A new era in Turkish-Emirati economic relations, all we know about the swap agreement


Turkish-Emirati relations have gone through many economic and political turns in recent years. Still, recently, given the economic developments and the increased interest of the UAE in terms of financial investment in Turkey, several presidential conferences were held, and many commercial agreements and reconciliations were proposed between Turkish President Recep Tayyip Erdogan and the Emirati Crown Prince Mohammed bin Zayed Al Nahyan.

Among the most critical results presented after several Emirati and Turkish meetings were the trade exchange agreements (Swap) between the two countries, which amounted to 63 billion Turkish liras and 18 billion dirhams. The ''Swap'' agreement aims to increase financial cooperation between the two countries through the development of bilateral trade, and it will be valid for three years.

The agreement was signed by the Governor of the Central Bank of Turkey, Shehab Kavcioglu, and his Emirati counterpart, Khaled Muhammad Balama, with the possibility of extending it by consensus between the two countries.

Many economic experts stressed that due to the success of the talks between the two countries, it is expected that many Turkish-Emirati agreements will be established in the future, plus a chance of extension of existing trade agreements based on the mutual benefit the two countries.

The Central bank of Turkey governor Kavcioglu stressed that the agreement indicates the two countries' insistence on deepening bilateral trade in local currencies. It is worth noting that Emirati companies in Turkey established many substantial construction projects; one of the most important of these projects was the projects of the Emirati Emaar Company in Istanbul, Turkey; the value of establishing its project in the Asian side of Istanbul exceeded the value of 2.3 billion dollars.

The project consists of several luxury residential and commercial towers In addition to a luxurious 5-star hotel, operated by the UAE brand (The Address), in addition to a vast shopping center, "Emaar Square Mall" in the heart of the project on an area of ​​150,000 square meters, fully prepared for investment.

The center currently includes various stores, 10% allocated to brands luxury stores, the proportion of these stores is scheduled to rise to 25%, Emaar Square Mall attracts 25 million visitors annually. It will include stores selling a group of the most famous Turkish brands, an aquarium, an underwater zoo, an ice rink, plus several cinemas.

Eventually, The Turkish-Emirati diplomatic relations won't stop at this point of improvement and development. The level of investment and trade between the two countries will witness more success and growth in the coming days, so if you have any questions or inquiries on this subject, we will be ready to give you all the answers you deserve to know.

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