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.