The State Bank for Foreign Economic Affairs of Turkmenistan announces that it has signed a cooperation agreement with First Abu Dhabi Bank (FAB), the largest bank in the UAE.
The signing ceremony took place within the framework of the working visit of Chairman of the People's Council (Halk Maslakhaty) Gurbanguly Berdimuhamedov to the UAE.
The document was signed by Rahimberdy Jepbarov, Chairman of the State Bank for Foreign Economic Affairs of Turkmenistan, and Mohamed Saif Al Suwaidi, Board Member of FAB.
"The agreement represents the ongoing collaboration that is rooted in a shared commitment to advancing economic interests and driving sustainable growth," the Emirati bank said in a press release.
FAB, headquartered in Abu Dhabi, has a presence in Asia Pacific, Europe, the Americas, the Middle East and Africa.
Experts told Daryo that the UAE is looking to expand its local market presence in the oil, gas and renewable sectors through major investments by companies such as ADNOC, Dragon Oil and Masdar.
Dragon Oil is already one of the largest investors in Turkmenistan, having invested some $8bn in the development of the national Caspian shelf since 1999.
The volume of trade between the UAE and Turkmenistan in 2022 reached about $1.3bn (excluding oil trade), up almost 50% from a year earlier.
Eziz Boyarov
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