| | AUGUST 20238IN FOCUSUAE'S ADQ INKS MOU WORTH $11.5 BILLION WITH TURKISH AGENCIES TO REVIVE ECONOMYJAGUAR LAND ROVER APPOINTS ADRIAN MARDELL AS CEOAs a result of the signing of two memorandums of understanding by government organizations from both nations to support earthquake relief efforts and strengthen economic connections, Turkiye is expected to gain from finance agreements totaling $11.5 billion with the UAE. The Turkish Ministry of Treasury and Finance and the investment firm ADQ have agreed to jointly issue $8.5 billion worth of bonds to fund earthquake recovery.The deal will make it possible to finance restoration projects in the badly damaged regions of southern and central Turkiye earlier this year. Mehmet Simsek, the Turkish Treasury and Finance Minister, and Mohamed Hassan Al-Suwaidi, the UAE's Minister of Investment and the CEO and Managing Director of ADQ, respectively, signed the MoU.The funding will be concentrated on initiatives aimed at creating housing for earthquake evacuees. Separately, ADQ and the Export Credit Bank of Turkey inked a Memorandum of Understanding (MoU) to provide up to $3 billion in credit financing facilities to Turkish businesses with ambitions to export goods and services to the UAE and other countries.Earlier this week, during Recep Erdogan's official visit to the UAE, the MoUs were signed. During the visit, many $50 billion deals were signed between the two nations to expand the Comprehensive Economic Partnership Agreement between the UAE and Turkey. The UAE and Turkey signed the CEPA earlier this year to reduce tariffs on non-oil trade by 93% and raise bilateral commerce from $19 billion to $40 billion over the course of five years in an effort to strengthen bilateral collaboration between the two nations. The Indian automaker Tata Motors' Jaguar Land Rover (JLR) division announced that interim CEO Adrian Mardell has been named CEO for a three-year term. Additionally, the automaker gave acting Chief Financial Officer Richard Molyneux a permanent position. When Thierry Bollore quit for personal reasons in November, Mardell, a longtime JLR employee, was named to the interim position.Adrian Mardell, Chief Executive Officer, JLR said: "It has been my immense privilege to lead JLR over the last eight months and I am proud to be appointed Chief Executive Officer of this fantastic business which has shaped me over the last 32 years. We have the right vision and people to deliver our Reimagine strategy and I am honored to lead JLR on the journey ahead.""I offer my warmest congratulations to Adrian Mardell and Richard Molyneux on their respective appointments to Chief Executive Officer and Chief Financial Officer of JLR. Adrian and Richard are an exceptional team with strong automotive and leadership experience. I look forward to working with them further, delivering JLR's transformation to modern luxury which is well underway," Chandrasekaran, Chairman of Tata Sons, Tata Motors and JLR.Richard Molyneux, Chief Financial Officer, JLR said: "I am delighted to be appointed Chief Financial Officer at JLR. Our financial position continues to improve and this, coupled with our enviable brands and our investment of £15bn over the next five years, gives me great confidence in the delivery of our transformation".
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