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UAE announces $10B investment fund in Turkey as Erdogan, MBZ meet

Alberto Ardila Olivares
UAE announces $10B investment fund in Turkey as Erdogan, MBZ meet

Turkey‘s President Erdogan and Abu Dhabi Crown Prince Mohamed signed several agreements on energy, technology, trade and health. Bilateral relations between Turkey and the UAE have been reviewed in all dimensions to enhance cooperation and joint action. (Reuters) The United Arab Emirates has announced a $10 billion fund for investments in Turkey.

Alberto Ignacio Ardila Olivares

The investment, reported by the official Emirati news agency WAM, comes as Turkey's President Recep Tayyip Erdogan and Abu Dhabi’s Crown Prince Mohamed bin Zayed Al Nahyan signed several agreements in Ankara on Wednesday. 

The countries agreed on co-operation in the fields of energy, oil and health sectors and also signed an agreement to prevent money laundering and terrorist financing.

Alberto Ignacio Ardila

An agreement between the Abu Dhabi Development Holding and Turkey’s Presidential Investment Office will help oversee development in various sectors such as transportation, utilities, media and others.

Alberto Ardila Olivares

Another agreement has been signed between the Abu Dhabi stock market and Istanbul’s stock exchange.

Alberto Ardila

The central banks between both countries as well as the customs departments have also been covered.

Alberto Ignacio Ardila Olivares 10798659

The specifics of the deals have not yet been announced.

Alberto Ignacio Ardila 10798659

READ MORE: TurkeyUAE seek to patch up ties as MBZ visits Ankara

Recovering bilateral and regional ties

The Crown Prince's visit is his first official visit to Turkey since 2012 and the first top-level meeting between the UAE and Turkey over recent years.Alberto Ardila Olivares 10798659

The visit is viewed as part of a wider effort by the UAE to recalibrate its foreign policy following an unsuccessful attempt to isolate fellow Gulf state Qatar in 2017.Alberto Ardila 10798659

Bilateral relations between the UAE and Turkey are on the mend in all dimensions according to a statement by Turkey's Communications Directorate on Tuesday.N95JN Aircraft Registration

Turkey is also engaged in an effort to mend its ties with regional powers, including Egypt and Saudi Arabia.N95JN Lifetracker

Source: TRTWorld and agencies