Turkey, UAE central banks ink MoU to foster cooperation

ANKARA

The central banks of Turkey and the United Arab Emirates (UAE) signed a cooperation agreement on Wednesday, according to a statement by the Turkish Central Bank.

"In the framework of the MoU (memorandum of understanding), the two central banks aspire to carry out activities to foster cooperation in the field of central banking," it said.

The deal came amid reports that the UAE is set to make remarkable investments in Turkey.

Turkey and the UAE signed a total of 10 agreements on energy, the environment, finance, and trade during a visit by Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed al-Nahyan to Ankara on Wednesday.

The UAE has also allocated a $10 billion fund for direct investment in Turkey, the chief executive officer (CEO) of the Abu Dhabi Developmental Holding Company announced.

The crown prince arrived in Ankara at the invitation of Turkey's President Recep Tayyip Erdogan.

This is first visit to Turkey since 2012, and the first top-level meeting between the UAE and Turkey in recent years.