Abu Dhabi’s holding company ADQ signed agreements with various Turkish investment entities to boost the development of priority sectors in the UAE and Turkey ranging from technology to healthcare, following talks between the two countries.
ADQ signed partnership pacts with the Turkey Wealth Fund, Turkey Investment Office and CCN Holding, the Abu Dhabi Government Media Office (ADGMO) said.
The agreements were signed during the visit of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Ankara on Wednesday for talks with Turkish President Recep Tayyip Erdogan. Following the talks between the two leaders, the UAE announced a $10 billion fund to support strategic investments in Turkey, including in energy, health and food.
ADQ and the Turkish Wealth Fund will co-invest in technology companies in Turkey and invest in companies with high-growth potential and emerging technologies, the ADGMO said.
Meanwhile, ADQ and the Turkey Investment Office will identify potential investment opportunities in key sectors, including energy and utilities, healthcare, pharmaceuticals, agriculture, mobility and logistics, while ADQ and CCN Holding agreed to explore investment opportunities in hospitals and medical facilities in Turkey.
AD Ports Group and the Turkey Wealth Fund signed an accord to invest in logistics projects in Turkey. Abu Dhabi Securities Exchange (ADX) and Borsa Istanbul also agreed to further develop the financial services sector in the UAE and Turkey.
AD Ports Group and Turkey’s Turkiye Varlik Fonu signed a strategic partnership agreement to collaborate on investment opportunities for port development and operations, and to explore other logistics-related investment projects within Turkey.
"Turkey offers a broad range of important and attractive investments for AD Ports Group, and we believe Turkiye Varlik Fonu will be an ideal partner to help implement our ambitious plans," Mohamed Juma Al Shamsi, group chief executive of AD Ports Group, said.
The two companies will establish a joint steering committee to assess all investment opportunities and foster trade ties between the them, AD Ports said in a statement on Thursday.
"Turkey has a number of world class port assets, and collaboration with AD Ports Group will help raise the range of services and quality of infrastructure to the next level," Salim Arda Ermut, chief executive of Turkiye Varlik Fonu, said.
As part of its plans to boost economic growth, the UAE is seeking Dh550 billion ($150bn) of foreign direct investment flows into the country over the next nine years. The Arab world’s second-largest economy plans to boost FDI to Dh1 trillion by 2051, according to the Ministry of Economy.
The Turkish lira recovered as much as 7 per cent on Wednesday, following the UAE-Turkey talks, but was still down 38 per cent since the end of last year against the dollar.
The UAE delegation to Turkey included Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs; Sheikh Tahnoun bin Zayed, National Security Adviser; and Sheikh Mohammed bin Hamad, chairman of Abu Dhabi Airports Company.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, was part of the high-level delegation accompanying Sheikh Mohamed.
He told Turkish broadcaster TRT World the countries are home to two of the “most dynamic economies” in the region.
“We are taking a comprehensive approach to this partnership. We will build on the existing foundation between the two countries and enhance our economic, trade and social ties across multiple sectors, including energy, health care, food and agriculture, logistics, ports, transportation, industry and manufacturing, infrastructure, finance and capital markets, technology, tourism, culture and more,” Dr Al Jaber told TRT.
“We also aim to forge partnerships to address global challenges together like climate change, energy, food and water security,” he said.
Sheikh Mohamed and Mr Erdogan previously exchanged views on various topics in a phone call in August, when they explored the prospects of building relations between the countries.
Those talks came days after a UAE delegation met Mr Erdogan in Ankara to discuss ways to consolidate ties between the two countries, particularly in the fields of trade, transport, health and energy.