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UAE Sets Up $10 Billion Fund to Support Turkey as Ties Warm

  • Frosty relations had shaped parts of the Middle East
  • Fund a boon for Erdogan as markets spooked by rate cuts
Sheikh Mohammed Bin Zayed Al Nahyan

Sheikh Mohammed Bin Zayed Al Nahyan

Photographer: Sean Gallup/Getty Images

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The United Arab Emirates outlined plans to launch a $10 billion fund to support investments in Turkey as the countries signed a string of accords Wednesday during one of the highest-level visits in years between the old Middle East foes.

The fund will focus on strategic sectors such as energy, food and healthcare, the UAE’s state-run WAM news agency reported. The UAE, a small but influential Persian Gulf oil-and-business powerhouse, and Turkey also signed cooperation deals for their wealth funds, stock exchanges and central banks.