UAE and Turkey explore investment opportunities to boost economic relations

The two countries are keen on collaborating in sectors including gas, energy infrastructure, renewable energy, healthcare, biotechnology and agriculture technology

A UAE delegation, led by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, has concluded a two-day visit to Turkey. Photo: Minister of Industry and Advanced Technology

The UAE and Turkey are exploring new investment opportunities and areas to collaborate on projects across various sectors to expand bilateral economic ties, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.

The two countries are especially keen on collaborating in areas that include gas, energy infrastructure, renewable energy, healthcare, biotechnology, agriculture technology, defence, logistics, digital communication, e-commerce and financial services, the ministry said in a statement on Thursday.

“While we are keen to expand our investments in Turkey, we also want to drive mutually beneficial partnerships for industrial investment in the UAE,” Dr Al Jaber said at the conclusion of a two-day visit to Turkey.

"In line with the UAE’s ‘Projects of the 50’, which include many national strategic projects, we encourage businesses and institutions from both countries to take advantage of this partnership along with the opportunities and incentives offered.”

Joint investments will help nurture relations across fields, including energy, industry and trade that will “contribute to achieving greater sustainable economic growth”, Dr Al Jaber said.

UAE officials, led by Dr Al Jaber, on Thursday concluded the trip to Turkey, during which they met senior Turkish government and private sector officials and attended the UAE Turkey-Investment Workshop.

Dr Al Jaber, who also met Turkish Minister of Industry and Technology, Mustafa Varank, was accompanied by Dr Thani Al Zeyoudi, Minister of State for Foreign Trade and Sarah Al Amiri, Minister of State for Public Education and Advanced Technology.

The delegation also included UAE public and private sector officials including Omar Al Suwaidi, undersecretary of MoIAT; Mansour Al Mulla, chief executive of Edge Group; Salem Al Qubaisi, director general of UAE Space Agency; Mohammed Al Ramahi, chief executive of Masdar; Samia Bouazza, chief executive of Multiply Group and Mansour Al Mansouri, chief operating officer at G42.

The visit follows UAE President Sheikh Mohamed’s tour to Turkey at the end of 2021, and subsequent tour of Turkish President Recep Tayyip Erdogan to the Emirates in February.

The two countries signed 13 agreements and protocols in various fields at that time. The central banks of the two countries also signed a currency swap agreement.

In November, the UAE formed a $10bn fund to support investment in Turkey following talks between Sheikh Mohamed and Mr Erdogan.

The two countries share a clear vision for sustainable economic growth and “exciting investment opportunities for growth” are available in both countries, MoAIT said on Thursday.

Dr Al Jaber invited Turkish companies to invest in the UAE’s priority industrial sectors including petrochemicals, metals, pharmaceutical, medical equipment, machinery and defence.

The UAE, the Arab world’s second-biggest economy, unveiled industrial investment opportunities worth Dh110 billion ($30bn) across 11 priority sectors during the Make it in the Emirates Forum held last month.

The Emirates is looking to boost trade and foreign direct investment, a central plank of its economic diversification strategy, as it prepares for the next 50 years of growth a development.

“The UAE is a leader in the energy sector, both conventional and clean, petrochemicals, metals, defence, pharma, and F&B [food and beverage sector],” Dr Al Jaber said. "Co-operation with Turkey in the energy, industry and advanced technology sectors, among others, indicates a strong commitment to increase joint investments.

“Our companies see opportunities in developing gas resources, energy infrastructure, renewable energy, healthcare, biotech, agri-tech, defense, logistics, digital communications, and financial services.”

The UAE, which has already signed Comprehensive Economic Partnership Agreements with India, Israel and Indonesia, is keen on a similar pact with Turkey that will open up new avenues of trade and investment, Mr Al Zeyoudi said.

The UAE and Turkey in April began talks on a CEPA that is expected to double bilateral trade from $13.7bn, the UAE Ministry of Economy said.

“Our CEPA with Turkey will bring unique opportunities to enhance bilateral trade and investments, in line with all the UAE’s CEPAs.”

The latest visit will help the two countries to double the volume of their non-oil trade and incentivise mutual investments as they deepen relations, Dr Al Jaber said.

Non-oil trade between the two countries amounted to more than Dh50bn in 2021, a 54 per cent annual growth, and an increase of 86 per cent compared to 2019. Turkey accounts for more than 3 per cent of the UAE’s non-oil foreign trade and is the seventh-largest trading partner, he said