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AD Ports Group And The Turkey Wealth Fund Sign MOU To Invest In Logistics Projects In Turkey

AD Ports Group and the Turkey Wealth Fund sign MOU to invest in logistics projects in Turkey

Ankara, Turkey (PortSEurope) November 26, 2021 – AD Ports Group and the Turkey Wealth Fund (Turkiye Varlik Fonu) have signed an agreement to create a joint steering committee focusing on investment opportunities and trade ties between the UAE and Turkey. The announcement came during the visit of Abu Dhabi Crown Prince Mohammed bin Zayed to Ankara. After meeting with Turkey’s President Recep Tayyip Erdoğan, the
two leaders announced a memorandums of understanding between the Abu Dhabi Development Holding (ADQ), Turkish Wealth Fund (TVF) and the Turkish Presidency Investment Office, as well as with some Turkish companies. The UAE has also allocated a $10 billion fund to support mainly strategic investments in Turkey, an ADQ representative said. Captain Mohamed Juma Al Shamsi, group CEO, AD Ports Group, said: “AD Ports Group is delighted to enter into this strategic agreement with Turkiye Varlik Fonu, recognising the significant economic and technological development our collaboration can deliver. “Turkey offers a broad range of important and attractive investments for AD Ports Group, and we believe Turkiye Varlik Fonu will be an ideal partner to help implement our ambitious plans. This long-term agreement factors into our global strategy to reimagine world trade and logistics, under the guidance of our wise leadership.” Salim Arda Ermut, CEO, Turkiye Varlik Fonu, commented: “We are pleased to be working with AD Ports Group as part of a broad range of national measures to strengthen our trade, maritime and logistics sectors. Turkey has a number of world class port assets, and collaboration with AD Ports Group will help raise the range of services and quality of infrastructure to the next level.” Türkiye Wealth Fund Türkiye Wealth Fund is the strategic investment arm of Turkey. It is an asset-backed development fund that focuses on the growth targets of its portfolio companies through value creation programs, investments in key sectors and projects to support the economic development in the country. In the transport and logistics sector, the fund’s investments include a 49% stake in Türkiye Denizcilik İşletmeleri A.Ş. (Turkish Maritime Organization) and a majority holding in TCDD İzmir Liman İşletmesi (İzmir Alsancak Port). AD Ports Abu Dhabi Ports is a ports, industrial zones and logistics operator based in capital of the United Arab Emirates and is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy. Copyright (C) PortSEurope. All Rights Reserved. 2021.

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