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Abu Dhabi Wealth Fund Eyes More Investments in Turkey Amid Lira’s Plunge

Mustafa Kemal Ataturk on bills

ADQ, an Abu Dhabi state investment vehicle, committed to pumping billions into local businesses in Turkey amid the deepening crisis, according to a report by FT on Wednesday.

The fund is now hunting for investments, ranging from financial institutions to logistics and food, despite the economic downturn.

Mohammed Hassan al-Suwaidi, chief executive ADQ, informed the Financial Times that the lira’s plunge could present opportunities, stating it was a great time to buy with a long-term view.

Suwaidi further stated that the fund was already in talks with the Turkish sovereign fund (TWF) about potential opportunities.

ADQ’s $10 bn pledge underscores the expansion of a fund that has rapidly become one of Abu Dhabi’s most proactive strategic investors since it was created in 2018.

Turkey is struggling with huge falls in its currency, a crisis blamed on Turkish president Erdogan’s unorthodox monetary policy, more so insisting on cutting interest rates despite soaring inflation.

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