Norway’s Sovereign Wealth Fund Invests $1.57 Billion in Turkish Companies in 2024

Norway’s $1.75 trillion sovereign wealth fund, the largest in the world, invested over $1.57 billion in Turkish company shares by the end of 2024, marking its largest investment in Türkiye to date. According to Norges Bank, which manages the fund, investments were distributed across 44 Turkish companies, spanning various industries, with notable stakes in energy, banking, retail, and aviation.

Key Investments: Koc Holding Leads

Among the fund’s top holdings in Türkiye:

• Koc Holding received the largest investment at $115.6 million, with the fund owning 0.90% of the company.
• Akbank followed with $113.53 million, while retail giant BİM received $111.38 million.
• Turkish Airlines and Turkcell saw investments of $82.96 million and $77.42 million, respectively.
• The fund’s largest stake percentage-wise was in MLP Sağlık Hizmetleri AS, with 3.10% ownership worth $63.97 million.
• Aksa Akrilik Kimya Sanayisi and Is Investment followed, each with a 3% stake, valued at $42.64 million and $62.30 million, respectively.
• Energy investments included $90 million in Tupras and Astor Enerji AS.

Türkiye’s Growing Role in the Fund’s Portfolio

Since 2001, the Norwegian Wealth Fund has steadily increased its Turkish investments. In recent years, the fund’s holdings in Türkiye have grown significantly:

• 2021: $485 million
• 2022: $1.2 billion
• 2023: $1.3 billion
• 2024: $1.57 billion (largest to date)

The fund’s growing interest in transportation, chemicals, automotive, software, and steel sectors signals a long-term commitment to Türkiye’s economy.

Record-High Profits and Global Investments

In 2024, the Norwegian Wealth Fund reported a record annual profit of $222 billion, largely driven by a surge in U.S. technology stocks. Globally, the fund invested in 8,659 companies across 63 countries and has increasingly focused on renewable energy projects. Since its inception in 1990, the fund has invested Norway’s oil and gas revenues in foreign stocks, bonds, and real estate. While only a small percentage of its earnings are used by the Norwegian government, the majority is saved for future generations. With its latest Turkish investments, the fund continues to expand its strategic presence in emerging markets, strengthening economic ties between Norway and Türkiye.