Abu Dhabi’s wealth funds weigh Turkey investments worth billions

Abu Dhabi’s wealth funds weigh Turkey investments worth billions

Wealth funds in Abu Dhabi are on the prowl in Turkey, scouting for targets for billions of dollars in investments, according to people familiar with the matter. Talks between the funds from Abu Dhabi and companies in Turkey have been ongoing for months, the people said. The interest preceded a breakthrough phone conversation in August between Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan, amid increasing signs of a thawing of relations. The investment discussions provide further evidence of a turnaround in ties between the two countries. Among funds eyeing Turkish investments in recent weeks are Abu Dhabi Investment Authority, or ADIA, the emirate’s biggest wealth fund that’s amassed assets estimated at $686bn, and ADQ, according to three people. ADQ alone is considering spending as much as $1bn on healthcare and fintech targets, one of the people said. With an estimated $110bn in assets, ADQ is the emirate’s third-largest sovereign wealth fund after ADIA and Mubadala Investment. ADQ could not immediately be reached for comment, while ADIA and the Turkish government’s investment office declined to comment. International Holding, or IHC, the UAE’s second-most valuable listed company, said it’s evaluating investment opportunities in