The UAE-Turkey Business Council recently convened its first meeting post-restructuring, focusing on exploring new opportunities for cooperation between the two nations, particularly in the energy and renewable energy sectors. Chaired by H.E. Abdullah Humaid Al Hameli, CEO of Economic Cities and Free Zones, AD Ports Group, the meeting was attended by H.E. Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and H.E. Prof. Dr. Omar Bolat, Turkish Minister of Commerce.
The Council discussed potential partnerships in various sectors, including trade, entrepreneurship, agriculture, tourism, logistics, and technology. However, the key focus was on energy and renewable energy, reflecting both countries’ commitment to sustainability and green practices.
H.E. Abdullah Al Hameli expressed his appreciation for the Council’s trust in its restructuring, highlighting its crucial role in bolstering economic relations between the UAE and Turkey. He emphasized the Council’s dedication to promoting fruitful partnerships at the private sector level, fostering trade and investment exchanges between the friendly nations.
Mr Tawfik Oz, head of the Turkish side of the Joint Business Council, reaffirmed their commitment to strengthening the economic partnership with the UAE, particularly in light of the upcoming UAE-Turkey Comprehensive Economic Partnership Agreement (CEPA). This agreement, set to take effect in September, is expected to enhance economic integration and bilateral trade between the two countries.
The meeting also showcased the UAE’s dynamic economic environment, known for its efficiency and resilience. Two major agreements were announced during the UAE-Turkey Business Forum, held in Abu Dhabi, aiming to boost investments across various key sectors, including infrastructure, energy, and hospitality. These agreements are set to open up new avenues for cooperation and joint ventures in these fields.
HE Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, referred to the UAE-Turkey relations as a “golden era,” with total non-oil trade between the nations reaching US$18 billion in 2022, marking a significant growth of 40% over the previous year. The upcoming CEPA is anticipated to further stimulate trade and investment flows between the two countries, doubling the current value of intra-oil non-oil trade within the next five years.
The convening of the Emirati-Turkish Business Forum, coinciding with the visit of Turkish President Recep Tayyip Erdogan to the UAE, exemplifies the mutual interest in strengthening economic ties. The forum presented promising investment opportunities in various sectors, inviting Turkish companies to benefit from the UAE’s business-friendly environment, including foreign ownership allowances and streamlined market entry procedures.
As both countries share common values, the agreements and partnerships formed during this forum are expected to bolster economic growth and sustainable development, while further fostering energy and renewable energy initiatives for a greener and more prosperous future.
Other dignitaries, officials, business leaders, and representatives of companies from both countries attended the event, highlighting the strong commitment to enhancing bilateral relations and fostering strategic collaborations in the energy and renewable energy sectors.