Deals

UAE’s $51 Billion Pledge for Turkey Is Marred by Failed Deals

Recep Tayyip Erdogan with Sheikh Mohammed bin Zayed Al Nahyan in Istanbul in 2023.Photographer: Murat Cetinmuhurdar/TUR Presidency/Anadolu Agency/Getty Images

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By Ugur Yilmaz and Asli Kandemir

March 6, 2025 at 8:16 AM UTC

This article is for subscribers only.

The United Arab Emirates’ pledge to invest $51 billion in Turkey is faltering two years after it was announced, as a rebound in Ankara’s economic fortunes emboldens local firms to hold firm on valuations and stifles deals.

The latest setback came when AD Ports Group, a company backed by Abu Dhabi wealth fund ADQ, failed to close a deal to acquire operating rights for a port in western Turkey. Other deals including an offer for one of Turkey’s largest banks and an $8.5 billion debt issue have also fallen apart.