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Abu Dhabi's IHC Takes $490m Stake in Turkey's Kalyon

Abu Dhabi's IHC Takes $490m Stake in Turkey's Kalyon
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Abu Dhabi's IHC Takes $490m Stake in Turkey's Kalyon

Abu Dhabi's IHC Takes $490m Stake in Turkey's Kalyon

Abu Dhabi’s International Holding Co on Thursday said it had acquired a 50% stake in Turkey’s Kalyon Enerji for 1.8 billion dirham ($490 million) through one of its subsidiaries.

Kalyon Enerji is part of Turkey’s Kalyon Holding, which has interests in construction, energy and aviation. IHC subsidiary International Energy Holding will acquire the stake, IHC said.

The transaction includes solar power projects in Turkey’s Karapınar and Gaziantep regions and a wind power project in Ankara, IHC said in a statement to the Abu Dhabi stock market, Reuters reported.

Chief Executive Syed Basar Shueb said the deal was IHC’s second-biggest acquisition ever in the renewable energy sector.

Reuters reported in June that Kalyon Holding, which has large solar and wind energy concessions in Turkey, was in advanced talks with IHC to partner on strategic assets.

The Kalyon Karapınar Solar Power Plant, which is included in the deal, will be capable of meeting annual electricity needs of 2 million people once it is completed in 2023, IHC said.

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Saudi Arabia, Djibouti Sign Agreement to Promote, Safeguard Investments

The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA
The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA
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Saudi Arabia, Djibouti Sign Agreement to Promote, Safeguard Investments

The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA
The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA

Saudi Arabia and Djibouti have signed an agreement to encourage and protect mutual investments, marking a significant step in enhancing economic cooperation between the two nations.
The agreement was signed by Saudi Minister of Investment Khalid Al-Falih and Djiboutian Secretary in Charge of Investment and Development of the Private Sector Safia Mohamed Ali Gadileh during the 28th World Investment Conference in Riyadh, SPA reported.

The event is being held under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister.
Both officials praised the agreement, emphasizing its importance in fostering collaboration between the private and government sectors of both countries. They highlighted the agreement’s role in supporting the ambitious investment initiatives currently being pursued by the Kingdom and Djibouti.
The agreement is designed to create a secure and attractive investment environment by offering key advantages such as investment protection, national treatment, fair and equitable treatment, transparency, and access to national courts or international arbitration for dispute resolution.
By ensuring these safeguards, the agreement aims to increase the volume of mutual investments across various sectors and strengthen economic ties between the two nations.