Invest AD, an investment bank owned by the Abu Dhabi Government, is teaming up with a Japanese company to launch a $100 million buyout fund focused on Turkey.

The joint venture between Invest AD and Japan's SBI Holdings will be the second for the two companies after they set up a $100m Africa fund last year. Each of the two parties will contribute $50m to the new Turkey fund, according to a statement.

"We're developing a strong long-term interest in Turkey, a strategically important country in the region which has seen robust economic growth in the last 10 years," said Nazem Fawwaz al Kudsi, the chief executive of Invest AD.

Invest AD already has an interest in Turkey through its existing private equity funds. The company in 2009 bought part of EKOL Logistics, which handles shipments of goods between Turkey and Europe.

Turkish-Americans are hoping to build a bridge between Middle Tennessee and Turkish businesses with a new chamber of commerce that targets companies and students.

“This chamber is to increase interaction among businesses and educational institutions in Tennessee and Turkey. Our goal is to facilitate commerce and relationships,” said Murat Arik, chairman of the chamber’s advisory board. “We are different and have a much broader focus than traditional chambers that represent local businesses. We are looking to organize business trips and coordinate business match-making and bring business students to the table.”

Turkish politician and economist Kemal Derviş is the early frontrunner to replace Dominique Strauss-Kahn at the International Monetary Fund.

William Hill is offering odds of 5/2 on Derviş, the former Turkish finance minister, becoming the IMF’s next managing director. He is followed by Montek Singh Ahluwalia, deputy chairman of India’s Planning Commission, at 5/1.

Germany’s Axel Weber is third favourite at 7/1. Singapore’s Tharman Shanmugaratnam – who was promoted to deputy prime minister earlier on Wednesday – and former UK prime minister Gordon Brown are both available at 8/1.

The ATAA Board of Directors empowered a Nominations Committee, chaired by Ms. Lale Iskarpatyoti, a former ATAA VP, and served by President-Elect Ergun Kirlikovali, Past President Nurten Ural, Former President Tunca Iskir, and Former President and Founder Ulku Ulgur.  All candidates were nominated and selected in strict accordance with the ATAA bylaws and procedures.  Those candidates that were nominated expressed their voluntary and explicit agreement that the nomination of each was appropriate and that their candidacy met both the spirit and word of the ATAA charter, bylaws and mission.  The Election Process was overseen by the Teller's Committee, which was approved by the Board of Directors.