UAE Banks Chase Turkey Opportunity With Multimillion-Dollar Loans

United Arab Emirates-based lenders are expanding in Turkey, channeling hundreds of millions of dollars into new corporate loans in a market where political turbulence has driven other foreign investors away.

In the past five months, Emirates NBD Bank PJSC and Dubai Islamic Bank PJSC have extended about $440 million in financing to companies including telecoms operator Turkcell and supermarket chain A101. DIB also arranged an Islamic financing deal for Turkish Airlines.