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UAE announces $10 billion fund for investments in Turkey

The United Arab Emirates announces a $10 billion fund for investments in Turkey, state media reports.

“The UAE announced the establishment of a $10 billion fund to support investments in Turkey,” the official Emirati news agency WAM says.

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

WAM says that the move is “to support the Turkish economy and boost bilateral cooperation between the two countries.”

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

Sheikh Mohammed’s visit was the first high-level UAE trip to Turkey since 2012 and comes a day after the Turkish lira crashed.

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