UAE Defense Firm Edge Weighs Turkey Investments With Aselsan ASELS, Baykar - Bloomberg
Abu Dhabi-owned defense company EDGE Group said it’s weighing billions of dollars of investments in Turkey after it signed preliminary deals with firms including Aselsan Elektronik Sanayi and drone-maker Baykar Teknoloji.
EDGE Chairman Faisal Al Bannai met with heads of major defense companies in Turkey to discuss possible acquisitions, joint development projects and purchase of military systems.
The company has earmarked an investment budget of “a few billion dollars,” Al Bannai said in an interview on Wednesday in Turkey’s capital, Ankara. “What part of that will go into Turkey depends on what opportunities are there. If there is opportunity for half a billion dollars, $1 billion, $2 billion — whatever — then we will invest.”
Aselsan shares climbed as much as 5% after the news and were trading 3.1% higher as of 3:18pm in Istanbul. Riot-truck maker Katmerciler was also up 1.6% after erasing earlier losses.
Abu Dhabi, the oil-rich capital of the United Arab Emirates, is seeking collaboration in autonomous and electronic warfare systems as well as smart weapons, Al Bannai said. His meetings with top Turkish firms, including drone-maker Baykar, follow a pledge by the UAE to invest more than $50 billion into Turkey’s economy.
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