Leaders condole Turkmen President on death of father
ABU DHABI: President His Highness Sheikh Khalifa Bin Zayed Al Nahyan sent a cable of condolences to President of Turkmenistan Gurbanguly Berdimuhamedow on the death of his father.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, dispatched similar cables to the President of Turkmenistan, according to WAM.
Recently, Abu Dhabi Fund for Development (ADFD) signed three memoranda of understanding (Mous) with the Government of Turkmenistan aimed at strengthening economic and development cooperation through investment in vital sectors that would benefit economies of both countries.
The first MOU involved the establishment of an investment company in Turkmenistan with a target capital of Dhs370 million (US$100 million), whereby investment opportunities and development projects are to be presented for ADFD€S considerations.
In the initial stage, ADFD and Turkmenistan will contributedhs58.7million(us$16million)forinvestment in vital sectors such as energy, agriculture, tourism and industry. This amount will be shared equally by the two parties. According to the agreement, the Turkmen government will present project proposals to ADFD for financing, ater which the Fund will take its decision based on its feasibility assessments.
The second MOU provides for studying the possibility of investing in a project to establish a chemical industry complex in Turkmenistan for Dhs642.7 million ($175 million) to produce polyvinyl acetate.
The third MOU creates the possibility to study opportunities to finance infrastructure projects in various sectors, including renewable energy and air transport, thereby promoting cooperation between ADFD and Turkmenistan.
On the other hand, the 39-year-old son of Turkmenistan’s leader replaced him as head of the national horse association, state television reported on Friday, paving the way for hereditary succession in the state.