Abu Dhabi wealth funds boasting billions of dollars in investment plans have been closely eyeing sectors in Turkey for investment opportunities, a Bloomberg report said Friday, citing sources with knowledge on the issue.
The talks between Turkish companies and the United Arab Emirates (UAE) funds have been ongoing for months, following a rare phone conversation between Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan and President Recep Tayyip Erdoğan, the report’s sources were cited as saying.
The investment talks would be the latest sign of thawing relations between Ankara and Abu Dhabi after a yearslong rift that came as a result of regional disputes. Chief among those is the conflict in Libya, where the UAE and Turkey have backed opposing sides in recent years.
The Abu Dhabi Investment Authority (ADIA), the biggest wealth fund in the oil-rich emirate that has assets estimated at $686 billion, and the ADQ, whose assets are said to be worth $110 billion, are among the funds that have been conducting talks, the report said.
ADQ alone is considering spending as much as $1 billion on health care and fintech targets, one of the sources told Bloomberg. It ranks as the third-largest sovereign wealth fund in the UAE following ADIA and Mubadala Investment Co.
