Analyst reveals the outlines of economic projects between Turkey and the United Arab Emirates

Economic and trade relations between the United Arab Emirates and Turkey have grown strongly over the past two years, in a culmination of the diplomatic relations between the two countries.

Strong Relations

The economic aspect represents one of the most prominent pillars of the growing cooperation between the two countries. The strong economic relations between the UAE and Turkey date back to the establishment of the Union and have evolved and grown over the years. The UAE and the Republic of Turkey have signed dozens of strategic agreements and memoranda of understanding to enhance bilateral cooperation in various fields, including the economic, security, environmental, technological, and other sectors.

Economic Cooperation

According to Emirati economic analyst Nael Al-Jawabra:

The economic aspect represents one of the most prominent pillars of the growing cooperation between the two countries. The UAE and Turkey are similar as they are important trade hubs that connect the East and the West due to their distinctive geographical location. The UAE serves as a vital trade gateway for Turkish exports to the markets of the Middle East, Asia, and Africa, while Turkey represents an important market for Emirati products and a gateway to several European markets.

The Emirati economist added: Small and medium-sized projects, entrepreneurship, renewable energy sectors, manufacturing industries, food, pharmaceutical, and medical industries, tourism, consumer goods and services, financial services, logistics and retail trade, commercial centers, and hotels are among the most important Emirati investments in Turkey.

Direct Investments

He pointed out that there are a large number of direct investments between Turkey and the UAE, in addition to the speed of investments between them and the volume of mutual trade. The United Arab Emirates ranks first among Gulf countries in investing in Turkey.