Since the establishment of the United Arab Emirates in 1971, Turkey opened an embassy in 1979, while the United Arab Emirates opened an embassy in Ankara in 1983. Relations have witnessed remarkable economic developments after 2005, with a number of Emirati companies forcefully entering the Turkish market. Emirates Capital Towers Group has invested about $900 million since 2007 in the Turkish market.
Until 2015, the strength of economic relations between Turkey and the UAE was the largest and most developed at the level of the Arab Gulf states.
However, the qualitative leap in the development of relations between the two countries came after the visit of Turkish Foreign Minister Mevlut Cavusoglu to the UAE on April 25, 2016, during which he met his counterpart Sheikh Abdullah bin Zayed Al. Nahyan, Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.
The visit was described as the first in a series of developments in the relations between the two countries. During that visit, Cavusoglu laid the foundations for its development in all fields, as trade between the two countries reached $9 billion and is supposed to develop to $15 billion.
Emiratis in Turkey
If we review the number of Emirati visitors to Turkey for tourism, Turkish statistics indicate that about 45,000 Emirati citizens visit Turkey each year.
As for the presence at the level of economic entities, we can talk about the most prominent of these models, including the opening in August 2016 of the UAE real estate company Emaar, a park in the tourist city of Antalya in Turkey on an area of 639,000 square meters, with a value of one billion dollars, in cooperation with the Rixos Hotels Group.
UAE-based Abraaj Capital Group, which manages $9 billion in assets and has an office in Istanbul, has invested nearly $900 million since 2007 in the Turkish market, according to an earlier statement by the group.
In May 2016, DP World officially opened DP World - Yaremça, one of the largest marine terminals in Turkey.
Turkish presence in the Emirates
According to official statistics, about 10,000 Turkish citizens live in the UAE. The number of Turkish companies registered with the Ministry of Economy in the United Arab Emirates by the end of 2015 reached 69 companies, the number of commercial agencies reached 73 companies, and the number of registered trademarks during the same period was 1713.
What is the nature of the Emirati-Turkish relations now?
The UAE is an important market for Turkish contractors in the construction sector, as until 2013 Turkish companies implemented 100 projects worth $8.5 billion.
The Emirati desire to achieve a new rapprochement with Turkey appeared, while the UAE Minister of State for Foreign Affairs, Anwar Gargash, announced when he stressed that his country wanted normal relations with Turkey, and spoke of encouraging indications to achieve this, and Anwar Gargash said, during a press conference held on 7 In January 2021, the UAE was Turkey's "first primary partner" in the Middle East, noting that the UAE "does not cherish any enmity" with Turkey.
What are the most important Emirati investments in Turkey?
Small and medium businesses, entrepreneurship, renewable energy sectors, manufacturing, food, pharmaceutical and medical industries, tourism, consumer goods and services, financial and logistics services, retail, malls, and hotels are the main investments of the United States and the United Arab Emirates in Turkey.
Ironically, trade relations between the two countries rose in 2017, to reach $14.6 billion.
How much are the UAE investments in Turkey?
There is a large number of investments between Turkey and the UAE directly, as well as the speed of investments between them and the volume of trade.
The UAE ranks first among the Gulf countries in investing in Turkey, with investments of $4.3 billion, Qatar in second place with investments of $2.7 billion, and in third place, Saudi investments in Turkey are estimated at about $2 billion. Then Kuwait in fourth place. $1.9 billion, according to Anadolu
At a time when Gulf investments in Turkey during the past eighteen years amounted to 11.4 billion dollars; The years 2005, 2006 and 2008 were the most frequent years for Gulf investments in Turkey.
What are the most important Turkish investments in the UAE?
The UAE is an important market for Turkish contractors to invest in the construction sector. Until 2013, Turkish companies implemented projects worth $8.5 billion. Turkish companies invest in the UAE, in addition to the presence of more than 1,700 Turkish brands registered in the UAE, stimulating investment between the two countries.
What are the most important Turkish exports to the UAE?
Turkish exports to the UAE are varied, but the most common are precious stones, metals, air parts, transportation, oil derivatives, machinery, hardware, iron, and steel.
What are the most important UAE exports to Turkey?
Among the most important UAE exports to Turkey are gold, aluminum, jewelry, oil, mineral oils, chemicals, and iron.
What is the volume of trade exchange between Turkey and the UAE?
The trade exchange between the UAE and Turkey reached advanced levels in less than a decade, as the total non-oil foreign trade between the two countries amounted to about $7.4 billion at the end of 2015, including free zones, while it amounted to about $4.2 billion during the first half of 2016.
The volume of trade exchange between the two sides during 2019 amounted to about $7.4 billion, while this number was about $7.6 billion in 2018.
The value of Turkish exports to the UAE in 2019 amounted to 3.5 billion dollars, while the value of its imports from the UAE in the same year amounted to 4.33 billion dollars.
Turkey ranks 15th in the world for the trading partners of the United Arab Emirates and represents the sixth largest importer from the United Arab Emirates, which gives an indication of the possibility of transferring this relationship to a higher level of coordination and partnership between the two countries.
Emirati investments in Turkish real estate
Reports indicate an increase in the volume of Emirati investments in the real estate sector and expansion in the construction of hotels, resorts and villas, in many tourist areas in Turkey such as Antalya and the Mediterranean region in general, Trabzon, and the Mediterranean region. Black Sea Region, Bursa, Yalova, and Sapanca. Emirati companies are also active in building apartments and residential complexes in Trabzon and Bursa with a capital of half a billion dollars.
Turkey has become an attractive environment for Arabs to buy real estate and implement projects, as it is a safe investment environment, intersecting with government facilities, exemptions and reductions, as Emiratis achieved less than 5% of total real estate sales to foreigners in Turkey during the month of August. 2020.
In particular, European studies indicate Turkey's second place in the world after New Zealand in real estate sector activity.
Experts expect that the closest scenario between the UAE and Turkey is to work on strengthening economic relations, especially after the return of normal relations between them, at a time when the UAE is one of the important markets for Turkish products, and the Turkish economy as well. Depends on investment flows, as the UAE is among the significant numbers of foreign investment in Turkey.
One of the indications that economic and trade relations are moving to a more advanced stage that benefits both parties is the fact that Turkey is an important market for Emirati products and exports, as well as a window to reach a number of European and Asian countries. On the other hand, the UAE represents a hub for linking East and West, which reflects promising prospects for developing joint economic and trade relations and reaching wider horizons in the future.
Economists confirm that there is no impact on Emirati investments in Turkey, especially since companies have long-term plans and projects.
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