UAE announces $10 billion fund for investments in Turkey - report

The UAE and Turkey have backed opposing sides in the Libyan conflict and have diverging opinions on other regional issues such as gas exploration in the eastern Mediterranean.

FILE: WAM said that the move was "to support the Turkish economy and boost bilateral cooperation between the two countries". Picture: 123rf.com

DUBAI - The United Arab Emirates announced 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 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 regional rivals.

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.

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

The groundwork of the rapprochement was laid out with a visit in August by a UAE delegation, as well as a phone call between Erdogan and Sheikh Mohammed, UAE's de facto ruler.

The UAE and Turkey have backed opposing sides in the Libyan conflict and have diverging opinions on other regional issues such as gas exploration in the eastern Mediterranean.

Relations were particularly tense after a Saudi Arabia-led blockade on Qatar by Arab countries including the UAE in 2017. Doha is one of Ankara's closest allies.