Turkiye and the United Arab Emirates have signed deals worth USD 50.7 billion as President Recep Tayyip Erdogan rounded off a three-country tour of the Gulf.
“Today we have witnessed the signings of several strategic agreements and (memoranda of understandings) worth a total of USD 50.7 billion to further cement ties between the UAE and Turkiye,” Finance Minister Mehmet Simsek tweeted late Wednesday.
The agreements involve export financing, earthquake bonds, energy, defense and other sectors.
Erdogan embarked on a tour of Saudi Arabia, Qatar and the UAE on Tuesday, seeking trade and investment opportunities for Turkiye's floundering economy.
Inflation in Turkiye was 38 per cent last month, down from a high of 85 per cent in October, while the budget deficit widened to USD 8.37 billion in June, seven times the level of a year earlier.
Ankara has repaired ties with Riyadh and Abu Dhabi over the last two years following a decadelong split with the Arab states.
Timothy Ash, an emerging markets analyst at London's BlueBay Asset Management, said the deals represented a “new strategic relationship between Turkiye and the Gulf states.”
Describing a “real triumph for Erdogan and his team,” Ash said similar commitments from Saudi Arabia, Qatar and Kuwait could help Ankara as it begins a period of economic reform that embraces more orthodox policy-making.