Abu Dhabi wealth fund bucks the trend to bet on Turkey

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The lira was in freefall and warnings of a deepening crisis in Turkey were growing when ADQ, an Abu Dhabi state investment vehicle, did what few other foreign investors have been willing to do: it pledged to pump billions into local businesses.

Now the fund is on the hunt for investments, from financial institutions to logistics and food, despite the economic turmoil. Mohammed Hassan al-Suwaidi, chief executive of ADQ, told the Financial Times that the lira’s weakness could provide opportunities, saying it was a “great time” to buy if you take “a long-term view”.

He added that the fund was already in “discussions with the Turkish sovereign fund [TWF] on a couple of opportunities,” including companies within TWF’s portfolio.