ETF News

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

0
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.

Ken Griffin Sells $1.2-Billion Stake in Citadel Securities to Venture Capitalists

Previous article

Top 3 Copper ETFs to Keep an Eye On

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in ETF News