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• 
  UAE and Turkiye ties deepen

  4 July 2025

  Commentary
  Colin Foreman
  Editor

  Read the July issue of MEED Business Review

  The growing trade volumes between the UAE and Turkiye involve a mix of competition and collaboration across various sectors. 

  One area of competition is aviation. Turkish Airlines has emerged as a major global player over the past 20 years, with its network now covering more countries than any other airline.

  Turkiye’s aviation sector entered a new era in 2019 when Istanbul Grand airport opened. The first phase has the capacity to handle 90 million passengers a year, and the plan is for the capacity to reach 200 million once later phases are completed. 

  The airport’s globally strategic location combined with its large and expandable capacity will give Turkiye’s aviation
  sector an edge over its competitors in the Gulf over the next decade as construction starts on major airports, including Dubai and Riyadh. 

  While competition is evident, Turkish Airlines insists there is enough room for it and the Gulf airlines to grow as the centre of gravity for global aviation shifts from west to east.

  On a macro level, the UAE and Turkiye are complementary economies

  Beyond aviation, the trade relationship encompasses a wide range of sectors, including defence, logistics and construction. Over the past two years, Turkish contractors have secured significant contracts in the UAE. Turkish construction companies are now exporting the experience they have gained on projects in Turkiye to the UAE, as major government- backed infrastructure projects that include airports and railways move into tendering. 

  At the same time, UAE investments in Turkiye’s energy and financial sectors are growing, with notable examples including Emirates NBD’s investment in DenizBank and International Holding Company’s investment in Kalyon Energy. 

  These investments show that on a macro level, the UAE and Turkiye are complementary economies, with each holding a different mix of resources, capital and expertise. The strategic location of both countries amplifies the business case for trade even further.

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  READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF

  UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge

  Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:

  > AGENDA: UAE-Turkiye trade gains momentum > INTERVIEW 1: Building on UAE-Turkiye trade > INTERVIEW 2: Turkiye's Kalyon goes global > INTERVIEW 3: Strengthening UAE-Turkiye financial links > INTERVIEW 4: Turkish Airlines plans further growth > CURRENT AFFAIRS: Middle East tensions could reduce gas investments > GCC REAL ESTATE: Gulf real estate faces a more nuanced reality > PROJECTS MARKET: GCC projects market collapses > INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation > INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia > LEADERSHIP: Nuclear power makes a global comeback > LEVANT MARKET FOCUS: Levant states wrestle regional pressures > GULF PROJECTS INDEX: Gulf projects index continues climb > CONTRACT AWARDS: Mena contract award activity remains subdued > ECONOMIC DATA: Data drives regional projects > OPINION: A farcical tragedy that no one can end

  To see previous issues of MEED Business Review, please click here

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  Colin Foreman
• 
  Building on UAE-Turkiye trade

  4 July 2025

  This package on UAE-Turkiye relations also includes:

  > UAE-Turkiye trade gains momentum
  > Turkiye’s Kalyon goes global
  > UAE-Turkiye financial links strengthen
  > Turkish Airlines plans further growth

  ---

  

   

  The UAE-Turkiye Comprehensive Economic Partnership Agreement (Cepa) that came into effect in September 2023 has already exceeded expectations. 

  Non-oil trade between the UAE and Turkiye grew by 11.5% in 2024, reaching a total of $40.5bn. This milestone surpasses a target of the Cepa three years earlier than planned. As a result, Turkiye is now the UAE’s fourth-largest non-oil trading partner, rising from seventh place in 2021.

  Trade between the UAE and Turkiye is growing strongly, with both countries increasingly viewed as strategic hubs for accessing broader markets. 

  The growth story builds on already established business links between the two countries. 

  “UAE-based companies and funds are already very active in Turkiye,” says Burak Daglioglu, president of the investment and finance office of the Presidency of the Republic of Turkiye. 

  “Firms like DP World and others in private equity and venture capital are playing a key role.”

  Strengthening ties

  Since the Cepa was signed in 2023, bilateral investment has accelerated, with Turkish companies also expanding into the UAE. 

  “That’s the mark of a healthy relationship,” he says. “When it’s balanced and bilateral, it’s more sustainable.”

  He adds that companies in both countries see the other not just as a market, but as a hub. “UAE firms use Turkiye to access Europe and Central Asia; Turkish firms use the UAE to reach Asia and Africa. This creates a complementary strategy for both sides.”

  In the energy sector, the focus is on renewables, with UAE firms eyeing major solar and wind projects in Turkiye. “We have huge potential in renewables, and there are ongoing talks with UAE investors,” says Daglioglu.

  In technology, Turkiye is emerging as a regional player in artificial intelligence (AI), financial technology (fintech), and healthcare technology.

  “Our infrastructure is increasingly AI-ready,” he says. “We have data centres, renewable power sources and connectivity. 

  “We also have a robust startup ecosystem, with early-stage funding rising from under $100m a decade ago to over $1bn today.”

  Defence is another key area of cooperation. “There are some ongoing projects in the defence sector between Turkiye and the UAE,” Daglioglu says. “It’s better not to name names at this stage, but it’s a promising area.”

  Venture capital (VC) is also playing an important role in promoting regional innovation. “Ten years ago, the startup scene was nascent. Now, it’s a cornerstone of our investment strategy. Dubai, as a regional VC hub, has been instrumental.”

  To support this growth, Turkiye has developed local VC legislation and attracted international funds, including those from Saudi Arabia, UAE family offices and corporate investors. A joint UAE-Turkiye technology fund worth $300m is also nearing finalisation. 

  “It’s not just about exits anymore. Turkish startups are scaling regionally and globally, with Dubai often serving as their capital and client gateway.”

