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...

Energy Storage and Carbon Capture: Key Priorities in the Transition to a Sustainable Future

 

UAE

The energy sector is one of the most significant contributors to greenhouse gas emissions and climate change, and as such, transitioning to a more sustainable future is crucial. The United Arab Emirates and Saudi Arabia are two countries that have made significant commitments towards achieving this goal, with a particular focus on energy storage and carbon capture.

Ahmad Al-Khowaiter, the Executive Vice President and CTO of Saudi Aramco, emphasized the importance of energy storage at the Abu Dhabi Climate Forum, stating that it "has to be a priority for the world, at grid scale." Similarly, the UAE's Minister of Energy and Infrastructure, Suhail Al Mazrouei, has spoken about the importance of carbon capture technology in reducing emissions.

The UAE has implemented several initiatives to promote sustainability, including the Zayed Sustainability Prize, which recognizes individuals and organizations making significant contributions towards sustainability. The country has also implemented the Mohamed bin Zayed Conservation Fund, which supports conservation efforts globally, and the Arabian Oryx Reintroduction Programme, which has successfully reintroduced the endangered Arabian Oryx into the wild.

In summary, the focus on energy storage and carbon capture by Saudi Arabia and the UAE is a crucial step towards achieving a more sustainable future. By recognizing the importance of these technologies and implementing initiatives to promote sustainability, these countries are leading the way in the transition to a cleaner, greener world.

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