UAE’s $51 Billion Pledge for Turkey Is Marred by Failed Deals

The United Arab Emirates’ pledge to invest $51 billion in Turkey is faltering two years after it was announced, as a rebound in Ankara’s economic fortunes emboldens local firms to hold firm on valuations and stifles deals.

The latest setback came when AD Ports Group, a company backed by Abu Dhabi wealth fund ADQ, failed to close a deal to acquire operating rights for a port in western Turkey. Other deals including an offer for one of Turkey’s largest banks and an $8.5 billion debt issue have also fallen apart.

Valuation disagreements have been a major sticking point, ...