Turkey Wealth Fund in the Top 10 with an Asset Size of $360 Billion

Turkey Wealth Fund Celebrates Significant Achievement in Its 10th Year

Turkey Wealth Fund reached a remarkable milestone in its 10th year, achieving an active size of 360 billion dollars, placing it among the top 10 largest wealth funds in the world. The fund surpassed traditional income sources such as lottery revenues with the dividends it generated.

Future Strategies and Investments

Meeting with the economic press, Wealth Fund General Manager Arda Ermut and his team provided detailed information about the fund's current status and future. Ermut announced that they have made a 13 billion dollar investment in acquired assets.

Based on predicted financial data for 2024, the fund's consolidated EBITDA is estimated to be 25.6 billion dollars, with projected sales of 122 billion dollars. In 2023, sales figures reached 97 billion dollars, and net profit was 13.5 billion dollars.

Strategic Asset Management and Share Sales

Turkey Wealth Fund emphasized that they will sell assets at the right time depending on market dynamics, stating that they have not conducted any moves at this stage. They indicated that a significant step was the increase of their stake in Vakıfbank to 74.8%, and their stake in Halkbank rising to 91.5%.

New Developments in the Telecommunications Sector

Additionally, important information was shared regarding Turkish Telecom and Turkcell. The fund's ownership in Turkish Telecom reached a significant level of 61.7%. With 5G auctions, the value of Turkish Telecom is increasing, and Arda Ermut stated that efforts to increase the company's public offering ratio are ongoing.

International Investments and Focus on the African Market

The fund also expressed intentions to make overseas mining investments through Turkish Gold. Ermut mentioned they will focus on mining investments in the Africa market, aiming to collaborate with local Turkish companies and utilize local resources for investment.

Vision for the Future: Technology and Innovative Investments

Turkey Wealth Fund is also making significant strides in the technology sector. Ermut announced the creation of a 250 million dollar new technology fund and revealed that they are collaborating with funds abroad.

It was noted that organizations such as Çaykur and Türkşeker are operationally profitable, with Çaykur declaring a net profit. The increase of wealth funds in countries with current account deficits is seen as a noteworthy development.