Turkey has entered discussions with the UAE regarding a loan to construct a planned railway line that would traverse the Sultan Selim Bridge in Istanbul.
The project will enhance connectivity between Europe, the Middle East, and Asia.
According to reports from the official Turkish Anadolu Agency, this development aims to bolster the strategic trade corridor linking these regions.
The Turkish Minister of Transport and Infrastructure, Abdul Qadir Oural Oghlu, announced the upcoming tender and the initiation of the project within the year.
The details of the loan, whose amount remains undisclosed, are expected to progress during President Recep Tayyip Erdogan’s forthcoming visit to the UAE later this month.
The negotiations follow a statement on October 5, where Turkish officials disclosed ongoing talks with Abu Dhabi’s sovereign wealth fund, ADQ Holding, to construct the railway line over the Bosphorus Strait. Bloomberg highlighted the project’s potential to form part of a commercial corridor stretching from London to Beijing.
The railway will cross the Sultan Selim Bridge, one of the world’s longest and widest suspension bridges, constructed for $3 billion under Erdogan’s presidency. This bridge serves as a critical link between the European and Asian sides of Istanbul.
This project adds to a series of potential deals between Turkey and the UAE, following the restoration of normal relations between Ankara and Gulf countries. In July, the UAE and Turkey signed agreements and memorandums of understanding worth over $50 billion to support Turkey’s fragile economy.
Turkey’s strategic geographical position, bridging Europe and Asia and boasting ports on the Black Sea, positions it as a key player in the envisioned trade route from London to Beijing.
On March 3, 2023, the UAE and Turkey solidified their partnership with a comprehensive economic agreement aimed at strategic cooperation and mutual growth.
Additionally, on July 19, Presidents Sheikh Mohammed bin Zayed of the UAE and Recep Tayyip Erdogan of Turkey witnessed the signing of agreements and memorandums of understanding valued at $50.7 billion, along with an agreement to establish a “High-Level Strategic Committee” between the two nations.
This series of diplomatic and economic engagements underscores the deepening ties and shared growth ambitions of both countries.
