DMCC has reported an 11% increase in Turkish companies joining its international business district compared to the previous year, bringing the total number to over 640. This surge follows over USD 20 billion in bilateral trade between the UAE and Turkey in 2023, showing a 107% rise from the year before, largely influenced by the CEPA signed in March 2023. The announcement was made at the Made For Trade Live roadshow in Istanbul, where DMCC provided insights to 150 Turkish business leaders on the commercial and trade opportunities available in Dubai.
Special emphasis was placed on industries with significant potential for bilateral growth such as precious metals and stones, jewellery, energy, as well as Web3 technologies and services. DMCC offers tailored ecosystems and infrastructure to support the growth of Turkish companies in these sectors. His Excellency Dr Hamad Buamim, Chairman of the Board at DMCC, expressed optimism about the growing trade relationship between the UAE and Turkey, noting Turkey's emergence as the fastest-growing partner among the UAE’s top 10 global trading partners.
During the Made For Trade Live event, Turkish companies were introduced to the trade and investment opportunities facilitated by Dubai and DMCC under the CEPA. The total number of Turkish companies registered with DMCC now stands at 643. The event in Istanbul highlighted the increasing trade and investment ties between the UAE and Turkey, with expectations of a further rise in Turkish companies establishing a presence in Dubai.
The Made For Trade Live event, conducted in partnership with Tamimi Consulting, showcased the opportunities for growth available through DMCC to 150 Turkish business leaders. The event emphasized Dubai's attractiveness as a business-friendly destination and the seamless process of setting up and expanding operations through DMCC, a highly interconnected business district globally. DMCC's global roadshow series plays a crucial role in positioning Dubai as a prime location for foreign direct investment (FDI).
In the first half of 2024, trade between the UAE and Turkey saw a 15% increase, building on the substantial 107% surge witnessed in 2023 after the signing of the Comprehensive Economic Partnership Agreement (CEPA). The international business district of DMCC contributes 15% to Dubai’s annual FDI inflows. The establishment of DMCC's first representative office in Istanbul a year ago underscores the importance placed on this relationship and the promising commercial prospects under the CEPA. In 2023, DMCC had its second-best year ever, attracting nearly 2,700 new companies, bringing the total number of businesses based in DMCC to nearly 25,000 from across the globe.