The Norwegian Wealth Fund invested $1,573,659,000 in 44 Turkish companies in 2024. This amount marked the largest investment by the fund in Turkey.

With a state wealth fund approaching a value of nearly $1.75 trillion, by the end of 2024, it invested in the shares of some Turkish companies, totaling $1,573,659,000.

According to Norges Bank data, the fund used a portion of its assets to purchase shares of 44 companies operating in various sectors last year.

TWO ENERGY COMPANIES RECEIVE $90 MILLION The total investment of the Norwegian Wealth Fund in Turkish company shares reached $1,573,659,000, and the fund’s portfolio included shares of Turkey’s Petroleum Refineries Inc. (Tüpraş) and Astor Energy. The value of the fund’s stake in these 2 energy companies was estimated at around $90 million. LARGEST INVESTMENT IN KOÇ HOLDING The largest share of Norway’s Wealth Fund investments in Turkey went to Koç Holding AŞ. The fund, which holds a 0.90% stake in Koç Holding, reached a total investment of about $115.6 million in the company. The fund also allocated $113,539,000 to Akbank shares, $111,381,000 to BİM Birleşik Mağazalar Inc. shares, $82,960,000 to Turkish Airlines shares, and $77,420,000 to Turkcell shares.

The fund’s largest share in the Turkish portfolio was in MLP Sağlık Hizmetleri AŞ, where it held a 3.10% stake and invested $63,971,000. Following MLP Sağlık Hizmetleri AŞ, Aksa Akrilik Kimya Sanayisi and İş Yatırım each held a 3% stake in the mentioned fund.

The total amount of investments connected to the shares of these companies reached $42,644,000 and $62,308,000, respectively. INVESTMENTS IN 63 COUNTRIES In a world wide investment portfolio, the Norwegian Wealth Fund has been making limited investments in Turkey since 2001, focusing on equity and bond markets. The fund’s value, based on the revenue from the country’s oil and natural gas production, is being saved for future generations. With investments in 8,659 companies in 63 countries last year, the fund has been showing a preference for renewable energy projects. As of December 31, 2024, the market value of the fund reached 19.755 trillion Norwegian kroner ($1.744 trillion).

RECORD PROFIT OF $222 BILLION The Norwegian Wealth Fund is also interested in shares of large companies operating in the transportation, chemical, automotive, software, and steel sectors in Turkey. The fund increased its investments in Turkey from $485 million in 2021 to $1.2 billion in 2022 and $1.3 billion in 2023. This year’s $1,573,659,000 investment is the largest amount the fund has ever invested in Turkey so far. That said, the fund reported a record annual profit of $222 billion last year, with the most significant factor being the “rally” in U.S. tech stocks.