Home UAE Abu Dhabi Abu Dhabi’s ADQ, Turkey Wealth Fund launch $300m venture capital fund The fund will invest in companies developing emerging technologies or improving existing ones in key sectors by Zainab Mansoor March 24, 2022 ADQ, an Abu Dhabi-based investment and holding company, and Turkey Wealth Fund (TWF) launched Turkey Technology Fund – ADQ TWF to undertake investments in high-growth, Turkish startups. Turkey Technology Fund – ADQ TWF will invest in companies developing emerging technologies or improving existing ones in key sectors such as energy and utilities, healthcare and life sciences, food and agriculture, mobility and logistics, financial services, and education, official news agency WAM reported. We have launched Türkiye Technology Fund – ADQ TWF with @trwealthfund, which will invest in venture capital funds and high-growth potential companies in Türkiye. pic.twitter.com/6yk8cNm7fQ — ADQ (@Adq_Official) March 23, 2022 Mohamed Hassan Al Suwaidi, managing director and chief executive officer of ADQ, 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.” “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 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,” added Arda Ermut, chief executive officer and board member of TWF. “This fund marks the first step taken by the TWF as part of its vision to build a broader $1bn 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.” In late 2021, the Turkish VC ecosystem reached its highest ever quarterly, half-yearly and yearly level of capital raised by local startups – this accounted for 30 per cent of all VC transactions closed and more than half of all capital deployed into startups across the Middle East and North Africa (MENA), Turkey, and Pakistan, a statement said. The UAE had announced last year that it would establish a $10bn investment fund in Turkey, which would focus on strategic investments across sectors including logistics, energy, health and food. Read more: UAE to set up $10bn investment fund in Turkey Turkey was the UAE’s fourth largest export market in 2020 with Dhs18.4bn. Read more: UAE’s non-oil trade recorded at Dhs1.403 trillion in 2020 Tags Abu Dhabi ADQ Turkey Technology Fund Turkey Wealth Fund 0 Comments You might also like Wizz Air launches first long-haul service from Abu Dhabi to Milan UAE, Jordan sign $2.3bn agreement to build railways Aldar unveils new luxe villa community on Yas island Saudi’s flynas launches flights to Abu Dhabi, Sharjah