The Dubai Multi Commodities Centre (DMCC), a leading international business district, has announced an 11% year-on-year increase in Turkish companies joining its ranks, bringing the total to 643.
This announcement was made during the latest Made For Trade Live roadshow held in Istanbul, reflecting a surge in trade and investment between the UAE and Türkiye.
In the first half of 2024, trade between the two nations rose by 15%, following a remarkable 107% increase in 2023. This growth is largely attributed to the Comprehensive Economic Partnership Agreement (CEPA) signed in March 2023, which has positioned Türkiye as the fastest-growing partner among the UAE's top 10 trading allies.
At the Istanbul event, DMCC showcased trade and investment opportunities in Dubai, emphasizing sectors with significant bilateral growth potential, including precious metals, jewellery, energy, and Web3 technologies. DMCC's tailored ecosystems and infrastructure support these industries, facilitating growth for Turkish companies.
His Excellency Dr. Hamad Buamim, Chairman of the Board at DMCC, stated,
"The UAE-Türkiye trade relationship has entered a new era of growth, evidenced by the solid 11% rise in Turkish companies within DMCC over the past year. Our first representative office in Istanbul, opened a year ago, reflects our commitment to this partnership and the vast commercial potential under the CEPA."
The Made For Trade Live event, in collaboration with Tamimi Consulting, briefed 150 Turkish business leaders on opportunities through DMCC, highlighting Dubai's business-friendly environment. DMCC plays a crucial role in Dubai’s foreign direct investment landscape, contributing 15% to annual inflows, and continues to attract global businesses, with nearly 25,000 firms now established in the district.
News Source: Dubai Media Office
