Dubai: The United Arab Emirates presents growing investment opportunities for Turkish companies, with Dubai serving as a critical launch point for regional expansion, the head of the Turkish Business Council in Dubai and Northern Emirates said at a networking event, marking the council's 21st anniversary.
According to Anadolu Agency, the event brought together Turkish businesspeople based in the UAE and was attended by Turkish Ambassador to Abu Dhabi Lutfullah Goktas. The council, a UAE-based non-profit, aims to connect Turkish entrepreneurs with broader commercial networks across the country.
Council President Kanat Kutluk highlighted that the Turkish population in the UAE had surged from 10,000 five years ago to over 50,000, underlining the growing business interest. He noted that the signing of the Comprehensive Economic Partnership Agreement (CEPA) in 2023 has set the stage for bilateral trade to more than double from $19 billion in 2023 to $40 billion within five years.
Kutluk emphasized that the UAE market is not confined to Dubai, stating, "There is a market of billions of people with a reach of $35 trillion within a 3.5-hour radius - it is possible to influence this market via Dubai and then move toward regional cooperation." He pointed to Dubai's D33 economic strategy, which aims to double the emirate's GDP over the next decade, as a key opportunity for Turkish firms.
He mentioned that Turkish firms with revenues in the billions could secure a significant share from Dubai's D33 project, with food being a leading investment category. Growth is also expected in the defense industry, IT services, and artificial intelligence.
Kutluk advised Turkish companies looking to enter the UAE to prepare for tough market conditions due to intense global competition. He noted that not every product sells or business survives in the region, as the best products and services from around the world compete there.
He added that the UAE remains accessible for foreign investors, with minimal bureaucracy and investor-friendly policies. Dubai is described as unmatched for starting a business or supplying a product or service, with exceptional government protective measures and incentives.
Kutluk acknowledged Dubai's strategic location, allowing access to India, China, Africa, the Middle East, and Saudi Arabia within a five-hour flight. He highlighted Dubai's central role in regional business, noting even in Saudi Arabia, businesses inquire about having a Dubai office.
He stressed the need for realistic company valuations as a key factor in securing successful partnerships, advising Turkish firms to work with UAE-based partners to agree on valuations reflecting the real market. Kutluk concluded that Turkish companies have a strong window of opportunity over the next 10 to 20 years and said the business council is ready to provide all necessary support.