Turkey Gets $51 Billion Pledge of Economic Support From UAE
- The countries signed MOUs during Erdogan’s visit to Abu Dhabi
- President in Gulf to attract investment into embattled economy
Photographer: Chris Ratcliffe/Bloomberg
This article is for subscribers only.
The United Arab Emirates pledged to ramp up support for Turkey’s embattled economy, with the two countries agreeing provisional deals they say could be worth more than $50 billion.
Turkish President Recep Tayyip Erdogan and UAE counterpart Mohammed bin Zayed oversaw the signing of several memoranda of understanding in Abu Dhabi on Wednesday. The agreements include wealth fund ADQ possibly buying as many as $8.5 billion of bonds from Turkey to fund reconstruction efforts following devastating earthquakes in February.