Erdogan signs deals worth $50 billion during visit to the United Arab Emirates

(Patria) - The United Arab Emirates and Turkey have signed several agreements estimated to be worth $50.7 billion during the visit of President Tayyip Erdogan to Abu Dhabi.

Erdogan and UAE President Mohamed Bin Zayed attended the signing ceremony of agreements that included an extradition agreement, energy and natural resources development, and space and defense cooperation, the state news agency WAM reported.

Abu Dhabi state fund (ADQ) announced it signed a memorandum of understanding to finance up to $8.5 billion in bonds to assist Turkey in the event of an earthquake.

Through a memorandum of understanding with Export Credit Bank of Turkiye, ADQ will also finance up to $3 billion in credit facilities to support Turkish exports.

"With the joint agreement we will sign, we will raise our relations to the level of strategic partnership," Erdogan said at the signing ceremony, Reuters reported.

"We want to strengthen the legal infrastructure in areas such as investment promotion, security, renewable energy, and transport," he added.

Abu Dhabi was Erdogan's last stop on a Gulf tour that focused on reviving the Turkish economy, which is struggling with a weakened lira, large deficits, and chronic inflation. The trip also included Saudi Arabia and Qatar.

Reaping the benefits of his diplomatic efforts, Saudi Arabia agreed on Tuesday to buy Turkish drones in the largest defense deal in Turkey's history.

The Turkish leader has been working to mend diplomatic ties with Riyadh and Abu Dhabi over the past two years after a decade of strained relations due to Ankara's support for political Islam and pro-democracy movements. Turkey sent troops to Doha when Saudi Arabia and the UAE imposed a blockade on Qatar in 2017, Reuters writes.