The Abu Dhabi Fund for Development (ADFD) on February 3 signed three memoranda of understanding (MoUs) with the government of Turkmenistan on channeling investments into multiple potential projects such as air transport, renewable energy, agriculture and tourism.
Such investments may help breathe some life back into the battered Turkmen economy, which has been hit by weak energy prices and the coronavirus (COVID-19) pandemic.
The first MoU envisages the launch of an investment company in Turkmenistan with a target capital of AED370mn (€84.2mn), where Turkmen officials are set to present possible investment schemes for ADFD. The parties will initially contribute AED58.7mn between them.
The second MoU focuses on carrying out a feasibility study on Abu Dhabi backing the creation of an AED642.7mn chemical industry complex in Turkmenistan to produce polyvinyl acetate.
The final MoU will explore potential areas for investment in infrastructure projects linked to renewable energy and air transport.
“The memoranda of understanding reflect ADFD’s keenness to expand its investment and economic partnerships with the government of Turkmenistan,” Mohammed Saif Al-Suwaidi, ADFD director general, told UAE state news agency WAM.
Related Articles
Saudi ACWA Power signs $2.3bn agreement to build 2GW wind power plant in Egypt
Saudi Arabia renewable energy firm ACWA Power has signed a 25-year power purchase agreement (PPA) with Egyptian Electricity Transmission Company (EETC) to develop, build, own, and operate a 2GW wind ... more
Sudan agrees to host Russian naval base in Port Sudan, says foreign minister
Sudan and Russia have reached a final agreement on establishing a Russian naval base in the Sudanese Red Sea coast, Sudan’s Foreign Minister Ali Yusuf Sharif said on February 12 as cited by Al ... more
Stellantis plans to produce 1,000 automated vehicles at Kenitra plant in Morocco
Global vehicles manufacturer Stellantis plans to produce 1,000 units annually of its Automated Guided Vehicles (AGVs) at the group’s Kenitra plant in Morocco, Al Maghrebia reported on February ... more