Abu Dhabi signs deals worth $11.5 billion with Turkey for earthquake relief and exports

July 19 (Reuters) – Abu Dhabi sovereign wealth fund ADQ said on Wednesday it had signed two memorandums of understanding to fund up to $8.5 billion in earthquake relief bonds in Turkey and $3 billion in credit facilities to support Turkish exports.

ADQ said in a statement that the bonds, which were agreed with Turkey’s Finance Ministry, will finance “comprehensive reconstruction efforts in southern and central Turkey.”

Two massive earthquakes in February devastated the region and neighboring Syria, killing more than 54,000 people between them and causing tens of billions of dollars in damage.

The money will focus on building housing units for the displaced, said ADQ, which also signed a memorandum of understanding with Turkey’s Export Credit Bank to fund export credits of up to $3 billion for Turkish companies to boost trade with the UAE and other markets.

The deals come as Turkish President Recep Tayyip Erdogan visited the UAE on Wednesday as he toured wealthy Gulf Arab countries for investment and funds, hoping to revive Turkey’s economy, which is suffering from a weak lira, large deficits and chronic inflation.

The Turkish leader has worked to mend diplomatic relations with Abu Dhabi and Riyadh over the past two years after a decade of strained relations over Ankara’s support for political Islam and pro-democracy movements.

Abu Dhabi has also shifted to deploying more economic diplomacy, often using ADQ.

The Abu Dhabi Investment Office, headed by Sheikh Tahnoun bin Zayed, the Emirati national security adviser and brother of the president, Sheikh Mohammed, last year launched a $300 million technology fund with the Turkish sovereign wealth fund to invest in venture capital opportunities in Turkey.

The International City for Humanitarian Services, which is also chaired by Sheikh Tahnoun, bought a 50% stake in Turkey’s Kalyon Energy for $490 million last August.

(Reporting by Yusuf Saba). Additional reporting by Yomna Ehab. Editing by Peter Graf and Mike Harrison

Our Standards: The Thomson Reuters Trust Principles.

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