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Alpha Dhabi Holding has joined a raft of Abu Dhabi-based organisations in signing agreements with Turkish entities and is planning to broaden its investment in the country, following a visit by President Recep Tayyib Erdogan.
The conglomerate told Abu Dhabi Securities Exchange (ADX) that it had signed a memorandum of understanding (MoU) with Turkey-based Limak Group to broaden its investment portfolio including in
construction and rehabilitation of areas impacted by the earthquake in Turkey in February.
The MoU also covers a range of business opportunities and joint ventures in other sectors including development, infrastructure, energy and hospitality, within a framework of sustainable development in the UAE and Turkey, Alpha Dhabi said.
“This MoU marks a significant milestone in the economic relations between the two countries and presents an opportunity for Alpha Dhabi to expand its investment portfolio in Turkey through a potential new partner, Limak Group,” the statement said.
The United Nations estimates that 1.5 million people were displaced by the earthquake which struck Turkey and neighbouring Syria in February.
Alpha Dhabi Holding’s portfolio includes more than 150 businesses in healthcare, renewable energy, petrochemicals, real estate, construction and hospitality, employing 85,000 people.
Ankara-based Limak Group has interests in the construction, infrastructure, energy, tourism and food and beverage sectors in 14 countries.
President Erdogan this week met with UAE President Sheikh Mohamed bin Zayed Al Nahyan on the final leg of a GCC tour, and presented him with a Turkish-made electric car, which the UAE President was pictured driving.
UAE entities including the Ministries of Investment, state oil company ADNOC, UAE Tawazun Council, UAE Space Agency and holding company ADQ were also announced to have signed agreements or MOUs with Turkish equivalents.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)
