Turkey wants to form deeper ties in the field of energy production, its President Recep Tayyip Erdogan said on Wednesday as Egypt's President Abdel Fattah El Sisi visited Ankara for the first time since assuming power more than a decade ago.
The visit is part of attempts to rebuild ties damaged by years of political disputes, and follows an official invitation by Mr Erdogan when he visited the Egyptian capital in February. At the time, Mr El Sisi said the visit "turned a new page".
Speaking at a joint press conference with Mr Sisi, Erdogan said the two countries had reaffirmed their will to improve relations in every area, including trade, defence, health, energy, and environmental matters. Ministers from both countries signed a series of agreements ahead of the leaders' statements.
"We will enhance our multifaceted relations in a win-win manner," Mr Erdogan said, Anadolu reported.
"My visit today and that of his excellency Mr Erdogan to Cairo before reflect our common resolve to open a new page of friendship and cooperation between Egypt and Turkey," Mr El Sisi wrote on Facebook on Wednesday.
The two sides will sign as many as 20 agreements related to defence, energy, tourism, health, education and culture, aiming to increase the volume of trade between the two countries to $15 billion from $10 billion, Turkish state media reported. The agenda includes the first meeting of a presidential-level strategic co-operation council between the two countries, a body that was restructured following Mr Erdogan's Cairo trip, the Turkish government's communications directorate said.
"At the council meeting, all aspects of Turkey-Egypt relations will be reviewed, and joint steps that can be taken in the upcoming period to further develop bilateral co-operation will be discussed," the statement said. "On the occasion of the meeting, the signing of various documents aimed at strengthening the contractual basis of relations is also on the agenda."
Major political differences over the past decade have rocked the relationship, although economic ties have remained strong. Trade volume topped $4.9 billion in the first seven months of 2024, according to Turkish Statistical Institute data.
Ties soured following Mr Erdogan’s vigorous opposition to the military-led overthrow in 2013 of an Islamist president backed by Ankara, Mohammed Morsi of the now-banned Muslim Brotherhood. Mr El Sisi, in office since 2014, was the defence minister at the time.
Turkish support for Islamist movements more widely, and general Turkish wariness of rulers brought to power by military takeovers, deepened the distrust between the two nations, and the two countries withdrew their respective ambassadors soon after.
Egypt’s concerns over the presence of Egyptian Muslim Brotherhood exiles in Turkey were slightly alleviated after Ankara took measures to tone down their criticism of the government in Cairo.
Ankara’s wider Africa policy has also been a divisive issue. Turkey’s 2020 military intervention on the side of the Tripoli-based Government of National Accord (GNA) in Libya angered the Egyptian government, which supports Field Marshal Khalifa Haftar, whose power base is in the east of the country. Cairo believes that the presence of foreign troops in the divided North African country undermines its national security, analysts said.
“Libya continues to be a sticking point, but less so now because there haven’t been massive shifts in the power dynamics, and the current situation is not an imminent threat for anybody,” Dareen Khalifa, a senior adviser at the International Crisis Group think tank, told The National.
“Of course if you ask the Egyptians they are going to say that they want all foreign troops out [of Libya] … they are speaking about the Turks when they say they want foreign troops out, and that their presence in Libya is undermining the political process (in Libya) and their border concerns.”
Cairo has also taken umbrage at Ankara’s significant support for Ethiopia, especially in the construction of a major dam on the Nile, which Egypt says threatens its fresh water supply.
The meeting on Wednesday will also include discussion of regional issues, including the war in Gaza, the Turkish government communications directorate said. Egypt has been a key player in continuing efforts to broker a ceasefire deal between Hamas and Israel, and Turkey has been widely critical of the military operations in Gaza that followed Hamas's October 7 attacks.
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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Day 4, Dubai Test: At a glance
Moment of the day Lahiru Gamage appeared to have been hard done by when he had his dismissal of Sami Aslam chalked off for a no-ball. Replays suggested he had not overstepped. No matter. Two balls later, the exact same combination – Gamage the bowler and Kusal Mendis at second slip – combined again to send Aslam back.
Stat of the day Haris Sohail took three wickets for one run in the only over he bowled, to end the Sri Lanka second innings in a hurry. That was as many as he had managed in total in his 10-year, 58-match first-class career to date. It was also the first time a bowler had taken three wickets having bowled just one over in an innings in Tests.
The verdict Just 119 more and with five wickets remaining seems like a perfectly attainable target for Pakistan. Factor in the fact the pitch is worn, is turning prodigiously, and that Sri Lanka’s seam bowlers have also been finding the strip to their liking, it is apparent the task is still a tough one. Still, though, thanks to Asad Shafiq and Sarfraz Ahmed, it is possible.