Abu Dhabi-based investment and holding company ADQ has partnered with Turkey Wealth Fund (TWF) to launch a new $300 million entity -  Turkey Technology Fund – ADQ TWF - which will invest in venture capital funds and high-growth potential companies in Turkey.

 

The duo established the fund to undertake investments in high-growth, Turkish start-ups with innovative business models. 

 

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.

 

Building on the UAE’s platform to support strategic investments in Turkey, the new fund was launched by Mohamed Hassan Al Suwaidi, Managing Director and Chief Executive Officer of ADQ, and Arda Ermut, Chief Executive Officer and Board Member of TWF.

 

On this occasion, Al Suwaidi said: "Launching Turkey Technology Fund – ADQ TWF builds on the broader commitment to investing in the future growth of Turkey we made in late 2021 as the UAE and Turkey 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 our portfolio, we will help to unlock even greater value for these companies and funds with high-growth potential," he stated.

 

On the partnership, Ermut said: "Turkey has grown significantly in its technology ecosystem over the last few years. We believe the new entity will give ADQ and TWF access to a pipeline of compelling investment opportunities specialised in next-generation technologies that will contribute to the strategic growth of Turkey's economy and ultimately reinforce bilateral cooperation between both our nations."

 

"This fund marks the first step taken by the TWF as part of its vision to build a broader US$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," he stated. 

 

Compared to similar funds in Turkey, the Turkey Technology Fund will create a unique added value for our country with its volume and international direct investment dimension and the multiplier effect it will provide for other technology investments," he added.