The UAE has announced that it will establish a $10bn investment fund in Turkey.

The new fund will focus on strategic investments across sectors including logistics, energy, health and food.

The announcement followed deliberations between Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Recep Tayyip Erdogan, President of Turkey, official news agency WAM reported.

Sheikh Mohamed began an official visit to Turkey on Wednesday.

Read: Abu Dhabi Crown Prince to visit Turkey on Wednesday

Both leaders also attended the signing of agreements and MoUs between the two countries across several areas to boost bilateral ties.

The agreements included an MoU between the UAE’s Financial Intelligence Unit and Turkey’s Financial Crimes Investigation Board (MASAK); a cooperation agreement between the Abu Dhabi Ports Company and the Turkey Wealth Fund (TWF); an MoU between the Abu Dhabi Securities Exchange (ADX) and Borsa Istanbul; and an MoU between the two central banks for exchange of information across banking, among others.