During his tour of the oil-rich Persian Gulf region, Turkish President Recep Tayyip Erdoğan has signed agreements with the United Arab Emirates (UAE) worth an estimated $50 billion, aimed at

attracting investment from the region. The provisional agreements between the UAE and Turkey encompass various sectors, including the establishment of a joint economic and trade commission, commitments to develop energy and natural resources projects, and an extradition pact.

Additionally, Abu Dhabi's state investment fund, ADQ, has pledged support for Turkey's reconstruction efforts following a devastating earthquake in February. The fund will provide up to $8.5 billion through bonds for reconstruction and offer $3 billion in export credit financing to boost bilateral trade between the two nations.

Erdoğan's visit to Saudi Arabia, Qatar, and the UAE seeks to garner support and investment for Turkey's economy, especially after appointing a new economic team following his electoral victory in May. Turkey is looking to sell stakes in certain assets to raise foreign currency and address its depleted reserves and current account deficit.

The UAE's shift towards economic diplomacy has been notable in recent years, with a focus on bolstering trade and finance. The improving relations between Abu Dhabi and Ankara began two years ago after a meeting between Sheikh Mohammed bin Zayed al-Nahyan and President Erdoğan in Turkey's capital. Photo by World Economic Forum from Cologny, Switzerland, Wikimedia commons.