UAE delegation visits Ankara to discuss investments

ISTANBUL

A delegation from the United Arab Emirates (UAE) has recently held talks in the Turkish capital to discuss investment opportunities ahead of President Recep Tayyip Erdoğan’s expected visit to the Gulf nation.

Members of the large UAE delegation met with officials from Turkish ministries in Ankara during the two-day visit. Officials briefed the delegation on their respective ministries’ investment plans, sources told daily Hürriyet.

The focus of the talks was on renewable energy, defense, metro and high-speed train projects, while ways to boost bilateral trade were also discussed, they said.

The UAE may invest up to $25 billion to $30 billion in Türkiye, and a target of boosting Türkiye’s exports to the Gulf nation from $5 billion to $10 billion was also set during the talks, according to the sources.

The UAE may be interested in investing in the metro project in Istanbul and the high-speed train between Istanbul and Ankara, they said.

Works for the 344-kilometers-long section of the high-speed train were finalized before the May elections. Under the project, 52 tunnels and 16 viaducts will be constructed.

They said the UAE is also interested in cooperation in the defense industry, particularly in unmanned combat aerial vehicles.

Erdoğan, accompanied by a large delegation, is expected to visit the UAE after the Eid al-Adha holiday.

The sources also said that preparations were made at the two-day talks held in the Turkish capital regarding the agreements that could be signed during Erdoğan’s visit.

Vice President Cevdet Yılmaz and Treasury and Finance Minister Mehmet Şimşek traveled to the UAE to hold high-level talks last week.

They discussed possible investments the UAE may undertake in Türkiye, daily Hürriyet columnist Hande Fırat reported earlier this week.

Fırat suggested that the size of the UAE investments in Türkiye would amount to $30 billion to $40 billion and the respective agreements on those investments will be signed during Erdoğan’s visit to the Gulf nation.

The UAE may invest in energy, ports, airports and infrastructure projects, Fırat said.

Türkiye and the oil-rich Gulf country inked a free trade agreement on March 3 after Ankara took steps to repair long-strained ties.

Early last year, Erdoğan made his first visit to the UAE in nearly a decade and called on business leaders to invest in his country.

Türkiye’s exports to the UAE amounted to $2.5 billion in the first five months of 2023. Exports to the Gulf nation declined slightly to $5.3 billion last year from the previous year’s $5.5 billion.