Dubai Multi Commodities Centre (DMCC) recently reported an impressive 11% year-on-year increase in Turkish companies joining its international business hub, bringing the total to 643 firms.
This growth underscores a strengthening relationship between the UAE and Türkiye, enhanced by the 2023 Comprehensive Economic Partnership Agreement (CEPA), which significantly eased trade and investment flows between the two nations. According to DMCC, this increase reflects a rising demand for Dubai as a launchpad for Turkish businesses eyeing global expansion.
The announcement came during DMCC’s latest “Made For Trade Live” roadshow in Istanbul.
At the event, DMCC executives showcased Dubai’s business-friendly infrastructure, trade facilitation services, and competitive tax environment. Since the CEPA signing in March 2023, trade between the UAE and Türkiye has surged, with a 15% rise in the first half of 2024, following a remarkable 107% increase in 2023. Türkiye is now one of the UAE’s fastest-growing trade partners among its top ten.
According to Dr. Hamad Buamim, Chairman of the Board at DMCC, this growth is just the beginning: “The UAE-Türkiye trade relationship has entered a new era of growth, reflected in the 11% rise in Turkish companies joining DMCC. With our first Istanbul office open for over a year, we aim to continue expanding our trade corridor and support Turkish firms in establishing their global base in Dubai.”
The roadshow emphasized opportunities in sectors with strong potential for UAE-Türkiye collaboration, such as precious metals, jewelry, energy, and Web3 technologies. DMCC offers tailor-made ecosystems to facilitate growth in these areas, supporting Turkish businesses with customized infrastructure and access to a robust global network.
As UAE-Türkiye trade continues to flourish, DMCC anticipates even greater growth in Turkish membership. Turkish businesses looking to leverage Dubai’s global reach and trade expertise are encouraged to explore opportunities within DMCC’s supportive business environment.
