Abu Dhabi conglomerate IHC eyes investment opportunities in Turkey - CEO

A source familiar with the matter in Istanbul said IHC is seeking minority stake in several companies and looking for some mid-size deals in several sectors

  
General view of Abu Dhabi, United Arab Emirates, January 3, 2019. Image used for illustrative purpose.

General view of Abu Dhabi, United Arab Emirates, January 3, 2019. Image used for illustrative purpose.

REUTERS/ Hamad I Mohammed

DUBAI - Abu Dhabi conglomerate International Holding Co IHC.AD is seeking investment opportunities in Turkey in sectors including healthcare, industrial and food processing, its chief executive Syed Basar Shueb said.

The move comes as relations between the United Arab Emirates (UAE) and Turkey show signs of improvement following Ankara's move to ease tensions with several Arab powers. 

Turkey's President Tayyip Erdogan held talks with UAE National Security Adviser Sheikh Tahnoun bin Zayed al-Nahyan last week in a meeting which also focused on economic cooperation.

Thanoun is chairman of IHC, which in recent months has become Abu Dhabi's most valuable stock on the bourse. 

Shueb told Reuters a company delegation is visiting Turkey this week to scout for opportunities.

"The moment a new market opens for us, our team is there," he said, adding IHC is looking for opportunities in healthcare, industrial and food processing sectors in Turkey.

"Turkey has one of the biggest food processing facilities, so we are looking into that as well."

A source familiar with the matter in Istanbul said IHC is seeking minority stake in several companies and looking for some mid-size deals in several sectors. Erdogan said last week he hoped to hold talks with the UAE's de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan, about closer economic ties.

(Reporting by Saeed Azhar in Dubai and Ebru Tuncay in Istanbul; Editing by Mike Harrison) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))


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