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President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan as we speak witnessed the signings of a number of strategic agreements and MoUs price a complete of US$50.7 billion to additional cement ties between the 2 nations.
The agreements and MoUs included the next:
• The UAE Ministry of Funding and the Ministry of Power and Pure Useful resource of Türkiye signed a strategic partnership settlement outlining UAE plans to make large-scale investments masking the complete spectrum of the Republic of Türkiye’s formidable nationwide vitality transition technique and spearheaded by UAE nationwide champions and sector leaders in every nation. Investments embody tasks in renewable vitality, inexperienced hydrogen and ammonia, hydropower crops, transmission tasks, battery storage, nuclear vitality cooperation and rising applied sciences, together with hydrogen and carbon seize utilisiation and storage.
• A strategic cooperation settlement between the Abu Dhabi Nationwide Oil Firm (ADNOC) and the Turkish Petroleum Company to discover upstream and petrochemical tasks.
• A Memorandum of Understanding on strategic cooperation within the subject of defence industries between the UAE Tawazun Council and the Turkish Defence Industries Company.
• A Memorandum of Understanding on the event of joint launch automobile capabilities for industrial functions between the UAE House Company; the Turkish Ministry of Science, Trade and Expertise; and the Turkish House Company.
• A Memorandum of Understanding within the subject of export credit score financing between ADQ and Turkish Eximbank to spice up exports and bilateral commerce between each nations.
• A Memorandum of Understanding on investing in sukuk for the needs of the reconstruction of areas of Türkiye affected by earthquakes, between ADQ and the Turkish Ministry of Treasury and Finance.
Türkiye is among the UAE’s largest buying and selling companions, with non-oil intra-trade between the nations from 2013 to 2022 amounting to greater than US$103 billion, divided into US$56 billion in imports, about US$35 billion in exports, and greater than US$12 billion in re-exports, in accordance with the UAE’s Federal Competitiveness and Statistics Centre (FCSC). Earlier this 12 months, the Governments of the 2 international locations signed a Complete Financial Partnership Settlement (CEPA), which goals to extend commerce between the 2 international locations to US$40 billion within the subsequent 5 years.
Turkiye has vital financial potential. With the federal government’s dedication to making sure macroeconomic stability, the attractiveness of Turkiye as an funding vacation spot will proceed to quickly develop and prosper.
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