Alpha Dhabi joins Limak to boost sustainable development in UAE, Turkey

Alpha Dhabi Holding has signed a memorandum of understanding (MoU) with Turkey-based Limak Group to explore various business opportunities and joint ventures (JV) across the UAE and Turkey.

The two entities will focus on the sustainability framework for the fields of construction, development, infrastructure, energy, and hospitality.

The partnership with Limak Group is an opportunity for Alpha Dhabi to broaden its investment portfolio in the Turkish market, according to a press release.

Furthermore, the MoU will include building and rehabilitating the areas that were impacted by the 7.8-magnitude earthquake which affected Turkey in February 2023 and is claimed to have 1.50 million people displaced by it according to the UN.

CEO and Managing Director of Alpha Dhabi, Hamad Salem Al Ameri, said: “It [the partnership] builds on our core verticals of infrastructure and construction, the energy sector, and hospitality. We are particularly interested in exploring the opportunity to support the rehabilitation of areas in Turkey impacted by the earthquake.”

Meanwhile, Chairperson of Limak, Ebru Ozdemir, noted: “This MoU will not only strengthen our business ties but also contribute to the wider community rehabilitation in the earthquake-affected zones in Turkey. We look forward to exploring the opportunities within this potential partnership which will bring valuable contribution to both Turkey and the UAE.”

It is worth noting that in the first quarter (Q1) of 2023, the UAE holding entity generated net profits worth AED 7.31 billion as well as revenues totalling AED 12.77 billion.

Source: Zawya