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Erdogan, MBZ meet for first time in practically a decade

Turkish President Recep Tayyip Erdogan met with Abu Dhabi’s crown prince, Sheikh Mohammed bin Zayed al Nahyan, in Ankara immediately, formally ending years of hostility that noticed Turkey and the Gulf sheikhdom on the other sides of main conflicts within the Center East, the Horn of Africa, and within the media. The pair have 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 investment accords beneath 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 setting have been additionally inked alongside a deal between the Abu Dhabi Securities Trade and Turkey’ inventory change, Borsa Istanbul.

Until recently, Turkey and the UAE have been in close to open battle in Libya, the place Turkish forces and Sunni Syrian mercenaries backed the previous Authorities of Nationwide 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 Overseas Minister Mevlut Cavusoglu introduced immediately 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 thought to 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 based mostly within the UAE.

In flip, the UAE is reportedly excited about mediating between Turkey and the federal government of Syrian President Bashar al-Assad. UAE’s overseas 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 in search of a rapport with Ankara partly to offset rising financial competitors from Saudi Arabia, and extra broadly because the Biden administration alerts much less engagement within the area, leaving nations like Turkey and the UAE to fend for themselves.

Turkey has additionally been in search of to fix ties with Egypt and Israel in a bid to interrupt out of its rising regional isolation. Final 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. Each Egypt and Israel are demanding that Turkey reduce its help for Hamas and the Muslim Brotherhood, a priority that the UAE shares.

With the Turkish lira at document lows towards the US greenback, Turkey provides profitable alternatives for risk-ready traders. However no quantity of outdoor funding can reverse Erdogan’s authoritarian tendencies and obsession with knocking down rates of interest. Erdogan has fired three Central Financial institution chiefs to this point for not agreeing with him. Inflation is now close to 20%. Meals and utility costs are hovering and Erdogan’s ballot numbers are slipping in tandem.

The foreign money rallied barely along side 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. However the truth that they met in any respect means that each leaders have determined to place previous enmities to relaxation.

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