ANKARA, Turkey—Turkey’s President Recep Tayyip Erdogan is set to host on Wednesday the de facto leader of the United Arab Emirates in search of foreign investment that could help ease the country’s economic crisis after the local currency extended a sharp slide.

Abu Dhabi Crown Prince Mohammed bin Zayed al Nahyan’s visit to Ankara marks a recent thaw in ties after years of animosity between the two countries, which have competed fiercely for influence in the Middle East. It comes as Turkey seeks much-needed foreign investment and offers the oil-rich U.A.E. potential support in a broader struggle against Abu Dhabi’s other main regional rival, Iran.