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Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,761
824hr
Pakistan Cases
1,286,453
43124hr
0.98% positivity
Sindh
476,494
Punjab
443,379
Balochistan
33,491
Islamabad
107,848
KPK
180,254

ANKARA: Turkey and the United Arab Emirates signed accords on energy and technology investments on Wednesday after talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan in Ankara.

Sheikh Mohammed's meeting with Erdogan, the first such visit in years, comes as the two countries work to mend frayed ties after a period of bitter regional rivalry, and amid a currency crisis in Turkey.

The memorandums of understanding were signed between the Abu Dhabi Development Holding (ADQ), Turkish Wealth Fund (TVF), and the Turkish Presidency Investment Office, as well as with some Turkish companies.

The agreements highlight the pivot towards economic partnership after a battle for regional influence since the Arab uprisings erupted a decade ago. The disputes have extended to the eastern Mediterranean and Gulf, before Ankara launched a charm offensive in the region last year.

ADQ signed an accord on investing in Turkish technology firms and on establishing a technology-oriented fund, while Abu Dhabi Ports also signed an agreement on port and logistics cooperation.

A deal between ADQ and Turkish company Kalyon on energy and infrastructure, another with CCN Group on health cooperation, and a third with Turkey's Presidency Investment Office for UAE investments in renewable energy projects of up to 3GW in Turkey were also among the agreements, a Turkish official said.

Turkey lira crashes as Erdogan warns of 'economic war'

"Problems with the UAE are now behind us. We are entering a period based fully on cooperation and mutual benefit," said another official familiar with preparations for Wednesday's visit, and added the UAE investment would ultimately be in the billions of dollars.

The Turkish and Emirati central banks also signed a cooperation agreement on Wednesday. Earlier, two sources said they were holding talks about a potential swap agreement.

Turkey's central bank has previously sought swap deals with other countries as a source of hard currency to build reserves and support the lira, which has declined as much as 45% this year.

It has swap agreements worth $6 billion with China, $15 billion with Qatar and $2 billion with South Korea, for a total of $23 billion.

Turkey said in September it was in talks with the UAE over investments in energy such as power generation, while the UAE, whose sovereign wealth funds have made significant investments in Turkish online grocer Getir and e-commerce platform Trendyol, has said it seeks deeper trade and economic ties with Ankara.

State broadcaster TRT Haber said Turkish Foreign Minister Mevlut Cavusogu will visit Abu Dhabi in mid-December.

Ankara, at odds with several regional countries as well as its Western allies over various issues, has launched similar normalisation efforts with its rivals Egypt and Saudi Arabia, though those channels have yielded little public improvement.

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