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UAE creates $ 10 billion fund to support investments in Turkey




The United Arab Emirates announced the creation of a $ 10 billion fund to support investments in Turkey.

The agreement follows talks between Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Turkish President Recep Tayyip Erdogan.

It will strengthen support for the Turkish economy and strengthen cooperation between the two nations.

The fund will focus on strategic investments, notably in energy, health and food.

Sheikh Mohamed arrived in Turkey on Wednesday for the talks, after being invited to pay the official visit to Ankara by Mr. Erdogan. He was received at the presidential palace by the president.

An official reception ceremony was held in honor of Sheikh Mohamed after the arrival of his convoy on the grounds of the palace.

A cavalry hoisted the flags of the two countries before Sheikh Mohamed and Mr Erdogan made their way to a podium as the national anthems of the United Arab Emirates and Turkey were played.

A 21-gun salute was fired as the soldiers formed a guard of honor.

The Turkish lira recovered as much as 7 percent on Wednesday, but was still down 38 percent since late last year against the dollar.

Dr Sultan Al Jaber, Minister of Industry and Advanced Technologies, was part of the high-level delegation accompanying Cheikh Mohamed.

He told Turkish television station TRT World that the countries are home to two of the region’s “fastest growing economies”.

Sheikh Mohamed and Mr. Erdogan previously exchanged views on various topics during a phone call in August.

They explored the prospects of building relationships between countries during this call.

These talks took place days after a delegation from the United Arab Emirates met Erdogan in Ankara to discuss ways to strengthen ties between the two countries, especially in the areas of trade, transport, health. and energy.

Updated: November 24, 2021, 4:46 PM




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