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UAE announces $10 billion Turkey investment funds

The UAE on Wednesday announced a $10 billion fund for investments in Turkey, the Emirates News Agency (Wam) reported. The fund will focus on strategic investments, including in the energy and health sectors.

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The UAE on Wednesday announced a $10 billion fund for investments in Turkey, the Emirates News Agency (Wam) reported.

The announcement came as His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, held talks with Turkish President Recep Tayyip Erdogan in Ankara on Wednesday, opening a new chapter in relations between the two countries.

Erdogan greeted Sheikh Mohammed on the ceremonial blue carpet at the presidential palace in Ankara before they went into talks.

Read more: Shaping Palestinian politics: UAE may have upper hand in its competition with Turkey

What was the agenda of this meeting?

The meeting was followed by a signing ceremony for several agreements. A formal dinner was planned later at the palace.

The groundwork was laid for a new chapter in relations with a visit in August by a UAE delegation, as well as a phone call between Erdogan and Sheikh Mohammed.

Dr Sultan Ahmed Al Jaber, UAE’s Minister of Industry and Advanced Technology, told Turkish state TRT Haber broadcaster that Turkey was a “natural partner” for Abu Dhabi.

Read more: Why Turkey and Iran find soft power more difficult than hard power?

Al Jaber said the two countries would develop economic, social and trade relations including in areas such as energy, agriculture, infrastructure, finance and tourism.

“The main purpose of this visit is increasing our trade and business partnership through sustainable and successful investments,” he was quoted as saying by TRT Haber.

Courtesy: AFP

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