DMCC Reports Significant 11% Growth In Turkish Companies Joining Its International Business District

DMCC has reported an 11% annual increase in Turkish companies joining its international business district, bringing the total to 643. This announcement coincided with DMCC's "Made For Trade Live" roadshow in Istanbul. The event highlighted the growing trade and investment ties between the UAE and Türkiye, with trade rising by 15% in the first half of 2024 after a 107% surge in 2023.

The Comprehensive Economic Partnership Agreement (CEPA), signed in March 2023, has been a significant driver of this growth. Türkiye has become the fastest-growing partner among the UAE's top global trading partners. The roadshow introduced Turkish companies to opportunities available through Dubai and DMCC, focusing on industries like precious metals, jewellery, energy, and Web3 technologies.

During the event, emphasis was placed on DMCC's infrastructure and trade facilitation under CEPA. These arrangements are designed to support industries with high potential for bilateral growth. DMCC provides tailored ecosystems to help these sectors thrive, offering Turkish businesses a platform for global expansion from Dubai.

Dr. Hamad Buamim, Chairman of the Board of DMCC, stated: "The UAE-Türkiye trade relationship has entered a new era of growth, which is reflected in the solid 11% rise in Turkish companies joining DMCC in the past year. 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."

Dr. Buamim further noted that with over 640 Turkish companies already part of their district, they anticipate substantial growth as they enhance trade corridors and business connectivity. He highlighted efforts to build ecosystems that enable Turkish firms to expand globally from Dubai.

The "Made For Trade Live" event was organised with Tamimi Consulting and informed 150 Turkish business leaders about growth opportunities through DMCC. This global roadshow series is crucial for promoting Dubai as a prime destination for foreign direct investment (FDI). The international business district contributes significantly to Dubai’s annual FDI inflows.

Record Year for New Companies

In 2023, DMCC experienced its second-best year ever by welcoming nearly 2,700 new companies. Currently, it hosts almost 25,000 businesses worldwide. This achievement underscores DMCC's role as a hub for international commerce and investment.

The ongoing collaboration between UAE and Türkiye continues to strengthen economic ties. With strategic initiatives like CEPA and events such as "Made For Trade Live," both nations aim to foster long-term partnerships that benefit their economies.

With inputs from WAM