FCHAIN Türkiye Office informs:
The signing of the Comprehensive Economic Partnership Agreement (Cepa) between the UAE and Türkiye in March 2023 has led to a significant increase in the number of Turkish companies opening offices in the UAE. In the past year, Turkish firms joining the Dubai Multi Commodities Centre (DMCC) rose by 11%, bringing the total to 643. While most of these companies are small to medium-sized enterprises (SMEs), large companies make up about 10% and contribute significantly to revenue.
The trade agreement has facilitated growth in bilateral trade, which more than doubled to $20 billion in 2023 and rose 15% in the first half of 2024. The Cepa has focused on sectors with high potential for growth, including energy, precious metals, and jewelry.
Energy companies, food, and agricultural industries are among the leading sectors for Turkish firms in the UAE, followed by construction and technology. Turkey has become the fourth-largest trading partner of the UAE, with both countries aiming to increase trade to $40 billion in the next five years.
