At the outset, Dubai and Turkish businesses are accelerating their Gulf ambitions, with Dubai becoming the main gateway for regional growth. This direction was highlighted during the 21st anniversary celebration of the Turkish Business Council in Dubai and the Northern Emirates.
Moreover, Council President Kanat Kutluk noted a sharp rise in Turkish business interest. Over the past five years, the Turkish population in the UAE grew from 10,000 to more than 50,000. This surge reflects growing confidence in Turkish investment in Dubai and the wider region.
What stands out is that the event brought together key Turkish entrepreneurs based in the Emirates. Turkish Ambassador to Abu Dhabi, Lutfullah Goktas, joined the gathering, reinforcing diplomatic and commercial ties.
Importantly, Kutluk emphasized Dubai’s strategic advantage. From Dubai, companies can reach markets worth $35 trillion within a 3.5-hour flight. Dubai isn’t just a city, he said. It’s the regional hub for expansion into India, China, Africa, and Saudi Arabia.
He also praised the 2023 UAE-Türkiye Comprehensive Economic Partnership Agreement (CEPA). The agreement lays the foundation for bilateral trade to grow from $19 billion to $40 billion within five years.
Additionally, Dubai’s D33 strategy was another key focus. The initiative aims to double the emirate’s GDP within a decade. Kutluk believes Turkish firms can play a major role, especially in sectors like food, artificial intelligence, defense, and IT.
However, he cautioned that success in Dubai demands excellence. Competition is global and intense, he said. Only the best survive in this environment. Despite challenges, Turkish investment in Dubai continues to grow, supported by business-friendly laws and minimal red tape.
Essentially, Kutluk urged Turkish companies to avoid inflated valuations. Unrealistic assessments can derail potential partnerships. Align with UAE standards and partner locally, he advised.
He also highlighted the need for physical presence. Even in Saudi Arabia, firms ask if you have a Dubai base, he added. Dubai is now essential for doing business in the region.
In closing, Kutluk encouraged companies to act swiftly. The next 10 to 20 years present major opportunities, he said, The council is ready to support every step of Turkish investment in Dubai.
