Over $3B investment planned in Turkey via joint venture

New Albayraklar Companies Group also plans on expanding investments to Turkey's neighboring countries

By Belgin Yakisan

ANKARA (AA) - A new joint venture company formed between Turkish and international firms plans on investing over $3 billion in energy projects in Turkey, the Albayraklar Companies Group said on Thursday.

Albayraklar signed a partnership agreement in Dubai to establish a new company; Albayraklar Almaden Global Enerji, which is focused on investing in the oil and solar energy sectors as well as in defense technology.

Among the shareholders of the new venture are, head of Global Investments Group Sheikh Abdul-Aziz bin Mubarak al-Khalifa, China-based solar panel manufacturer Almaden company CEO Dan Tseng and board member Wen Kai Hsu, along with Naser Muhyealdeen from Al Reyami & Muhyealdeen International legal firm.

Initially, the new company will enter solar and renewable energy tenders with plans to invest over $3 billion in Turkey.

In the future, the new company plans to expand its investments to neighboring countries.

*Writing by Zeynep Beyza Kilic

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