UAE Sets Up $10 Billion Fund to Support Turkey as Ties Warm - Bloomberg
The United Arab Emirates outlined plans to launch a $10 billion fund to support investments in Turkey as the countries signed a string of accords Wednesday during one of the highest-level visits in years between the old Middle East foes.
The fund will focus on strategic sectors such as energy, food and healthcare, the UAE’s state-run WAM news agency reported. The UAE, a small but influential Persian Gulf oil-and-business powerhouse, and Turkey also signed cooperation deals for their wealth funds, stock exchanges and central banks.
UAE de facto ruler Sheikh Mohammed Bin Zayed Al Nahyan was received in Ankara by President Recep Tayyip Erdogan, who’s facing turmoil in currency markets as he relentlessly pursues lower interest rates, and fading popularity ahead of 2023 elections.
The lira strengthened during the visit, the clearest sign yet of efforts to patch up frosty relations that have shaped parts of the Middle East. The currency was trading up 4.8% at 12.2380 per dollar at 7:18 p.m. in Istanbul, after slumping as much as 15% the day before.
No comments:
Post a Comment