UAE-Turkey explore opportunities in real estate sector

The UAE-Turkey Real Estate Development Construction Roundtable will be held on March 30 in Dubai, bringing together contractors from Turkey and stakeholders from the UAE real estate and construction sectors.

The Roundtable will be hosted by the UAE-Turkish Business Council in association with the Foreign Economic Relations Board of Türkiye (DEİK) to widen the trade corridor and strengthen economic ties between the UAE and Turkey and build new bilateral collaborations.

Hussain Sajwani, Chairman of the UAE side of the Turkey-UAE Business Council, said: "The visit by Turkish President Recep Tayyip Erdogan earlier this year accelerated efforts by Turkey and UAE to continue building upon strategic and economic ties. Our nations have traditionally enjoyed shared values and brotherhood, set deep in our heritage and cultures. I am confident that we will continue to hail this mutually respectful symbiosis through dialogue and support each other, our businesses and our nations."

DEİK/Türkiye-UAE Business Council, under the umbrella of DEİK, was established by signing MoUs with the Abu Dhabi Chamber of Commerce and Industry, the Dubai Chamber of Commerce and Industry, the UAE Federation of Chambers of Commerce and Industry and the Sharjah Chamber of Commerce and Industry acting as Counterpart Organisations in 2000.

The UAE is Turkey's first trade partner, and it ranks second in direct investments among the GCC countries, with bilateral trade between the two countries in 2020 recorded at $8 billion.

"Our mutual interests and economic cooperation opportunities have been the dynamo of our relations. The Business Council aims to improve Turkey's commercial and investment relations with UAE and partnerships in the countries to improve and develop political, economic, commercial, and cultural interaction between the two countries," said Nail Olpak, President of DEİK.

Turkish contractors have undertaken close to 150 projects worth $13 billion in the UAE as of January 2022, with Turkish companies investing in and being a part of the UAE market for over ten years. According to official figures, Turkish investments in the UAE amount to $720 million.

During recent talks to enhance cooperation between both nations, the two sides have discussed plans to diversify economic opportunities of common interest, collaborate on practical steps to develop trade and investment exchange and cooperation, as well as address and tackle challenges through cooperation.

The UAE government has expressed intent to 'double or triple' its trade volume with Turkey. In contrast, Turkey has voiced their hopes to 'increase its investment share in the UAE in various fields including renewable energy and infrastructure.

The Roundtable is expected to host 25 delegates from Turkey and 25 representatives from the UAE construction and development sectors.