UAE announces $10 billion fund for investments in Turkey

he investment deals were agreed during a visit to Ankara for discussions with President Tayyip Erdogan by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan. (Reuters)

• Longer term economic cooperation could come in funding and through UAE companies purchasing or establishing partnerships with their Turkish counterparts

Dubai: The United Arab Emirates announced today a $10 billion fund for investments in Turkey, the official Emirati news agency WAM said.

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 new chapter in relations between the two countries.

WAM said that the move was "to support the Turkish economy and boost bilateral cooperation between the two countries".

It added that the main focus will be on "strategic investments", especially in sectors including energy, health and food.