Yemeni President Abd-Rabbu Mansour Hadi (C, front) is accompanied by Saudi Crown Prince Mohammed bin Salman Al Saud (R, front), Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan (L, front) before signing an agreement in Riyadh, Saudi Arabia, on Nov. 5, 2019. The Yemeni UN-backed government and the Southern Transitional Council (STC) signed here on Tuesday a Saudi-sponsored "Riyadh Agreement," Al Arabiya TV reported. (Xinhua)

The UAE announced a $10 billion fund for investments in Turkey on Wednesday during Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed's visit to Ankara, burying past rivalries.

The first high-level visit to Turkey since 2012 comes a day after the Turkish lira crashed, the latest turbulence in a tumultuous period for the economy.

The UAE and Turkey backed opposing sides in the Libyan conflict and have diverging opinions on other regional issues such as gas exploration in the eastern Mediterranean.

Relations were particularly tense after a Saudi Arabia-led blockade on Qatar by Arab countries including the UAE in 2017. Doha is one of Ankara's closest allies.

Erdogan greeted Sheikh Mohammed on the ceremonial blue carpet at the presidential palace in Ankara on Wednesday before they went into talks.

The meeting was followed by a signing ceremony for several agreements, the content of which was not divulged. A formal dinner was planned later at the palace.

"The UAE announced the establishment of a $10 billion fund to support investments in Turkey," the official Emirati news agency WAM said.

The move was "to support the Turkish economy and boost bilateral cooperation between the two countries," the agency added.

Erdogan has in 2021 sought to improve ties with regional rivals including Egypt in the face of increasing diplomatic isolation that has caused foreign investment to dry up.

The groundwork was laid for the rapprochement with a visit in August by a UAE delegation, as well as a phone call between Erdogan and Sheikh Mohammed, the UAE's de facto ruler.

AFP