1/16/2008

Seeking a share from the world's biggest sovereign wealth fund

Turkish Daily News - As Turkey seeks a share in what is to be the world's biggest sovereign wealth fund valued at $900 billion and to be launched by Saudi Arabia, Mehmet Simsek, the economy minister, was scheduled to fly to Dubai late yesterday to attend the Gulf Investment Conference. Simsek and his entourage, consisting of economy and privatization bureaucrats, are expected to invite the giant wealth fund to invest in Turkey during the two-day conference. The Turkish delegation is expected to outline the Justice and Development Party (AKP) government's measures to enhance the investment climate in Turkey and brief representatives of Gulf capital on Turkey's privatization drive. Officials who spoke to the Anatolia news agency on condition of anonymity said they will define Turkey as a country undergoing structural reforms, and as a land that poses as a “corridor” in the transfer of energy resources to the West. Gulf capital will be invited to make joint investments with Turkish companies. The giant Saudi Arabian fund, as well as investment funds from Kuwait and the United Arab Emirates, are the main focus of the trip.

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