ANKARA, 28 November 2021, (TON): Turkey welcomed Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan, the UAE’s de facto ruler, marking the highest-level visit to Ankara since a nearly decade-long disagreement between the two countries.

The visit represents a new page in Turkey-UAE economic relations with the signature of several investment accords that will be supported with a $10 billion fund.

The agreements concentrated on strategic sectors such as energy, ports and logistics, petrochemicals, technology, food and health care, as well as some cooperation deals between stock exchanges and central banks with a potential swap agreement on the horizon.

Dr. Robert C. Mogielnicki, senior resident scholar at the Arab Gulf States Institute in Washington, said that Turkey was a big market that the UAE could not afford to ignore if it wanted to get the most out of economic engagement with the broader Middle East and North Africa region.

Mogielnicki told media “Turkey likewise wants to shore up stable trade and investment partners given the volatility and uncertainty plaguing its domestic economy.”