Turkmenistan and UAE Look to Create Joint Bank

Turkmenistan and UAE Look to Create Joint Bank
Meeting between Turkmen President Serdar Berdimuhamedov and Deputy Prime Minister, Minister for Presidential Affairs of the UAE Sheikh Mansour bin Zayed Al Nahyan, Abu Dhabi, November 21, 2022

President of Turkmenistan Serdar Berdimuhamedov and Deputy Chairman of the Cabinet of Ministers, Minister for Presidential Affairs of the UAE Sheikh Mansour bin Zayed Al Nahyan in a meeting in Abu Dhabi discussed the creation of the joint bank.

The meeting took place within the two-day official visit of President Berdimuhamedov to the UAE.

Sheikh Mansour bin Zayed Al Nahyan described the Turkmen market as extremely promising, emphasized that this assessment includes the presence in the country of all conditions for business, primarily a favorable investment climate and sustained economic growth. Focusing on the matter, he proposed to establish a joint bank and open its representative office in both countries, the official Turkmen media reports.

President Serdar Berdimuhamedov supported the Emirati official’s proposal, stating that Turkmenistan will provide all opportunities for this.

The UAE Deputy Prime Minister also confirmed readiness of the Emirati businesses to expand productive partnership with Turkmenistan. President Serdar Berdimuhamedov noted the interaction between the two countries in the investment sphere, and said the meetings with representatives of the Abu Dhabi Fund for Development discussed the issues of investment and attracting loans for projects in the gas-chemical industry, transport and logistics, and finance. In this regard, the Head of Turkmenistan President emphasized the need to intensify this dialogue.

On Monday, the Head of Turkmenistan also held talks with the President of the UAE Sheikh Mohammed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Minister of Defense of the UAE, Ruler of Dubai.

On the second day of the visit, President Berdimuhamedov participated in Turkmenistan-UAE business forum, and visited the Wahat Al Karama Memorial Complex, built in honor of the UAE’s national heroes, and the Sheikh Zayed Grand Mosque.