Turkish President Recep Tayyip Erdogan met with Abu Dhabi’s crown prince, Sheikh Mohammed bin Zayed al Nahyan, in Ankara at present, formally ending years of hostility that noticed Turkey and the Gulf sheikhdom on the alternative sides of main conflicts within the Middle East, the Horn of Africa, and within the media. The pair had been all smiles as they met in Erdogan’s 1,100-room palace within the Turkish capital.
The go to by the crown prince, generally recognized by his initials MBZ, was the primary since 2012. The cordial tone was set by a collection of funding accords underneath which the UAE will make investments as much as $10 billion in Turkey’s more and more shaky financial system.
Separate agreements in commerce, power and the surroundings had been additionally inked alongside a deal between the Abu Dhabi Securities Exchange and Turkey’ inventory trade, Borsa Istanbul.
Until just lately, Turkey and the UAE had been in near open battle in Libya, the place Turkish forces and Sunni Syrian mercenaries backed the previous Government of National Unity towards the jap warlord Khalifa Hifter, who was militarily supported by the UAE. Turkey additionally accused MBZ of involvement within the bloody coup try in 2016 to overthrow Erdogan.
Turkish Foreign Minister Mevlut Cavusoglu introduced at present that he could be touring to Abu Dhabi in December, presumably to put the bottom for a return go to by Erdogan. Turkey can be considered urgent for the extradition of mobster-turned-whistleblower Sedat Peker, who has been leaking incriminating details about senior authorities figures after falling out with them. Peker is at the moment primarily based within the UAE.
In flip, the UAE is reportedly curious about mediating between Turkey and the federal government of Syrian President Bashar al-Assad. UAE’s international minister, Sheikh Abdullah bin Zayed, met with Assad in Damascus on Nov. 9, a part of a UAE- and Egyptian-led effort to convey Syria again into the Arab League fold.
Early indicators of a thaw emerged when the crown prince’s brother and UAE nationwide safety advisor, Tahnoun Bin Zayed al Nayhan, met with Erdogan in Ankara in August. The prevailing view is that the UAE is looking for a rapport with Ankara partly to offset rising financial competitors from Saudi Arabia, and extra broadly because the Biden administration indicators much less engagement within the area, leaving international locations like Turkey and the UAE to fend for themselves.
Turkey has additionally been looking for to fix ties with Egypt and Israel in a bid to interrupt out of its rising regional isolation. Last week, Erdogan spoke with Israeli Prime Minister Naftali Bennett for the primary time following Ankara’s launch of an Israeli couple accused of spying. He additionally spoke to the president of the Jewish state, Isaac Herzog. Both Egypt and Israel are demanding that Turkey cut back its help for Hamas and the Muslim Brotherhood, a priority that the UAE shares.
With the Turkish lira at file lows towards the US greenback, Turkey presents profitable alternatives for risk-ready buyers. But no quantity of outdoor funding can reverse Erdogan’s authoritarian tendencies and obsession with flattening rates of interest. Erdogan has fired three Central Bank chiefs to this point for not agreeing with him. Inflation is now near 20%. Food and utility costs are hovering and Erdogan’s ballot numbers are slipping in tandem.
The forex rallied barely at the side of the go to, with an 11% restoration through the day Tuesday following 11 days of decline.
It stays unclear what progress on political points, if any, was recorded through the Erdogan-MBZ summit. Neither chief made any statements. But the truth that they met in any respect means that each leaders have determined to place previous enmities to relaxation.