Türkiye's resilient economy, entrepreneurial business culture, along with young and tech savvy population have been attracting significant investments from global players into the country's growing tech sector, which recently draws more interest from global investors.
Being aware of this, Türkiye Wealth Fund (TWF) is set to launch a USD 250 million technology fund to bolster the sector. Commenting on the fund, CEO of TWF Arda Ermut said “We aim to invest in value-added and leading areas that will fill the gap in Türkiye's tech ecosystem."
TWF has inked a series of investments agreements with its Abu Dhabi counterpart ADQ on the sidelines of the meeting between President Recep Tayyip Erdoğan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan in last November.
Meanwhile, Chief Executive of ADQ, Mohammed Hassan Al-Suwaidi told the Financial Times that they will invest USD 10 billion in Turkey to support strategic sectors such as energy, health sectors, agriculture, transportation and logistics. “Turkey is a location where you can make delivery to Germany in 12 hours with its great logistics capabilities, and with its 84 million people, it is a big powerhouse for industries," Al-Suwaidi added.
ADQ previously invested in the Turkish rapid delivery startup Getir and online sales platform Trendyol, along with many other sectors such as life sciences and logistics.