UAE establishes $10bn fund to support Turkey investments

Announcement was made amid talks between Sheikh Mohamed bin Zayed and Recep Tayyip Erdogan

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, is welcomed by Turkish President Recep Tayyip Erdogan at the Presidential Complex in Ankara. Photo: Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mohamed inspects the Turkish Honour Guard with Mr Erdogan. Photo: Hamad Al Kaabi / Ministry of Presidential Affairs

The main aim of Sheikh Mohamed’s visit is to enhance trade, business partnerships and investments with Turkey. Photo: Mohamed Al Hammadi / Ministry of Presidential Affairs

The invitation by President Recep Tayyip Erdogan to Sheikh Mohamed ‘truly marks a new era’ in further strengthening the ties between the UAE and Turkey, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, who is part of the delegation in Ankara. Photo: Hamad Al Kaabi / Ministry of Presidential Affairs

Sheikh Mohamed said: ‘Today in Ankara I met Turkish President Recep Tayyip Erdogan and we had fruitful discussions that focused on opportunities to strengthen our economic relations.’ Photo: @BrothersBinZayed twitter

Sheikh Mohamed and Mr Erdogan. Photo: Mohamed Al Hammadi / Ministry of Presidential Affairs

The two leaders reviewed the partnership between their countries in various fields, as well as regional and international issues of common interest. Photo: @BrothersBinZayed twitter

An official reception ceremony was held in honour of Sheikh Mohamed after the arrival of his delegation on the palatial grounds. Photo: @BrothersBinZayed twitter

Sheikh Mohamed brought a large delegation from the UAE, including Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, and Sheikh Tahnoun bin Zayed, National Security Adviser. Photo: @BrothersBinZayed twitter

Sheikh Mohamed and Mr Erdogan stand as the two countries' national anthems are played at the Presidential Complex. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Tahnoun bin Zayed, National Security Adviser, greets Mr Erdogan. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mohamed with Sheikh Mansour and Sheikh Tahnoun in Ankara. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mohamed and Mr Erdogan watch a signing ceremony between UAE Energy Minister Suhail Al Mazrouei and his Turkish equivalent Fatih Donmez. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mohamed and Mr Erdogan watch as an agreement is signed by Mr Al Mazrouei and Turkish Central Bank President Sehab Kavcioglu. Abdulla Al Neyadi / Ministry of Presidential Affairs

Sheikh Mohamed greets a Turkish delegation alongside Mr Erdogan. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mansour attends a signing ceremony at the Presidential Complex. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mohamed and Mr Erdogan. Hamad Al Kaabi / Ministry of Presidential Affairs

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, is greeted by Mr Erdogan. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mohamed bin Hamad, chairman of Abu Dhabi Airports, is greeted by Mr Erdogan. Mohamed Al Hammadi / Ministry of Presidential Affairs

From left, Fares Al Mazrouie, adviser at the Ministry of Presidential Affairs, Mariam Al Mheiri, Minister for Climate Change and Environment, Suhail Al Mazrouei, Minister of Energy and Infrastructure, and Ali Al Shamsi, deputy secretary general of the Supreme National Security Council, at the Presidential Complex in Ankara, Turkey. Mohamed Al Hammadi / Ministry of Presidential Affairs ---

Sheikh Mohamed and Mr Erdogan watch a signing ceremony between Ms Al Mheiri and Murat Kurum, Turkish Minister of Environment and Urbanisation. Abdulla Al Neyadi / Ministry of Presidential Affairs

Sheikh Mohamed greets a Turkish delegate during the reception at the Presidential Complex, alongside Mr Erdogan. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mohamed and Mr Erdogan inspect the Turkish Armed Forces Honour Guard. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mohamed and Mr Erdogan witness the signing of an agreement by Ali Baalawi, head of the UAE Financial Intelligence Unit, and Hayrettin Kurt, head of the Financial Crimes Investigation Board of Turkey. Mohamed Al Hammadi / Ministry of Presidential Affairs

Part of the Turkish Armed Forces Honour Guard, with Turkish and UAE flags at the Presidential Complex in Ankara. Mohamed Al Hammadi / Ministry of Presidential Affairs

Jassem Al Zaabi, Vice Chairman of the Abu Dhabi Executive Committee and Abu Dhabi Executive Council Member, is greeted by Mr Erdogan. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mohamed with Sheikh Mansour, Sheikh Tahnoun, Sheikh Mohamed bin Hamad, Dr Al Jaber, Ms Al Mheiri, Suhail Al Mazrouei, Mr Al Shamsi, Mr Al Zaabi and Mohamed Al Mazrouei at the Presidential Complex in Ankara. Mohamed Al Hammadi / Ministry of Presidential Affairs

Ms Al Mheiri greets Mr Erdogan, in Ankara. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mansour, Sheikh Mohamed bin Hamad and Dr Al Jaber at the meeting with Mr Erdogan. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mansour, Sheikh Tahnoun and Mr Al Shamsi at the signing ceremony in Ankara. Abdulla Al Neyadi / Ministry of Presidential Affairs

Mohamed Al Mazrouei, Undersecretary of the Crown Prince Court of Abu Dhabi, greets Mr Erdogan. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mohamed and Mr Erdogan witness the signing of an agreement between Mr Al Shamsi and Mehmet Mus, Turkish Minister of Trade. Abdulla Al Neyadi / Ministry of Presidential Affairs

Sheikh Mohamed and Mr Erdogan at the ceremony, where an agreement was signed between Saeed Al Dhaheri, chief executive of the Abu Dhabi Securities Exchange, and Erisah Arican, chairman of Borsa Istanbul. Hamad Al Kaabi / Ministry of Presidential Affairs

Sheikh Mohamed and Mr Erdogan at the ceremony, where an agreement was signed between Mohamed Al Suwaidi, chief executive of the Abu Dhabi Developmental Holding Company and Burak Daglioglu, president of the Turkey Investment Office. Abdulla Al Neyadi / Ministry of Presidential Affairs

Mr Erdogan with the Turkish delegation at the Presidential Complex. Mohamed Al Hammadi / Ministry of Presidential Affairs

Sheikh Mohamed and Mr Erdogan. Abdulla Al Neyadi / Ministry of Presidential Affairs

Sheikh Mohamed bin Hamad, Dr Al Jaber, Mr Al Zaabi, Mohamed Al Mazrouei and Mohamed Alabbar, founder and board member of Emaar Properties and chairman of Eagle Hills, at the Presidential Complex. Mohamed Al Hammadi / Ministry of Presidential Affairs

Ali Al Shamsi, deputy secretary general of the UAE Supreme National Security Council, with Mr Erdogan. Mohamed Al Hammadi / Ministry of Presidential Affairs

The UAE has announced the establishment of a $10 billion fund to support investments in Turkey.

The deal followed 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 enhance support for the Turkish economy and strengthen co-operation between the two nations.

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

Sheikh Mohamed arrived in Turkey on Wednesday for the talks, after being invited to make 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 honour of Sheikh Mohamed after the arrival of his convoy on the palatial grounds.

A cavalry raised the flags of the two countries before Sheikh Mohamed and Mr Erdogan headed to a podium as the national anthems of the UAE and Turkey were played.

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

The Turkish lira recovered as much as 7 per cent on Wednesday, but was still down 38 per cent since end of last year against the dollar.

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 that the countries are home to two of the "most dynamic economies" in the region.

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

They explored the prospects of building relations between the countries during that call.

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.