Thu, 02 Dec 2021

UAE pledges to invest 10 billion USD in Turkey

25 Nov 2021, 05:44 GMT+10

ANKARA, Nov. 24 (Xinhua) -- The United Arab Emirates has allocated a fund of 10 billion U.S. dollars to invest in Turkey, Mohamed Hassan Al Suwaidi, chairman of Abu Dhabi Development Holding, said on Wednesday.

The announcement came after a meeting between Turkish President Recep Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan in Ankara on Wednesday, as the two sides have stepped up to restore ties after years of strain.

The two leaders signed several investment and cooperation deals, including a memorandum of understanding (MoU) between Abu Dhabi Port Company and Turkey Wealth Fund, an MoU between their central banks, and an MoU on the exchange of financial information over preventing money laundering and financing of terrorism, as well as the agreements in the fields of customs, energy and environment.

Relations between Turkey and the Gulf country had derailed over their conflict of interests in Libya, the Gulf and the Eastern Mediterranean.

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