UAE companies sign deals worth over $50 billion with Türkiye

UAE companies sign deals worth over $50 billion with Türkiye

Abu Dhabi: UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan witnessed on Wednesday the signing of several strategic agreements and MOUs worth a total of $50.7 billion to further cement ties between the two nations. The UAE Ministry of Investment and the Ministry of Energy and Natural Resource of Türkiye signed a partnership agreement outlining UAE plans to make large-scale investments to boost Türkiye’s national energy transition strategy. Investments include projects in renewable energy, green hydrogen and ammonia, hydropower plants, transmission projects, battery storage, nuclear energy cooperation and emerging technologies, including hydrogen and carbon capture utilisiation and storage. Abu Dhabi National Oil Company (ADNOC) and the Turkish Petroleum Corporation signed a cooperation agreement to explore upstream and petrochemical projects. An MoU on strategic cooperation in the field of defence industries between the UAE Tawazun Council and the Turkish Defence Industries Agency was also signed. A MoU on the development of joint launch vehicle capabilities for commercial purposes between the UAE Space Agency, the Turkish Ministry of Science, Industry and Technology, and the Turkish Space Agency was signed as well. Another MoU was signed in the field of export credit financing between ADQ