Turkey wants to form deeper ties in the field of energy production, its President Recep Tayyip Erdogan said on Wednesday as Egypt's President Abdel Fattah El Sisi visited Ankara for the first time since assuming power more than a decade ago.
The visit is part of attempts to rebuild ties damaged by years of political disputes, and follows an official invitation by Mr Erdogan when he visited the Egyptian capital in February. At the time, Mr El Sisi said the visit "turned a new page".
Speaking at a joint press conference with Mr Sisi, Erdogan said the two countries had reaffirmed their will to improve relations in every area, including trade, defence, health, energy, and environmental matters. Ministers from both countries signed a series of agreements ahead of the leaders' statements.
"We will enhance our multifaceted relations in a win-win manner," Mr Erdogan said, Anadolu reported.
"My visit today and that of his excellency Mr Erdogan to Cairo before reflect our common resolve to open a new page of friendship and cooperation between Egypt and Turkey," Mr El Sisi wrote on Facebook on Wednesday.
The two sides will sign as many as 20 agreements related to defence, energy, tourism, health, education and culture, aiming to increase the volume of trade between the two countries to $15 billion from $10 billion, Turkish state media reported. The agenda includes the first meeting of a presidential-level strategic co-operation council between the two countries, a body that was restructured following Mr Erdogan's Cairo trip, the Turkish government's communications directorate said.
"At the council meeting, all aspects of Turkey-Egypt relations will be reviewed, and joint steps that can be taken in the upcoming period to further develop bilateral co-operation will be discussed," the statement said. "On the occasion of the meeting, the signing of various documents aimed at strengthening the contractual basis of relations is also on the agenda."
Major political differences over the past decade have rocked the relationship, although economic ties have remained strong. Trade volume topped $4.9 billion in the first seven months of 2024, according to Turkish Statistical Institute data.
Ties soured following Mr Erdogan’s vigorous opposition to the military-led overthrow in 2013 of an Islamist president backed by Ankara, Mohammed Morsi of the now-banned Muslim Brotherhood. Mr El Sisi, in office since 2014, was the defence minister at the time.
Turkish support for Islamist movements more widely, and general Turkish wariness of rulers brought to power by military takeovers, deepened the distrust between the two nations, and the two countries withdrew their respective ambassadors soon after.
Egypt’s concerns over the presence of Egyptian Muslim Brotherhood exiles in Turkey were slightly alleviated after Ankara took measures to tone down their criticism of the government in Cairo.
Ankara’s wider Africa policy has also been a divisive issue. Turkey’s 2020 military intervention on the side of the Tripoli-based Government of National Accord (GNA) in Libya angered the Egyptian government, which supports Field Marshal Khalifa Haftar, whose power base is in the east of the country. Cairo believes that the presence of foreign troops in the divided North African country undermines its national security, analysts said.
“Libya continues to be a sticking point, but less so now because there haven’t been massive shifts in the power dynamics, and the current situation is not an imminent threat for anybody,” Dareen Khalifa, a senior adviser at the International Crisis Group think tank, told The National.
“Of course if you ask the Egyptians they are going to say that they want all foreign troops out [of Libya] … they are speaking about the Turks when they say they want foreign troops out, and that their presence in Libya is undermining the political process (in Libya) and their border concerns.”
Cairo has also taken umbrage at Ankara’s significant support for Ethiopia, especially in the construction of a major dam on the Nile, which Egypt says threatens its fresh water supply.
The meeting on Wednesday will also include discussion of regional issues, including the war in Gaza, the Turkish government communications directorate said. Egypt has been a key player in continuing efforts to broker a ceasefire deal between Hamas and Israel, and Turkey has been widely critical of the military operations in Gaza that followed Hamas's October 7 attacks.
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Kalra's feat
- Becomes fifth batsman to score century in U19 final
- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
- Scored 122 in youth Test on tour of England
- Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
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