UAE announces $10B investment fund in Turkey as Erdogan, MBZ meet

The United Arab Emirates has announced a $10 billion fund for investments in Turkey.

The investment, reported by the official Emirati news agency WAM, comes as Turkey's President Recep Tayyip Erdogan and Abu Dhabi’s Crown Prince Mohamed bin Zayed Al Nahyan signed several agreements in Ankara on Wednesday. 

The countries agreed on cooperation in the fields of energy, oil and health sectors and also signed an agreement to prevent money laundering and terrorist financing.

An agreement between the Abu Dhabi Development Holding and Turkey’s Presidential Investment Office will help oversee development in various sectors such as transportation, utilities, media and others.

Another agreement has been signed between the Abu Dhabi stock market and Istanbul’s stock exchange.

The central banks between both countries as well as the customs departments have also been covered.

The specifics of the deals have not yet been announced.

READ MORE: Turkey-UAE seek to patch up ties as MBZ visits Ankara

Recovering bilateral and regional ties

The crown prince's visit is his first official visit to Turkey since 2012 and the first top-level meeting between the UAE and Turkey in recent years.

The visit is viewed as part of a wider effort by the UAE to recalibrate its foreign policy following an unsuccessful attempt to isolate fellow Gulf state Qatar in 2017.

Bilateral relations between the UAE and Turkey are on the mend in all dimensions according to a statement by Turkey's Communications Directorate on Tuesday.

Turkey is also engaged in an effort to mend its ties with regional powers, including Egypt and Saudi Arabia.