were witnessed by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan, included the following:

• The UAE Ministry of Investment and the Ministry of Energy and Natural Resource of Türkiye signed a strategic partnership agreement outlining UAE plans to make large-scale investments covering the full spectrum of the Republic of Türkiye’s ambitious national energy transition strategy and spearheaded by UAE national champions and sector leaders in each nation. 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.

• A strategic cooperation agreement between the Abu Dhabi National Oil Company (ADNOC) and the Turkish Petroleum Corporation to explore upstream and petrochemical projects.

• A Memorandum of Understanding on strategic cooperation in the field of defence industries between the UAE Tawazun Council and the Turkish Defence Industries Agency.

• A Memorandum of Understanding 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.

• A Memorandum of Understanding in the field of export credit financing between ADQ and Turkish Eximbank to boost exports and bilateral trade between both nations.

• A Memorandum of Understanding on investing in sukuk for the purposes of the reconstruction of areas of Türkiye affected by earthquakes, between ADQ and the Turkish Ministry of Treasury and Finance.

Türkiye 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 US$103 billion, divided into US$56 billion in imports, about US$35 billion in exports, and more than US$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 US$40 billion in the next five years.

Turkiye has significant economic potential. With the government’s commitment to ensuring macroeconomic stability, the attractiveness of Turkiye as an investment destination will continue to rapidly grow and prosper.