UAE sets up $10 bln fund to support Turkey

UAE sets up $10 bln fund to support Turkey

he United Arab Emirates (UAE) has set aside a $10 billion fund to invest in Turkey, the chairperson of one of the emirate's sovereign wealth funds, ADQ, said in a statement late Wednesday.

Earlier on the same day, Turkey and the UAE signed a series of cooperation agreements during Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed's (MBZ) visit to Ankara.

MBZ arrived in the Turkish capital Ankara at the invitation of President Recep Tayyip Erdogan. The crown prince's visit is his first to Turkey since 2012 and the first top-level meeting between the UAE and Turkey in recent years.

Agreements for cooperation in multiple fields including trade, energy and environment, as well as agreements covering direct investments in Turkey were signed, Daily Sabah reported.

Investment deals were signed between the Abu Dhabi Developmental Holding Company PJSC, which does business as ADQ, the UAE's state investment fund and the Turkey Wealth Fund (TWF) and Presidential Investment Office.

Another agreement was signed between the Abu Dhabi Securities Exchange (ADX) and Turkey's stock exchange, Borsa Istanbul, in addition to a memorandum of understanding (MoU) with the Abu Dhabi Ports company.

ADQ signed a cooperation agreement with Kalyon Group in the fields of energy, infrastructure and transportation, and with the CCN Group in health.