Pioneer Investors – Abu Dhabi Developmental Holding Company (ADQ) and Turkey Wealth Fund (TWF) announced the launch of the ADQ-TWF Turkey Technology Fund with a capital of $300 million.
To invest in various venture capital funds and emerge companies with high growth potential in Turkey.
And because the United Arab Emirates is the broadest support for strategic investments in Turkey, Mohammed Hassan Al Suwaidi, Managing Director and CEO of ADQ Holding, and Arda Ermut, CEO and Board Member of Turkey Wealth Fund, launched the Turkey Technology Fund.
ADQ Holding and the Turkish Wealth Fund TWF, by establishing the Turkey Technology Fund, are seeking to invest in Turkish start-ups with high growth potential and innovative business models.
The fund will invest in companies working on developing new technologies or improving existing technologies in important sectors such as energy, utilities, health, life sciences, food and agriculture, transportation and logistics, financial services, and education.
On this occasion, Muhammad Hassan Al-Suwaidi, Managing Director and CEO of ADQ Holding, said: As part of our endeavor to enhance bilateral trade and joint investments since late 2021, the launch of the “Turkey Technology Fund comes as an affirmation of our commitment to investing in the future growth of Turkey, as the country continues The UAE and Turkey support bilateral trade and investment between them.
He added, “Turkey is an attractive market with great opportunities to invest in vital sectors that correspond to our business priorities. We will work to add more value to these companies and funds with high growth capabilities, by facilitating access to our network of leading companies at the national and regional levels in our portfolio.”
For his part, Arda Ermut, CEO and Board Member of the Turkish Wealth Fund, said: “The technology sector has achieved significant growth in Turkey over the past few years and we believe that the Turkey Technology Fund will provide more investment opportunities in new generation technologies for the “Holding” /ADQ/ and the Turkey wealth fund and these investments will contribute to the strategic growth of the Turkish economy, and ultimately the strengthening of bilateral cooperation between our two countries.
Ermut added: This fund represents the first step taken by the Turkish Wealth Fund (TWF) on the path to achieving its vision of building a broader technology platform worth $1 billion, thus becoming the reference technology fund that accelerates the growth of the technology sector and leads progress in the technological sectors. The important strategy for the development of Turkey.
He continued, “Compared with similar funds in the country, the Turkey Technology Fund will add more unique value to our country through its large size, its attractiveness to international direct investment, and its multiplier effect on other investments in the sector.”
He continued: In late 2021, the investment capital system in Turkey reached its highest rate ever, and at all quarterly, semi-annual and annual levels of the capital attracted by local emerging companies, which also represents 30% of all investment capital transactions that were made achieved, and more than half of the capital that was invested in start-up companies within the markets of the Middle East, North Africa, Turkey, and Pakistan.