UAE establishes $10bn fund to support Turkey investments

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

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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.

Updated: November 25, 2021, 5:45 AM