UPDATE - UAE allocates $10B fund to invest in Turkey, CEO says

UPDATES WITH DETAILS ABOUT AGREEMENTS

By Ovunc Kutlu

ANKARA (AA) - The United Arab Emirates (UAE) has allocated $10 billion fund to invest in Turkey, chief executive officer (CEO) of Abu Dhabi Developmental Holding Company (ADQ) announced on Wednesday.

CEO Mohamed Hassan Alsuwaidi told media that the fund has been allocated, following a meeting between Turkish President Recep Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan.

The CEO noted that the crown prince arrived in Ankara on the invitation of the Turkish President.

Abu Dhabi Crown Prince Al Nahyan’s visit is his first to Turkey since 2012, and it marks the first top-level meeting between the UAE and Turkey in recent years.

Turkey and the UAE signed a total of 10 bilateral cooperation agreements in multiple fields including trade, finance, energy and environment.

The two countries signed a memorandum of understanding (MoU) on the exchange of financial information in order to prevent money laundering and terror financing.

Another MoU was inked between Abu Dhabi Ports Company and Turkiye Wealth Fund (TWF).

ADQ, the state investment fund of the UAE, and the TWF signed two MoUs.

MoUs were also signed between ADQ and Turkey's Presidential Investment Office, and Abu Dhabi Securities Exchange (ADX) and Turkey's Borsa Istanbul.

Meanwhile, the Central Bank of the Republic of Turkey and the Central Bank of the UAE also inked an MoU.

The two countries, in addition, signed an administrative cooperation and partnership agreement on matters pertaining to customs.

Ankara and Abu Dhabi also signed MoUs in the fields of energy and environment.

Earlier, UAE's Industry and Advanced Technology Minister Sultan Al Jaber said they are ready to set new targets for further investment and cooperation in different sectors with Turkey.