ADQ, an Abu Dhabi-based investment and holding company, and Turkey Wealth Fund (TWF) launched Wednesday a $300 million-tech fund, which will invest in venture capital funds and high-growth potential companies in Turkey.
Turkey Technology Fund – ADQ TWF will invest in companies developing emerging technologies or improving existing technologies in significant sectors, such as energy and utilities, healthcare and life sciences, food and agriculture, mobility and logistics, financial services, and education.
Mohamed Hassan al-Suwaidi, the Managing Director and CEO of ADQ, said that launching the fund builds on the broader commitment to investing in the future growth of Turkey the UAE made in late 2021 as both countries continue to advance bilateral trade and investment.
“Turkey is an attractive market with substantial opportunities for investing in vital sectors that align with our areas of expertise.”
By providing access to the national and regional champions in UAE’s portfolio, ADQ will help to unlock even greater value for these companies and funds with high-growth potential, he added.
For his part, Arda Ermut, the CEO and Board Member of TWF, said Turkey has grown significantly in its technology ecosystem over the last few years.
“We believe Turkey Technology Fund – ADQ TWF will give ADQ and TWF access to a pipeline of compelling investment opportunities specialized in next-generation technologies that will contribute to the strategic growth of Turkey’s economy and ultimately reinforce bilateral cooperation between both countries.”
He pointed out that the fund marks the first step taken by the TWF as part of its vision to build a broader $1 billion technology platform to become the reference technology fund accelerating technological growth in Turkey and driving growth in strategic technological sectors critical to Turkey’s development.
Compared to similar funds in Turkey, the Turkey Technology Fund will create a unique added value for the country with its volume and international direct investment dimension and the multiplier effect it will provide for other technology investments, he added.