ADQ, an Abu Dhabi-based investment and holding company, announced two memoranda of understanding (MoUs) with entities in the Republic of Türkiye to deepen bilateral cooperation and contribute to Türkiye’s economic development.
The earthquake relief agreement was signed during President Tayyip Erdogan’s visit to the UAE by His Excellency Mohamed Hassan Alsuwaidi, UAE Minister of Investment, Managing Director and CEO at ADQ, and His Excellency Mehmet Şimşek, Minister of Treasury and Finance for the Republic of Türkiye.
The agreement between ADQ and the Ministry of Treasury and Finance of the Republic of Türkiye is worth up to USD 8.5 billion of earthquake relief financing bonds. The proceeds will be utilized 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.
With this step, ADQ joins the ranks of international organizations and leading corporations around the world who have pledged support to the extensive recovery and reconstruction efforts underway 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 USD 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 USD 103 billion, divided into USD 56 billion in imports, about USD 35 billion in exports, and more than USD 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 USD 40 billion in the next five years.