Abu Dhabi Fund for Development signs three MoUs on investing in Turkmenistan

By bne IntelIiNews February 5, 2021

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

Iraq holds talks with Excelerate Energy on buying first LNG from US

Iraq is in the final stages of negotiating its first-ever purchase of LNG supplies as power outages hamper the Middle East country, Bloomberg reported on June 26. Dallas-headquartered Excelerate ... more

Reformist Kamil al-Tayeb Idris appointed as Sudan’s new Prime Minister

Sudan’s Sovereign Council head, Abdel Fattah al-Burhan, issued a constitutional decree on May 19 appointing Kamil al-Tayeb Idris as the new prime minister, Al Sharq Al Awsat reported. He also ... more

Egypt examines LNG supply offers from Saudi Aramco, UAE’s Adnoc, Algeria’s Sonatrach, and QatarEnergy

Egypt's state-owned gas company EGAS has received several offers to supply liquefied natural gas (LNG) shipments urgently needed for summer, Al Sharq reported on May 18, citing an unnamed government ... more

Dismiss