Abu Dhabi investment holding company Multiply Group, a subsidiary of state-linked International Holding Company (IHC), is in discussions to invest in Biotrend, a waste management and renewable energy firm in Türkiye.

Representatives from the UAE company and Biotrend Cevre ve Enerji Yatirimlari AS, which operates waste-to-energy plants across Türkiye, are in advanced talks regarding the stake acquisition, according to a report from Bloomberg, quoting anonymous sources.

Multiply Group is the latest UAE company to express interest in the Turkish energy sector. Clean energy producer Masdar is in talks to acquire a stake in Turkey’s Fiba Yenilenebilir Enerji, Bloomberg reported last month.

Last July, the UAE and Türkiye signed several deals with a combined value of approximately $50.7 billion. The agreements were signed during a visit by Turkish President Tayyip to Abu Dhabi.

Multiply Group posted a profit of 362 million dirhams ($98.5 million) for the second quarter of the year, up from AED 98.7 million a year earlier.

(Writing by Cleofe Maceda; editing by Brinda Darasha) brinda.darasha@lseg.com