UAE’s $51 Billion Pledge for Turkey Is Marred by Failed Deals

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 The United Arab Emirates’ pledge to invest $51 billion in Turkey is facing challenges two years after its announcement, as shifting economic conditions in Ankara complicate deal-making. The initial commitment, intended to strengthen economic ties between the two nations, has encountered roadblocks stemming from valuation disputes and shifting investment priorities. In 2021, the UAE announced its ambitious plan to inject substantial capital into various sectors of the Turkish economy, including finance, technology, and infrastructure. The pledge was seen as a major step in restoring relations between the two countries, following years of geopolitical tensions. However, since then, Turkey's economic landscape has evolved, with a strengthened lira, rising investor confidence, and an improved trade balance making local businesses more resistant to external acquisitions and partnerships. Turkish companies, buoyed by a rebound in economic stability, have adopted a firmer stance on valua...

Joe Biden grabs the opportunity to make the next moves as he holds “Democracy Summit”

 

Joe Biden

The US (United States) President Joe Biden hosts representatives of more than 100 countries for a democracy summit on Thursday and Friday. Thursday’s event was held through video calls because of the covid-19. However, Russia and China, which Biden sees as the powerful autocracies, were pointedly left out.

As per the report by CNN, Joe Biden’s democracy summit was designed as a show of force against authoritarian regimes. The decision to hold the summit was taken in the hope to make a pro-democracy argument and persuade his allies to take a tougher line against authoritarian regimes countries like Russia and China. The White House also said that the democracy summit is not meant as a challenge to any single country or leader.

Joe Biden’s move

Joe Biden recently also confronted surging tensions with Russia and China this week. He told the Russian leader that one nation cannot tell another nation to change its policy. He held a video call with the President of Russia, Vladimir Putin, in which he said that the US will impose economic penalties if Moscow escalates military action in Ukraine. Recently, the US White House also announced that US diplomats would boycott the 2022 Winter Olympic Games in Beijing, China. However, the Chinese officials said that the boycott is only based on rumors. Later on, Australia, Britain, and Canada also joined the diplomatic boycott. But Russia joined China in criticizing the decision of the diplomatic boycott.

The United States recent moves

When the US announced that no officials would attend the upcoming winter Olympics in Beijing, the officials were hesitant to boycott. The officials thought of Jimmy Carter's move in 1980. At that time, American athletes were not allowed to participate in the Moscow games at the height of the Cold War. 

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