UAE’s wealth fund seeks to invest in Turkey, report says

Investment funds in Abu Dhabi are looking for investment avenues in Turkey, Bloomberg reports.

According to the report, the negotiation meetings between the funds from the United Arab Emirates and companies in Turkey have been ongoing for months.

Abu Dhabi Investment Authority (ADIA), the emirate’s biggest wealth fund, is among the organisations that want to invest in Turkey.

Last month, the UAE announced it was looking for deeper commerce and financial ties with Turkey and seven international locations in an effort to defend its standing as a world enterprise hub after the pandemic.

The UAE’s new focus on the economy also follows a reset of its assertive foreign policy that has seen it take steps to mend strained ties with regional power Turkey and neighbour Qatar.

READ: Turkey to kick off talks with UAE on energy investment

In August, Turkish President Recep Tayyip Erdogan met with the UAE’s National Security Adviser, Sheikh Tahnoun Bin Zayed Al-Nahyan, to discuss investment in Turkey.

Ties between the UAE and Turkey were strained when Ankara supported Qatar in a regional dispute which saw the Emirates, Saudi Arabia, Bahrain, and Egypt impose a boycott on the small Gulf state in 2017.

The countries also backed opposing sides during Egypt’s military coup and Syria’s civil war.