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dpa
Istanbul
Turkish President Recep Tayyip Erdogan and United Arab Emirates Crown Prince Mohammed bin Zayed signed a series of economic cooperation deals on Wednesday after years of regional rivalry between the two predominantly Muslim nations.
The deals ranged from partnerships between the countries’ stock exchanges and sovereign wealth funds to the fields of health and energy.
The thaw in relations comes amid Turkish hopes to attract direct investments from the UAE, state news agency Anadolu reported.
Turkey desperately needs a cash inflow into its ailing economy, which has been hit by a 40-per-cent currency depreciation, high inflation and unemployement, as well as growing foreign debts.
The UAE invests in numerous countries through state-affiliated companies as part of its ambitious diversification plan and Turkey is among those markets, Oliver Oehms from the German-Emirati Chamber of Commerce and Industry told dpa.
Turkey and the UAE, along with other regional heavyweights such as Saudi Arabia, have backed opposing sides in the Libya conflict and the Eastern Mediterranean.
It was only a year ago when Turkish Foreign Minister Mevlut Cavusoglu blamed Abu Dhabi for sponsoring chaos in the Middle East and in Libya.
A series of deals are expected to be signed by Erdogan and Mohammed bin Zayed later on Wednesday, according to the Turkish presidency.
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25/11/2021
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