Turkey and the UAE opened a joint fund
The Turkish Wealth Fund and Abu Dhabi State Investment Holding Company on Wednesday announced the creation of a fund to support Turkey's tech ecosystem. The $300 million fund will invest in Turkish companies with high growth potential and innovative business models.
Mohammed Hasan Al Suwaidi, managing director and CEO of the fund, noted that back in 2021, the UAE confirmed its intention to develop bilateral trade and investment in Turkey. The country is an attractive market for an Arab country, opening the way to trade with other states.
The founding of the fund is the first step in the creation of a broader $1 billion technology platform, which will be a cutting-edge technology fund that accelerates Turkey's technological growth and stimulates rapid development in strategic technology sectors. Currently, these industries are the most significant for the country.
Compared to similar funds in Turkey, the technology fund will create a unique opportunity for international investment and multiply foreign investment in technology, which will have a positive impact on its development.