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.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
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2006 Beat Rafael Nadal
2007 Beat Rafael Nadal
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2009 Beat Andy Roddick
2012 Beat Andy Murray
2014 Lost to Novak Djokovic
2015 Lost to Novak Djokovic
2017 Beat Marin Cilic
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