Abu Dhabi’s Wealth Funds Weigh Turkey Investments Worth Billions - Bloomberg
Wealth funds in Abu Dhabi are on the prowl in Turkey, scouting for targets for billions of dollars in investments, according to people familiar with the matter.
Talks between the funds from the oil-rich capital of the United Arab Emirates and companies in Turkey have been ongoing for months, the people said. The interest preceded a breakthrough phone conversation in August between Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan, amid increasing signs of a thawing of relations.
The investment discussions provide further evidence of a turnaround in ties between the two countries that have been at loggerheads for much of the past decade over everything from Islamist movements to the conflicts in Syria and Libya. Possible deals could revive an investment pipeline that sputtered amid longstanding tensions stemming from Turkey’s support for the Muslim Brotherhood, an Islamist group banned in the UAE. Relations reached a nadir in 2016 when Turkish state media accused the UAE of supporting a coup attempt against Erdogan.
Among funds eyeing Turkish investments in recent weeks are Abu Dhabi Investment Authority, or ADIA, the emirate’s biggest wealth fund that’s amassed assets estimated at $686 billion, and ADQ, according to three people. ADQ alone is considering spending as much as $1 billion on health-care and fintech targets, one of the people said. With an estimated $110 billion in assets, ADQ is the emirate’s third-largest sovereign wealth fund after ADIA and Mubadala Investment Co.
ADQ could not immediately be reached for comment, while ADIA and the Turkish government’s investment office declined to comment.
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