11/3/2008

Ithmaar, Gulf Banks plan $6 billion fund for Turkey investments

Bloomberg - Ithmaar Bank BSC and two other banks from the United Arab Emirates set up a $6 billion fund to invest in Turkey. The fund to be established by Ithmaar, Abu Dhabi Investment House and Gulf Finance House EC plans to start investing in Turkey next year, Alpaslan Korkmaz, head of Turkey's investment promotion agency, said at a press conference in Istanbul last Friday. The fund will initially invest $3 billion in agriculture in southeast Turkey, where the government this year announced a $12 billion project to help irrigate more farm land, Korkmaz said.