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Turkey anticipates that investments in its economy by the United Arab Emirates (UAE) worth $51bn will begin by the end of this year as part of last month’s landmark agreement. The agreements include wealth fund ADQ possibly buying as many as $8.5bn of bonds from Turkey to fund reconstruction efforts following devastating earthquakes in February. Many of those deals are provisional and not all may materialize, Bloomberg reported. The two countries also agreed on energy projects worth around $30bn. Turkey has been fighting hard to stem its current-account deficit and to slowdown inflation, which is running at 47.8%, about 10x the official target of 5%.
Turkey’s dollar bonds however, traded almost flat with its 4.75% 2026s at 94.12, yielding 7.42%.
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