Abu Dhabi and Turkmenistan to set up joint investment company

Abu Dhabi has sought to formalise plans to invest in Turkmenistan, including the establishment of a joint investment fund.

The Abu Dhabi Fund for Development (ADFD) signed three memorandums of understanding (MoU) with the Turkmenistan government.

One involves setting up an investment company with a capital target of US$100 million. The fund will be based in Turkmenistan with both sides initially contributing $23 million.

The other MoUs concern exploring potential investment in renewable energy and air transport, and a feasibility study into building a chemical industry complex in Turkmenistan.

The Turkmenistan economy has been hit hard by a fall in oil prices as well as the Covid-19 pandemic.

According to ADFD director general, Mohamed Saif Al Suwaidi, the MoUs “represent a quantum leap in the economic cooperation between the UAE and Turkmenistan”.

©2021 funds global mena

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