Dubai's investment in Türkiye reached $2B in last 6 years, with $40B bilateral trade target well in reach, Dubai Chambers president tells Anadolu
Dubai business world deems Türkiye its ‘third-largest and a very important trading partner,' Dubai Chambers President and CEO Mohammad Ali bin Rashed Lootah told Anadolu.
The Dubai Chamber of Commerce organized the “Doing Business with Türkiye” networking event in Istanbul in collaboration with the Turkish Union of Chambers and Commodity Exchanges (TOBB), Istanbul Chamber of Commerce (ITO), and the Independent Industrialists and Businesspeople Association (MUSIAD).
Lootah stated that the Türkiye-UAE Comprehensive Economic Partnership Agreement (CEPA), which was signed last year, brought about a 106% annual increase in bilateral trade.
“We're here (in the event) today to ensure the importance of the trade relationship between Dubai and Türkiye, bringing with us 16 companies, arranging meetings with Turkish companies to ensure that we can help both business communities to come closer to each other, to understand the trade opportunities, and to see more trade and investment flows between Dubai and Türkiye,” he said.
- Dubai's investment in Türkiye reaches $2B in last 6 years
Lootah stated that the chamber and the collaborating associations signed important agreements at the networking event, emphasizing the importance of joint initiatives to boost the trade relation and cooperation between the United Arab Emirates (UAE) and Türkiye.
Saying that the event marks an “important milestone” for the chamber, Lootah noted that the already established “great relationship” with Dubai can be “a platform for growth for Turkish companies.”
“We can help them connect with the wider region around us, (…) which will not only enable the bilateral growth between Dubai and Türkiye, (but also allow Turkish companies) to access markets that both countries are strong in,” he said.
Lootah noted that Dubai's investment in Türkiye reached $2 billion in the last six years, concentrating mostly on real estate and logistics, among other different sectors.
He added that Türkiye's investments in Dubai totaled $100 million in the last eight years.
- $40B in bilateral trade ‘to be reached before deadline'
Lootah stated that the $40 billion target in bilateral trade between Türkiye and the UAE “will be reached before deadline,” meaning within five years, as the increase by 106% in the mutual trade since the signing of the Türkiye-UAE CESPA can be a testament to the future.
“To ensure (reaching the target before deadline), we should continue collaborating closely, (…) jointly participating in engagement, and forums and exhibitions to ensure that the business communities in both countries grasp such opportunities and build upon it,” he said.
