Top 10 Turkish companies Norway Wealth Fund invested in 2024
File photo shows the interior of Borsa Istanbul, Türkiye's stock exchange. (AA Photo)
Norway’s sovereign wealth fund, valued at nearly $1.75 trillion, invested $1.57 billion in Turkish companies by the end of 2024, marking the largest investment the fund has ever made in Türkiye.
According to data from Norges Bank, which manages the Norway Wealth Fund, a portion of the fund’s assets was allocated to acquiring shares in 44 companies across various sectors in Türkiye last year.
Norway Wealth Fund, the largest in the world, invested a total of $1.57 billion in Turkish stocks, including shares in oil refineries company TUPRAS and Astor Energy, with a combined holding value of approximately $90 million in these two energy firms.
The 10 largest investments in Turkish companies
The largest share of the Norwegian Wealth Fund’s investments in Türkiye went to Koc Holding, as the fund owns a 0.90% stake in the company, with a total investment of approximately $115.6 million.
Other major investments include:
- Akbank: $113.5 million
- Turkish retailer giant, BIM: $111.4 million
- Turkish Airlines: $82.96 million
- Türkiye’s largest telecom, Turkcell: $77.42 million
The fund’s largest individual stake in Türkiye is in MLP Health Services, where it holds a 3.10% share worth $63.97 million. This is followed by Aksa Acrylic Chemical Industry and Is Investment, each with a 3% stake. The fund’s total investment in these two companies stands at $42.64 million and $62.31 million, respectively.
Norway Wealth Fund invested in 63 countries in 2024
Since 2001, the Government Pension Fund of Norway, also known as Norwegian Wealth Fund has made small investments in Türkiye, gradually increasing its holdings in Turkish equities since 2008. Established in 1990, the fund invests revenue generated from Norway’s oil and natural gas production in global equities, bonds, and real estate markets.
The Norwegian government is only permitted to use a small portion of the fund’s income, with the majority being saved for future generations.
In 2024, the fund invested in 8,659 companies across 63 countries, with a particular focus on renewable energy projects. As of December 31, 2024, the fund’s market value stood at 19.76 trillion Norwegian kroner ($1.74 trillion).
The fund also holds shares in major Turkish companies operating in the transportation, chemicals, automotive, software, and steel industries. Its investments in Türkiye have grown significantly, from $485 million in 2021 to $1.2 billion in 2022, $1.3 billion in 2023, and $1.57 billion in 2024, marking the highest amount ever allocated to Turkish companies.
In 2023, the fund reported a record annual profit of $222 billion, its highest earnings in Norwegian kroner to date. The primary driver behind this profitability was the “rally” in U.S. tech stocks, according to fund reports.
