The Dubai Multi Commodities Center (DMCC) has announced an 11 percent year-on-year rise in Turkish companies joining its international business district, bringing the total number of Turkish member companies to 643.
DMCC made the announcement during the latest edition of its Made For Trade Live roadshow in Istanbul, which took place against a backdrop of booming trade and investment between the UAE and Türkiye.
“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,” stated Hamad Buamim, chairman of the board of DMCC.
UAE-Türkiye bilateral trade grows 15 percent
In the first half of 2024, trade between the two countries rose by 15 percent, following a surge of 107 percent in 2023. The center attributes this growth to the landmark Comprehensive Economic Partnership Agreement (CEPA) the two countries signed in March 2023. Besides, Türkiye has now emerged as the fastest-growing partner among the UAE’s top 10 global trading partners.
At the event, Turkish companies delved into the trade and investment opportunities available through Dubai and DMCC. The trade show also highlighted the infrastructure and trade facilitation arrangements made possible under the CEPA.
DMCC placed a special focus on industries with high value for bilateral growth. This includes precious metals and stones, jewelry, energy, and Web3 technologies and services. DMCC also highlighted the services, ecosystems, and infrastructure it offers Turkish companies to support growth.
“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,” added Buamim.
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Made For Trade Live’s contributions
DMCC held the Made For Trade Live event in collaboration with Tamimi Consulting, where it briefed 150 Turkish companies and business leaders on the opportunities for growth through the center. The event underscored Dubai’s value proposition as a business-friendly destination and highlighted the ease of setting up and expanding operations through DMCC.
DMCC’s global roadshow series is a key initiative that showcases Dubai as a leading destination for foreign direct investment (FDI). The international business district contributes 15 percent to Dubai’s annual FDI inflows. In 2023, DMCC also 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.
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