Dubai: In a bid to widen the trade corridor and strengthen economic ties between the UAE and Turkey, a high-profile council will convene in Dubai next week.
Hosted by the UAE-Turkish Business Council in association with the Foreign Economic Relations Board of Türkiye (DEiK), the UAE-Turkey Real Estate Development and Construction roundtable will be held on Wednesday, March 30. The private meeting will bring together leading contractors from Turkey and key stakeholders from the UAE real estate and construction sector.
Hussain Sajwani, representative and chairman of the UAE in the Turkey-UAE Business Council, said: “The visit by Turkish President Recep Tayyip Erdogan earlier this year, accelerated efforts by Turkey and UAE to continue building upon strategic and economic ties. Our nations have traditionally enjoyed shared values and brotherhood, set deep in our heritage and cultures.”
The UAE is Turkey’s first trade partner and it ranks second indirect investments among the GCC countries, with bilateral trade between the two countries in 2020 recorded at $8 billion. “Our mutual interests and economic cooperation opportunities have been the dynamo of relations between us,” said said Nail Olpak, President of DEiK. “The Business Council aims to improve Turkey’s commercial and investment relations with UAE and partnerships in the countries to contribute in improving and developing political, economic, commercial, and cultural interaction between the two countries.” Turkish contractors have undertaken close to 150 projects worth $13 billion in the UAE as of January 2022, with Turkish companies investing in and being a part of the UAE market for over 10 years. Turkish investments in the UAE amount to $720 million, according to official figures.
During recent talks to enhance cooperation between both nations, the two sides have discussed plans to diversify economic opportunities of common interest, collaborate on practical steps to develop trade and investment exchange and cooperation, as well as address and tackle challenges through cooperation.
The UAE government has expressed intent on trying to double or triple its trade volume with Turkey, while Turkey has voiced their hopes to increase their investment share in the UAE in various fields including renewable energy and infrastructure.
The Roundtable is expected to host 25 delegates from Turkey as well as 25 representatives from the UAE construction and development sectors.