UAE establishes $10 bln fund to support investments in Turkey

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The United Arab Emirates has established a $10 bln fund to support investments in Turkey, according to a state news agency report.

The fund will focus on strategic investments, including in the energy and health sectors, according to state news agency WAM.

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"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.

The fund was announced after talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan in Ankara on Wednesday.

Sheikh Mohammed’s meeting with Erdogan, the first such visit in years, comes as the two countries work to mend frayed ties and amid a currency crisis in Turkey.

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