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Investments by Dubai companies in Turkey hit $2bln: Dubai Chambers President

Investments by Dubai companies in Turkey hit $2bln: Dubai Chambers President

Investments by Dubai companies in Turkey hit $2bln: Dubai Chambers President

Oct 14, 2024

ISTANBUL - Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said that Turkish investments in Dubai’s market amounted to approximately $100 million between 2015 and 2023, while Dubai-based companies have invested nearly $2 billion in Türkiye from 2018 through the first half of 2024.

In a statement to the Emirates News Agency (WAM) during a trade mission to Türkiye, which includes 16 companies from Dubai, Lootah said that the visit aimed to boost bilateral trade and investment ties between the UAE and Türkiye. The mission follows last year’s signing of a Comprehensive Economic Partnership Agreement (CEPA), marking a key step in deepening economic relations between the two countries.

Lootah added that the number of Turkish companies registered as active members of the Dubai Chamber of Commerce grew from 315 in 2014 to over 3,257 by mid-2024—an increase of 934% over the past decade. He attributed this growth to Dubai’s global competitiveness and business-friendly environment.

He also emphasised key trade sectors such as metals and stones, noting their strong performance, and pointed to the digital economy as a promising area for future growth. He encouraged Turkish firms, known for their software expertise, to tap into opportunities to export digital services from Dubai to European markets.