ADQ, an Abu Dhabi-based investment and holding firm, has announced two memoranda of understanding (MoUs) worth $11.5 billion with entities in Türkiye. 

 

The first MoU worth $8.5 billion of earthquake relief financing bonds was signed during President Tayyip Erdogan’s visit to the UAE by Mohamed Hassan Alsuwaidi, UAE Minister of Investment, Managing Director and CEO at ADQ, and Mehmet Şimşek, Minister of Treasury and Finance for the Republic of Türkiye. 

 

The proceeds will be utilised to contribute to financing comprehensive reconstruction efforts in southern and central Türkiye, which were severely affected by the twin earthquakes in February 2023, focusing on the development of residential units for people displaced by the natural disaster. 

 

Boosting trade

With this step, ADQ joins the ranks of international organisations and leading corporations around the world who have pledged support to the extensive recovery and reconstruction efforts under way in Türkiye. 

 

To boost trade between the two nations, ADQ also signed a separate agreement with the Export Credit Bank of Türkiye, worth up to $3 billion, to extend credit financing solutions to Turkish companies with plans to export goods and services to the UAE and other markets.

 

Türkiye is one of the UAE’s largest trading partners, with non-oil intra-trade between the nations from 2013 to 2022 amounting to more than $103 billion, divided into $56 billion in imports, about $35 billion in exports, and more than $12 billion in re-exports, according to the UAE’s Federal Competitiveness and Statistics Centre (FCSC). Earlier this year, the Governments of the two countries signed a Comprehensive Economic Partnership Agreement (CEPA), which aims to increase trade between the two countries to $40 billion in the next five years.-- TradeArabia News Service