The Future of UAE Investment in Turkey
Last Updated: 2023-07-27
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The Future of UAE Investment in Turkey
Over the past 20 years, trade and investment relations between Turkey and the UAE have grown. Despite the political lukewarm between the two countries over the past years, the annual trade between the two countries has reached nearly $8 billion.
After meeting with Turkish President Recep Tayyip Erdogan in the UAE, the Chairman of Mersat Real Estate Company wrote a detailed article about "A New Level in Turkey-UAE Relations".
After meeting with Turkish President Recep Tayyip Erdogan in the UAE, the Chairman of Mersat Real Estate Company wrote a detailed article about "A New Level in Turkey-UAE Relations".
In this article, we will talk about the future of UAE investments in Turkey after the new era between the two countries.
You will read in this article:
UAE's investments in Turkey over 18 years.
Turkey's investments in the UAE.
A new phase of Turkey-UAE relations.
Twelve new agreements that strengthen relations between Turkey and the UAE.
The Turkish team that visited the UAE with the President Recep Tayyip Erdogan.
What are the twelve agreements between the UAE and Turkey?
Turkey's investments in the UAE.
A new phase of Turkey-UAE relations.
Twelve new agreements that strengthen relations between Turkey and the UAE.
The Turkish team that visited the UAE with the President Recep Tayyip Erdogan.
What are the twelve agreements between the UAE and Turkey?
UAE's Investments in Turkey over 18 Years
Official statements of the State Institute of Statistics show that foreign direct investment in Turkey exceeded US$165 billion from January 2002 to the end of 2020.
While the Gulf investments in Turkey have totalled nearly $11.4 billion over the last 18 years, the UAE ranked first as Turkey's largest investor among the Gulf States with a value of about $4.3 billion, followed in second and third place by Qatar and Saudi Arabia respectively.
UAE investments in Turkey have diversified to include finance, banking, renewable energies, real estate projects, food industries, pharmaceutical industries, and medical industry. In addition to consumer goods, logistics services, ports, retail trade, commercial centers, hotels and tourist resorts. As well as purchasing investments in leading Turkish companies in the technological and digital sector.
Turkey's Investments in the UAE
The UAE is an important investment market for Turkish investors, where Turkish investments mostly concentrated in the construction sector. Until 2013, Turkish construction companies in the UAE had conducted nearly 100 projects worth more than US$8.5 billion. In addition to the construction sector, Turkish trading companies are also investing in the UAE and have opened headquarters and stores there.
The UAE is an important investment market for Turkish investors, where Turkish investments mostly concentrated in the construction sector. Until 2013, Turkish construction companies in the UAE had conducted nearly 100 projects worth more than US$8.5 billion. In addition to the construction sector, Turkish trading companies are also investing in the UAE and have opened headquarters and stores there.
A New Phase of Turkey-UAE Relations
Ahead of the Turkish President Recep Tayyip Erdogan's visit to the UAE, he said that "The relations between the two countries have entered a new phase with the visit of Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed bin Sultan Al Nahyan to Ankara last November."
Ahead of the Turkish President Recep Tayyip Erdogan's visit to the UAE, he said that "The relations between the two countries have entered a new phase with the visit of Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed bin Sultan Al Nahyan to Ankara last November."
"The UAE is one of Turkey's most essential trading partners," he said.
He also pointed out that Turkish construction companies have conducted 141 projects in the UAE to date, worth $13 billion, and that the UAE is the tenth largest external market for the Turkish construction sector.
The Turkish Team that Visited the UAE with the President Recep Tayyip Erdogan
Erdogan was accompanied by the Minister of Foreign Affairs Mevlüt Çavuşoğlu, and the Minister of the Interior Süleyman Soylu, the Minister of Finance Nureddin Nebati, the Minister of Trade Mehmet Muş, the Minister of Industry and Technology Mustafa Varank, the Minister of Transport and Infrastructure Adil Karaismailoğlu.
Erdogan was accompanied by the Minister of Foreign Affairs Mevlüt Çavuşoğlu, and the Minister of the Interior Süleyman Soylu, the Minister of Finance Nureddin Nebati, the Minister of Trade Mehmet Muş, the Minister of Industry and Technology Mustafa Varank, the Minister of Transport and Infrastructure Adil Karaismailoğlu.
He was also accompanied by the Minister of Culture and Tourism Mehmet Nuri Ersoy, the Minister of Agriculture and Forestry Bekir Pakdemirli, the head of media and communications Fahrettin Altun, the presidential spokesperson İbrahim Kalın, and the President of Defense Industries İsmail Demir.
These officials signed huge economic agreements known as the twelve agreements.
What Are the Twelve Agreements Between the UAE and Turkey?
The agreements include a memorandum of understanding on investment cooperation, a protocol of cooperation on media and communication, a letter of intent to start cooperation meetings on the defence industry, a memorandum of understanding on cooperation on land and sea transport, a joint statement on the start of negotiations on the Comprehensive Economic Partnership Agreement (CEPA), including a memorandum of understanding on cooperation on agricultural cooperation, and another one on cooperation in industry and advanced technologies.
The agreements include a memorandum of understanding on investment cooperation, a protocol of cooperation on media and communication, a letter of intent to start cooperation meetings on the defence industry, a memorandum of understanding on cooperation on land and sea transport, a joint statement on the start of negotiations on the Comprehensive Economic Partnership Agreement (CEPA), including a memorandum of understanding on cooperation on agricultural cooperation, and another one on cooperation in industry and advanced technologies.
It also includes memorandums of understanding on cooperation in health, culture, youth, disaster and emergency management, and meteorology.
Finally, these agreements will strengthen the positive atmosphere in Turkey-UAE relations.
Edited by Mersat real estate team ©
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