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ADQ, Turkey Wealth Fund Launch $300m Venture Capital Fund

Signing ceremony between ADQ and Turkey Wealth Fund (Asharq Al-Awsat)
Signing ceremony between ADQ and Turkey Wealth Fund (Asharq Al-Awsat)
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ADQ, Turkey Wealth Fund Launch $300m Venture Capital Fund

Signing ceremony between ADQ and Turkey Wealth Fund (Asharq Al-Awsat)
Signing ceremony between ADQ and Turkey Wealth Fund (Asharq Al-Awsat)

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.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.