Dubai Multi Commodities Centre (DMCC) has announced a 11% year-on-year rise in Turkish companies joining its international business district. The increase brings the total number of Turkish member companies in DMCC to 643. 

 

This announcement was made during the latest edition of DMCC’s Made For Trade Live roadshow in Istanbul, which took place against a backdrop of booming trade and investment between the UAE and Türkiye. 

 

In the first half of 2024, trade between the two countries rose by 15%, following a surge of 107% in 2023, driven by the landmark Comprehensive Economic Partnership Agreement (CEPA) signed in March 2023. Türkiye has now emerged as the fastest-growing partner among the UAE’s top 10 global trading partners.

 

Trade and investment opportunities

At the event, Turkish companies were introduced to the trade and investment opportunities available through Dubai and DMCC, highlighting the infrastructure and trade facilitation arrangements made possible under the CEPA. Special focus was placed on industries with heightened value for bilateral growth, such as precious metals and stones, jewellery, energy, and Web3 technologies and services, where DMCC offers tailored ecosystems and infrastructure to support growth.

 

Dr Hamad Buamim, Chairman of the Board, DMCC, said: "The UAE-Türkiye trade relationship has entered a new era of growth, which is reflected in the solid 11% rise in Turkish companies joining DMCC in the past year. The opening of our first representative office in Istanbul 12 months ago is a testament to the value we place in this relationship and the significant commercial potential still to be tapped into under the CEPA. 

 

“With over 640 Turkish companies within our international business district, we expect this number to grow considerably in the coming years as we continue to solidify our trade corridor, expand our business connectivity, and build the ecosystems that Turkish companies need to grow globally from Dubai."

 

Growth avenues

The Made For Trade Live event, which was held in collaboration with Tamimi Consulting, briefed 150 Turkish business leaders on the opportunities for growth through DMCC. The event underscored Dubai’s value proposition as a business-friendly destination and highlighted the ease of setting up and expanding operations through DMCC, one of the most interconnected business districts in the world.

 

DMCC’s global roadshow series is a key initiative in showcasing Dubai as a leading destination for foreign direct investment (FDI). The international business district contributes 15% to Dubai’s annual FDI inflows. In 2023, DMCC recorded its second-best year ever, welcoming nearly 2,700 new companies. Today, it is home to almost 25,000 businesses from around the world.--TradeArabia News Service