ECONOMY

BLACK FRIDAY: UAE bought 10 bn of Turkish assets as lira collapses

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We don’t know if this deal that we will describe had something to do with the Black Friday event that is happening all over the world or the Turkish lira collapse, but Turkish President Recep Tayyip Erdogan met with Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, in Ankara yesterday, which according to Turkish media, is a move that officially puts an end to years of hostility between the two countries but is it as it sounds?

Erdogan and Sheikh Mohammed initially met at the Presidential Palace, also known as Erdogan’s Palace, in Ankara. Erdogan and Sheikh Mohammed exchanged greetings.

The Turkish Presidential Compound by Ex13 Wiki.commons

Several economic deals, including one with the Turkish government, have been signed by the Crown Prince, under which the United Arab Emirates will spend up to $10 billion in the Turkish economy.

In addition to the arrangements struck today in the areas of bi-lateral trade, energy and the environment, Turkey’s sell-out will almost certainly be viewed as an opportunity for the UAE, which will benefit from the fact that it is still holding on to Turkish assets. Turkey is more in their control, and they are spending less money as the Turkish lira was recently hit hard.

We must not forget that Turkey accuses the United Arab Emirates of participating in the 2016 coup against Erdogan and that they are both involved in the Syrian and Libyan conflicts as hostile forces.

Consequently, before declaring the move as a great development for Turkey, we must first examine the actual deal that Turkey signed with the UAE’s Crown Prince and whether Turkey had suddenly forgotten all of the complaints it had against the United Arab Emirates.

In any case, these ten billion dollars which remind us of the BLACK FRIDAY deals that are appearing and which will most likely be invested over the course of a decade, will not cure Turkey’s financial issues, but they will serve as a kind of bandage for a gunshot wound, to put it another way.

GEOPOLITIKI.COM with information from NEMESISHD.GR

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