Alpha Dhabi Holding, a unit of Abu Dhabi's International Holding Company, has signed a preliminary agreement with Turkish conglomerate Limak Group to explore business opportunities in various sectors, as the two countries strengthen their economic ties.
Under the initial pact, the two companies will explore joint ventures in areas including construction, development, infrastructure, energy and hospitality, all within a framework of sustainable development in the UAE and Turkey.
The pact is an opportunity for Alpha Dhabi to expand its investment portfolio in Turkey through potential partnership with Limak Group, Alpha Dhabi said in a statement on Thursday.
The opportunities include the construction and rehabilitation of areas impacted by the 7.8-magnitude earthquake that shook Turkey in February this year, in which 1.5 million people were displaced, according to the UN estimates, it added.
“Our potential partnership with Limak Group is a strategic move that aligns with our commitment to sustainable development and geographic expansion. It builds on our core verticals of infrastructure and construction, the energy sector and hospitality,” said Hamad Al Ameri, chief executive and managing director of Alpha Dhabi.
“We are particularly interested in exploring the opportunity to support the rehabilitation of areas in Turkey impacted by the earthquake.”
The latest agreement comes as the UAE and Turkey announced agreements and accords worth a combined $50.7 billion on Wednesday, as the two countries seek to strengthen bilateral investment ties and boost collaboration in strategic sectors.
The accords, covering a range of sectors including energy, defence, infrastructure, technology, finance and space, were signed at in Abu Dhabi during a visit to the UAE by Turkish President Recep Tayyip Erdogan.
President Sheikh Mohamed and Mr Erdogan witnessed the announcements of the agreements and a joint accord on the establishment of a high-level strategic council between the two countries, state news agency Wam reported.
The two counties signed a Comprehensive Economic Partnership Agreement earlier this year and the deal was ratified in May.
This partnership between Alpha Dhabi and Limak Group seeks to support several infrastructure and construction projects, with a key focus on the rehabilitation of the communities impacted by earthquake the in the country.
Abu Dhabi-based investment and holding company ADQ also signed two multibillion dollar initial agreements with Turkey on Wednesday to provide earthquake relief financing.
Alpha Dhabi, which was previously known as Trojan Holding, has grown into a regional conglomerate with interests in construction, health care, hospitality and industry after completing a series of acquisitions in 2021 and 2022.
The company said in May it would continue to pursue acquisitions and new investments as part of its growth and portfolio diversification strategy.
Earlier this year, the Abu Dhabi-listed company announced a joint venture with Mubadala Investment Company to co-invest in global credit opportunities.
Limak Group’s operations span multiple sectors such as construction, infrastructure, energy, tourism, food and beverage.
“The potential partnership … will bring valuable contribution to both Turkey and the UAE,” said Ebru Ozdemir, chairperson of Limak Group.
The agreement with Alpha Dhabi “will not only strengthen our business ties but also contribute to the wider community rehabilitation in the earthquake-affected zones in Turkey”, she said.
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
UAE currency: the story behind the money in your pockets
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
MORE ON TURKEY'S SYRIA OFFENCE
MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
Mohammed bin Zayed Majlis
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE%20SQUAD
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Zayed Sustainability Prize
Company%20profile
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
5.30pm: UAE v Italy (Group A)
6.45pm: Russia v Mexico (Group B)
8pm: Iran v Egypt (Group B)
COMPANY%20PROFILE
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Killing of Qassem Suleimani
Company%20profile
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THE SPECS
Engine: 4.4-litre V8
Transmission: Automatic
Power: 530bhp
Torque: 750Nm
Price: Dh535,000
On sale: Now
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
