Turkish President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, the UAE’s de facto ruler, meet in Ankara, Turkey, November 24, 2021. Murat Cetinmuhurdar/Presidential Press Office/Handout via REUTERS
Turkey and the United Arab Emirates signed accords for billions of dollars of investments on Wednesday, including in technology and energy, after talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan.
Sheikh Mohammed’s visit to Ankara, the first in years, comes as the two countries work to mend frayed ties amid a currency crisis in Turkey.
The memorandums of understanding were signed between the Abu Dhabi Development Holding (ADQ), Turkish Wealth Fund (TVF), and the Turkish Presidency Investment Office, as well as with some Turkish companies.
The agreements highlight the countries’ pivot towards partnership after a battle for regional influence since Arab uprisings erupted a decade ago. The disputes extended to the eastern Mediterranean and Gulf, before Ankara launched a regional charm offensive last year.
November 28, 2021 4:11 pm
Sheikh Mohammed said he had had “fruitful” talks with Erdogan on strengthening bilateral ties.
“I look forward to exploring new cooperation opportunities to benefit our two nations and advance our mutual development goals,” he said on Twitter.
ADQ signed an accord on investing in Turkish technology firms and establishing a technology-oriented fund, while Abu Dhabi Ports signed a deal on port and logistics cooperation.
A deal between ADQ and Turkish company Kalyon on energy and infrastructure, another with CCN Group on health cooperation, and a third with Turkey’s Presidency Investment Office on renewable energy were also among the agreements, a Turkish official said.
$10 BILLION FUND
“Problems with the UAE are now behind us. We are entering a period based fully on cooperation and mutual benefit,” said another official familiar with preparations for Wednesday’s visit, and added the UAE investment would ultimately be in the billions of dollars.
The UAE announced a $10 billion fund to support mainly strategic investments in Turkey, including in the health and energy fields, its state news agency WAM said.
Turkey’s state-run Anadolu news agency cited Foreign Minister Mevlut Cavusoglu saying he would visit Abu Dhabi in December and that the two countries held “very constructive” talks.
The Turkish and Emirati central banks also signed a cooperation agreement on Wednesday. Earlier, two sources said they were holding talks about a potential swap agreement.
Turkey’s central bank has previously sought swap deals with other countries as a source of hard currency to build reserves and support the lira, which has lost as much as 45% this year.
It has swap agreements worth $6 billion with China, $15 billion with Qatar, and $2 billion with South Korea, for a total of $23 billion.
Turkey said in September it was in talks with the UAE over investments in energy such as power generation. The UAE, whose sovereign wealth funds have made significant investments in Turkish online grocer Getir and e-commerce platform Trendyol, has said it seeks deeper economic ties with Ankara.
Turkey, at odds with several regional powers as well as its Western allies over various issues, has launched similar normalization efforts with its rivals Egypt and Saudi Arabia, though those channels have yielded little public improvement.
LONDON — Britain must pay for increased support to households in a way that does not deter investment, Cabinet Office minister Steve Barclay said on Thursday ahead of an expected announcement of new measures to cope with rising energy bills.
Facing intense political pressure to provide more support for billpayers coping with what opponents and campaigners have called a cost-of-living crisis, finance minister Rishi Sunak will give a statement to parliament setting out details of the government’s response.
“In terms of paying for that, as we look at the balance between how much is done through debt, and how much is done through revenue raising, we need to do that in a way that doesn’t deter investment,” Barclay told Sky News.
Sunak’s announcement is expected to include a 10 billion pound ($12.6 billion) package of support, an energy industry source said, funded in part by a windfall tax on oil and gas producers companies.
Barclay said the government had decided to act after an announcement by the energy regulator earlier this week that a cap on gas and electricity bills was set to rise by another 40% in October.
“What we do recognize … is the government needs to have targeted support, particularly for those most affected by those higher bills,” Barclay told the BBC.
Global gas prices soared last year when the reopening of world economies from pandemic lockdowns caused demand to return sharply and supply could not keep up. The war in Ukraine has pushed up prices further in 2022.
The government has previously said it is opposed to a windfall tax on energy suppliers because it would deter them from investing in new energy projects.
But that position has shifted as political pressure for action has mounted, with the highest inflation among G7 nations and rising bills pushing many household budgets to the limit.
Prime Minister Boris Johnson is also keen to move the conversation away from a damning report detailing a series of illegal lockdown parties at his Downing Street office.
The opposition Labour Party has campaigned for a windfall tax on oil and gas companies to raise around 2 billion pounds ($2.5 billion), with opinion polls showing public support for such a move.
Asked about a windfall tax, Barclay said he disagreed with the Labour proposal, but declined to give any further details of the government’s new plan, saying it was for Sunak to set out the package to parliament later.
Sunak is expected to speak around 1115 GMT.
Inflation reached a 40-year peak of 9% in April and is projected to rise further, while government forecasts last month showed living standards were set to see their biggest fall since records began in the late 1950s.
In February, the government announced a 9 billion pound support package, including a targeted tax rebate worth 150 pounds per year for 80% of households in England and a 200 pound discount on electricity bills, repayable over five years.
Media reports said that discount could be increased in Sunak’s package, and the need to repay it dropped.
The Institute for Fiscal Studies (IFS) economic think tank said any support needed to be aimed at the poorest households, warning that a universal giveaway, including for those who did not need the extra cash, could fuel inflation.
“We do need to be careful,” IFS director Paul Johnson told BBC radio. “Putting … tens of billions into the economy at a time of high inflation could stoke additional demand and make the inflation much more permanent.” ($1 = 0.7963 pounds) (Reporting by Muvija M, writing by William James, editing by Hugh Lawson and Frank Jack Daniel)
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TORONTO, May 25, 2022 (GLOBE NEWSWIRE) — Westboro Mortgage Investment Fund has paid a bonus distribution of $0.065 per eligible Class F unit. The bonus distribution equals the excess income earned by the fund for the fiscal year ended December 31, 2021. The total distribution per unit for the 2021 fiscal year, inclusive of this bonus distribution, was $0.65/unit on a monthly basis, or an annualized return of 6.7%, on a monthly compounded basis. The strong performance of the Westboro Mortgage Investment Fund is a direct result of the following: a) long standing and strong broker client relationships b) best in class staff; and c) conservative and thorough underwriting practices.
“It was a record breaking year filled with a unique set of challenges posed by the pandemic. We will continue to be conservative in our underwriting and portfolio management while being competitive on interest rates and terms offered to our longstanding broker client network. In 2021 and early in 2022 we were fortunate to attract top industry talent to join our already dynamic team. We want to fund the best mortgages, not the most mortgages. Our focus is, and always will be, the preservation of investor capital and providing consistent risk adjusted returns to our mortgage fund investors,” said Nick Christopoulos, CEO of Westboro Mortgage Investment Fund.
About Westboro Mortgage Investment Fund
Westboro Mortgage Investment Fund was established in 2004 as a Mortgage Investment Corporation in the Ottawa region. Throughout the years, the fund has strategically expanded its lending region to include Central and Southwestern Ontario and the Gatineau regional area of Quebec. Today, the fund manages assets in excess of $300 million all while maintaining the primary objective of providing investors with a consistent and stable fixed income solution for their investment portfolio.
To learn more about the Westboro Mortgage Investment Fund, including investment opportunities and qualification criteria please visit www.westboromic.com or contact the Vice President of Fund Sales, Scott Roberts at email@example.com.
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