The United Arab Emirates’ various vision projects create new cooperation opportunities for Turkish investors with the UAE’s potential to access a geography with a total $35 trillion economy, Kanat Kutluk, head of the Dubai Turkish Business Council, told Anadolu.
Kutluk said the UAE is a major trade partner of Türkiye, as the trade volume between the two countries last year reached $17.7 billion, with prominent Turkish exports to the UAE including silver, motor vehicles and vehicle parts, carpets, textiles, and more.
He highlighted that renewable energy investments can boost the trade potential of the two countries and noted that areas such as pharmaceuticals, health tourism, and hospital infrastructure investments are also in high demand.
“The UAE’s reach allows Turkish firms to access the Middle Eastern, Asian, and African markets, and the sectors of energy, infrastructure, technology, real estate, and tourism offer great opportunities for the Turkish business community,” he said.
Kutluk said the We the UAE 2031 vision project aims to boost the UAE’s gross domestic product (GDP) to $816.3 billion and its foreign trade to $1.1 trillion in 2031, while the UAE Centennial 2071 vision plan focuses on offering excellent education and a happier society, while the Dubai Economic Agenda D33 was set forth to make Dubai one of the top three cities to invest and live in the world.
The Dubai 2040 Urban Master Plan and Sustainable Development project aims to improve urban areas and increase resource utilization, including various initiative projects estimated to cost $106.2 million, as well as a beach construction budget of $96.7 million, and housing construction for $17.7 billion.
Kutluk highlighted that Mapa-Limak, a consortium of Turkish firms, recently won the tender for the Dubai Blue Line contract, a new milestone in the Turkish construction business.
The UAE holds large exhibitions, such as the Big 5 Global, Gulf Food, Arab Health, and more, which enable Turkish firms to access the large economy, he said.
“The development of trade ties between the two countries has the potential to greatly contribute to Türkiye’s growth and exports,” he added.