President Sheikh Mohamed spoke of his commitment to strong ties with Turkey on Wednesday as he welcomed Recep Tayyip Erdogan to Abu Dhabi.
Agreements estimated to be worth $50.7 billion (Dh186 billion) were signed between the two nations.
These will add to the framework of the Comprehensive Economic Partnership Agreement (Cepa) between the two countries.
Sheikh Mohamed said he "enjoyed fruitful talks with President Erdogan, as we explored ways to continue building on the close, historic ties between our two countries".
The UAE and Turkey remain committed to fostering regional stability, growth and sustainable economic development
"The UAE and Turkey remain committed to fostering regional stability, growth and sustainable economic development."
Mr Erdogan is in the Emirati capital on the final day of a trip to the Gulf, where he is seeking investment opportunities and looking to forge stronger ties with the region.
The accords signed at Qasr Al Watan represent a massive investment in Turkey, which has suffered sky high inflation and a devalued currency. The two counties signed the Cepa earlier this year and the deal was ratified in May.
It is expected to help push bilateral non-oil trade to more than $40 billion from about $19 billion currently as well as create thousands of jobs in the two countries, UAE Minister of State for Foreign Trade, Dr Thani Al Zeyoudi said previously.
The two leaders agreed to establish a high-level strategic council which would serve to strengthen the ties between the UAE and Turkey.
Several agreements and Memoranda of Understanding (MoUs) worth billions were established that promised to further enhance collaboration.
Among at least a dozen deals signed was a strategic co-operation agreement between oil company Adnoc and the Turkish Petroleum Corporation, an agreement between the Abu Dhabi Investment Office and Turkey's Investment Office of the Presidency and joint work in the field of defence industries between the UAE's Tawazun Council and the Turkish Defence Industries Agency.
Furthermore, the two countries signed an extradition agreement and a deal relating to mutual legal assistance in criminal matters.
Other highlights included the Ministry of Investment and Turkey's Ministry of Industry and Energy and Natural Resources working together to develop energy and natural resource projects, and potential coopertation between the UAE Space Agency, the Turkish Ministry of Science, Industry and Technology, and the Turkish Space Agency.
Sheikh Mohamed bestowed on Mr Erdogan the Order of Zayed, the highest civilian honour, as a "reflection of the UAE’s appreciation for his efforts" at strengthening relations and building upon the historic ties.
Talks built on ties forged when Sheikh Mohamed visited Ankara in November 2021 and pledged a $10 billion fund to invest in Turkey's economy.
The two leaders last met in June after Mr Erdogan's re-election.
Total UAE investments in Turkey reached $7.8 billion by the end of 2021, spanning several sectors, such as financial services, real estate, transportation, renewable energy, ports and logistical services.
Last year, IHC, through its subsidiary International Energy Holding, acquired a 50 per cent stake in Turkish renewable energy company Kalyon Enerji for Dh1.8 billion ($490 million).
Mr Erdogan has sought to improve diplomatic ties and friendships with Gulf nations after disagreements over the past decade.
Turkey, with its substantial population, manufacturing base and location at the crossroads of Europe and Asia, is seen as a natural partner for business-minded Gulf nations.
HWJN
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Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
UAE currency: the story behind the money in your pockets
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RESULTS
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