UAE announces $10 billion fund for investments in Turkey

— AFP/File
— AFP/File

DUBAI: The United Arab Emirates introduced on Wednesday a $10 billion fund for investments in Turkey, state media reported.

“The UAE announced the establishment of a $10 billion fund to support investments in Turkey,” the official Emirati information company WAM mentioned.

The announcement comes after Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed held talks with Turkish President Recep Tayyip Erdogan in Ankara on Wednesday, opening a brand new chapter in relations between the regional rivals.

WAM mentioned that the transfer was “to support the Turkish economy and boost bilateral cooperation between the two countries”.

It added that the principle focus might be on “strategic investments”, particularly in sectors together with vitality, well being and meals.

Sheikh Mohammed’s go to was the primary high-level UAE journey to Turkey since 2012 and comes a day after the Turkish lira crashed.

The groundwork of the rapprochement was laid out with a go to in August by a UAE delegation, in addition to a cellphone name between Erdogan and Sheikh Mohammed, UAE’s de facto ruler.

The UAE and Turkey have backed opposing sides in the Libyan battle and have diverging opinions on different regional points akin to gasoline exploration in the jap Mediterranean.

Relations have been significantly tense after a Saudi Arabia-led blockade on Qatar by Arab international locations together with the UAE in 2017. Doha is one in all Ankara´s closest allies.