Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has successfully concluded its trade mission to Türkiye and Serbia as part of the ‘New Horizons’ initiative. The chamber signed seven memorandums of understanding (MoUs) in Türkiye and arranged 243 bilateral business meetings in Istanbul between companies from Dubai and Türkiye to explore opportunities for business growth and economic partnerships in both markets.
Promoting bilateral trade and investments
In line with its goal of strengthening cooperation, promoting bilateral trade and investments, and building constructive partnerships, Dubai Chambers signed agreements with the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), the Independent Industrialists and Businessmen Association (MUSIAD), the Foreign Economic Relations Board of Türkiye (DEİK), Istanbul Chamber of Commerce (ICOC), Ankara Chamber of Commerce, Ankara Chamber of Industry, and the Turkish Industry and Business Association (TÜSİAD).
The agreements pave the way for more opportunities for cooperation between Dubai-based companies and their Turkish counterparts to drive collaboration in promising sectors. The organizations will collaborate on arranging trade missions, conferences, and business events, as well as engaging in the mutually beneficial sharing of knowledge and expertise to support growth and innovation.
The MoUs also encompass the exchange of information, consultations, and opportunities for bilateral cooperation in the fields of business and investment policies.
Growing Dubai-Türkiye ties
The mission’s activities in Istanbul included a special business forum titled ‘Doing Business with Türkiye’, which the Dubai International Chamber hosted in cooperation with the UAE Consulate in Istanbul together with the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), Istanbul Chamber of Commerce (ICOC), and the Independent Industrialists and Businessmen Association (MUSIAD).
The event attracted 254 participants including senior officials, business leaders, and local companies interested in exploring potential partnerships with members of the chamber’s delegation.
“Dubai has growing economic ties with Türkiye, and we look forward to driving the growth of trade and investments following the Comprehensive Economic Partnership Agreement (CEPA) signed between the UAE and Türkiye last year. This trade mission will contribute to enhancing bilateral business connections and expand the scope of investment and commercial opportunities between companies from Dubai and Türkiye,” stated Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers.
Non-oil trade surges 106.9 percent
The value of non-oil trade between Dubai and Türkiye achieved year-over-year growth of 106.9 percent in 2023, increasing from AED61.1 billion to AED126.4 billion.
Meanwhile, the number of Turkish companies who registered as active members of the Dubai Chamber of Commerce stood at 3,258 at the end of H1 2024, 625 of which joined during the first six months of the year. This represents an increase of 33 percent compared to 470 new companies that joined during H1 2023.
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