Turkey and UAE sign investment accords worth billions of dollars

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Turkey and the United Arab Emirates signed accords for billions of dollars of investments on Wednesday, including in technology and energy, after talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan.

The memorandums of understanding were signed between the Abu Dhabi Development Holding (ADQ), Turkish Wealth Fund (TVF), and the Turkish Presidency Investment Office, as well as with some Turkish companies.

Sheikh Mohammed said he had had “fruitful” talks with Erdogan on strengthening bilateral ties.

“I look forward to exploring new cooperation opportunities to benefit our two nations and advance our mutual development goals,” he said on Twitter.

ADQ signed an accord on investing in Turkish technology firms and establishing a technology-oriented fund, while Abu Dhabi Ports signed a deal on port and logistics cooperation.

A deal between ADQ and Turkish company Kalyon on energy and infrastructure, another with CCN Group on health cooperation, and a third with Turkey’s Presidency Investment Office on renewable energy were also among the agreements, a Turkish official said.

$10 BILLION FUND

The UAE announced a $10 billion fund to support mainly strategic investments in Turkey, including in the health and energy fields, its state news agency WAM said.

Turkey’s state-run Anadolu news agency cited Foreign Minister Mevlut Cavusoglu saying he would visit Abu Dhabi in December and that the two countries held “very constructive” talks.

The Turkish and Emirati central banks also signed a cooperation agreement on Wednesday.