Norway's sovereign wealth fund, managing assets worth close to $1.75 trillion, invested $1.57 billion in shares of various Turkish companies by the end of 2024. This marks the fund's largest investment in Turkey to date.
The fund, managed by Norges Bank, allocated a portion of its assets to acquire shares in 44 companies across diverse sectors last year.
The largest investment was made in Koç Holding, with the fund acquiring a 0.90% stake worth approximately $115.6 million. Other significant investments included $113.5 million in Akbank shares, $111.4 million in BIM Birleşik Mağazalar, $82.9 million in Turkish Airlines, and $77.4 million in Turkcell.
The fund's largest single shareholding in Turkey is in MLP Sağlık Hizmetleri, where it holds a 3.10% stake worth $63.9 million. It is followed by Aksa Akrilik Kimya Sanayisi and İş Yatırım, each with a 3% stake, with investments of $42.6 million and $62.3 million, respectively.
The fund has been increasing its investments in Turkish companies since 2008, having made smaller investments in the country since 2001. The fund has been investing in foreign equities, bonds, and real estate markets since 1990, using the returns from Norway's oil and natural gas revenue.
The Norwegian government can only use a small portion of the fund's income, with the majority being saved for future generations. Last year, the fund made investments in 8,659 companies across 63 countries, with a focus on renewable energy projects in recent years. The fund's market value reached 19.755 trillion Norwegian kroner ($1.744 trillion) as of December 31, 2024.
The fund is also interested in shares of major Turkish companies operating in the transportation, chemical, automotive, software, and steel sectors.