Abu Dhabi's holding company ADQ and Turkey Wealth Fund formed a new $300 million technology fund that will focus on investing in start-ups in Turkey, further deepening the UAE's investment ties in the country.
Turkey Technology Fund (ADQ TWF) will invest in companies developing new technologies or improving existing technology in sectors that include energy and utilities, health care and life sciences, food and agriculture, mobility and logistics, financial services, and education, the Abu Dhabi Government Media Office said on Thursday.
"Turkey is an attractive market with substantial opportunities for investing in vital sectors that align with our areas of expertise," said Mohamed Alsuwaidi, managing director and chief executive of ADQ.
"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.”
ADQ TWF's launch comes as the Abu Dhabi holding company sealed agreements with several Turkish investment entities to boost the development of priority sectors in both countries last year. ADQ signed partnership deals with the Turkey Wealth Fund, Turkey Investment Office and CCN Holding, the Abu Dhabi media office said at the time.
The two countries have been deepening their trade and investment ties since the visit of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Turkey last year. During the visit, the UAE also announced a $10 billion fund to support strategic investments in Turkey, including in energy, health and food.
“This 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," said Arda Ermut, chief executive and board member at TWF.
The move will also enable ADQ to tap into fast-growing Turkish start-ups, the statement said.
Turkish start-ups accounted for 30 per cent of all venture capital transactions closed and more than half of all capital put into start-ups across the Middle East and North Africa, Turkey and Pakistan in 2021, ADQ said.
The Turkish venture capital ecosystem reached its highest quarterly, half-yearly and yearly level of capital raised by local start-ups in late 2021, it said.
"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,” Mr Ermut said.
UAE currency: the story behind the money in your pockets
SERIE A FIXTURES
Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)
Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)
Monday Spezia v Sampdoria (11.45pm)
UAE currency: the story behind the money in your pockets
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
Dunki
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THE%20SWIMMERS
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SCHEDULE
6.30pm Maiden Dh165,000 (Dirt) 1,400m
7.05pm: Handicap Dh170,000 (D) 1,600m
7.40pm: Maiden Dh165,000 (D) 1,600m
8.15pm: Handicap Dh210,000 (D) 1,200m
8.50pm: Handicap Dh210,000 (D) 2,000m
9.25pm:Handicap Dh185,000 (D) 1,400m
Amith's predicted winners:
6.30pm: Down On Da Bayou
7.05pm: Etisalat
7.40pm: Mulfit
8.15pm: Pennsylvania Dutch
8.50pm: Mudallel
9.25pm: Midnight Sands
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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RESULTS
5pm Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner AF Nashrah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm Maiden (PA) Dh70,000 (D) 1,400m
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6pm Maiden (PA) Dh70,000 (D) 1,600m
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6.30pm Maiden (PA) Dh70,000 (D) 1,600m
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7pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Dalil Al Carrere, Fernando Jara, Mohamed Daggash.
7.30pm Handicap (TB) Dh70,000 (D) 1,000m
Winner Lahmoom, Royston Ffrench, Salem bin Ghadayer.
8pm Handicap (PA) Dh70,000 (D) 1,000m
Winner Jayide Al Boraq, Bernardo Pinheiro, Khalifa Al Neyadi.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Mohammed bin Zayed Majlis
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Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
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When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
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Transmission: 8-speed auto
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Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
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Fuel economy, combined: 7.0L / 100km
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
