UAE-Turkey economic relations continue to tighten with pharma deal
The Emirati investment firm ADQ has acquired Birgi Mefar Group.
The Abu Dhabi-based investment firm ADQ announced today it has entered into an agreement to buy the Turkish pharmaceutical company Birgi Mefar Group.
What it means: ADQ is owned by the United Arab Emirates’ sovereign wealth fund. Birgi Mefar Group makes products related to injections, such as syringes. It exports to more than 30 countries across Asia and Europe. The move will contribute toward ADQ’s efforts to build a health care platform in the UAE, per the release.
ADQ did not mention what it paid to acquire Birgi Mefar Group. The deal is pending regulatory approvals.
Why it matters: Emirati President Sheikh Mohammed bin Zayed al Nahyan met with his Turkish counterpart Recep Tayyip Erdogan in Ankara last November. There, the two men signed a series of investment deals stipulating the UAE would invest $10 billion Turkey’s struggling economy.