  Turkiye is also a major industrial hub and, with a population of 85 million, has extensive human resources. “We have the talent, the infrastructure and the resilience,” he says. 

  “From automotive and mobility to chemicals and energy storage, we are expanding our industrial base.”

  We have huge potential in renewables, and there are ongoing talks with UAE investors

  Looking ahead

  Turkiye’s trade with the UAE and the rest of the GCC could be enhanced even further with the Development Road project, which is a 1,200-kilometre highway and railway linking Iraq’s southern Faw Port to Europe through Turkiye. 

  “The Development Road will not happen overnight – it’s a long-term, complex undertaking,” Daglioglu says. “But its impact will be global. Reducing shipping lead times between Asia and Europe by up to a week is hugely significant in today’s fast-moving markets.”

  Designed to connect the Gulf to Europe through Turkiye, the Development Road includes a high-speed rail network for both cargo and passengers, as well as a parallel motorway.

  For Daglioglu, the Development Road corridor offers Turkiye, the UAE and the GCC  states another platform for economic diversification.

  “This is more than a transport project, it’s a regional realignment,” he says. 

  “It will unlock a flow of goods, people, capital and data. Fibre infrastructure can run alongside the rail and motorway, creating a dual-purpose corridor that will support our AI and digital economy ambitions.”

  Historically, Turkiye has been well integrated with northern markets in Europe. Due to years of conflict in Iraq and Syria, however, its southern connectivity has lagged. 

  The Development Road, along with recent discussions to reopen direct links with Syria, offers opportunities for southern expansion.

  “We have invested heavily in northern logistics. Now, it’s time to strengthen our southern corridor,” Daglioglu says. “The Development Road could finally make direct access to the GCC markets a reality.”

  The corridor could also open up new avenues for digital infrastructure, such as subsea cables and terrestrial fibre,
  further linking the region’s digital economies.

  “This could be the basis for a digital Silk Road, supporting everything from AI to fintech.” 

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  Colin Foreman
• 
  Omani industrial zone attracts $15m investments

  4 July 2025

  Al-Mudhaibi Industrial City in Oman, operated by the Public Establishment for Industrial Estates (Madayn), has signed two investment agreements valued at RO5.75m (about $15m).

  The agreements pave the way for the establishment of six new factories spread across more than 21,000 square metres in Al-Mudhaibi Industrial City.

  The first agreement, signed between Madayn and Global Prime Matter, involves setting up four factories to produce electrical materials, electronics, home furniture and cold storage supplies. The total investment for this project is $13m, with operations to be based on a 14,538 sq m plot.

  The second agreement, signed with Middle East Livestock Company, includes an automated poultry abattoir and a disinfectant production factory. The project, spread over 7,000 sq m, will see investment of over $1.94m.

  Said Bin Khalfan Al-Shabibi, acting director-general of Al-Mudhaibi Industrial City, said the industrial zone attracted five industrial projects in the last quarter of 2024, worth a combined $15m.

  Those agreements followed a campaign to attract investments in October, raising total investment in Al-Mudhaibi Industrial City to $30.14m across 75,000 sq m.

  Al-Shabibi added that the tender for the first development phase of Al-Mudhaibi Industrial City is expected to be awarded later this year. This phase will include infrastructure works such as internal roads, perimeter fencing, gate facilities, construction of offices and facility buildings, and utility networks for electricity, water, sewage and Internet. It will also include plans for Madayn’s entrepreneurial and agricultural complexes.

  Al-Mudhaibi Industrial City spans 9 million sq m in Oman’s North Al-Sharqiyah governorate, with phase one covering around 1.5 million sq m. It is located near the main highway linking the Special Economic Zone at Duqm (Sezad) with ports and border points in the sultanate.

  The development of the industrial zone is part of a national strategy to drive economic growth in North Al-Sharqiyah, and is a component of Oman Vision 2040.

  ALSO READ: Oman issues tender for mining cluster development

  ---

  READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF

  UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge

  Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:

  > AGENDA: UAE-Turkiye trade gains momentum > INTERVIEW 1: Building on UAE-Turkiye trade > INTERVIEW 2: Turkiye's Kalyon goes global > INTERVIEW 3: Strengthening UAE-Turkiye financial links > INTERVIEW 4: Turkish Airlines plans further growth > CURRENT AFFAIRS: Middle East tensions could reduce gas investments > GCC REAL ESTATE: Gulf real estate faces a more nuanced reality > PROJECTS MARKET: GCC projects market collapses > INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation > INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia > LEADERSHIP: Nuclear power makes a global comeback > LEVANT MARKET FOCUS: Levant states wrestle regional pressures > GULF PROJECTS INDEX: Gulf projects index continues climb > CONTRACT AWARDS: Mena contract award activity remains subdued > ECONOMIC DATA: Data drives regional projects > OPINION: A farcical tragedy that no one can end

  To see previous issues of MEED Business Review, please click here

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  Indrajit Sen
• 
  Soudah Peaks outlines project construction plans

  3 July 2025

  

   

  Register for MEED’s 14-day trial access 

  Saudi Arabia’s Soudah Development Company (SDC) has outlined plans to tender the upcoming construction work at its Soudah Peaks project in the Aseer region.

  While presenting a webinar hosted by MEED on 3 July, Daniel McBrearty, chief development officer at Soudah Peaks, said: “We have several packages ready to be floated to the market by the end of this year.

  “The most immediate of these is the development of site-wide infrastructure required for the project.

  “The high-voltage electrical infrastructure catering to Soudah Peaks will be tendered by Saudi Electricity Company.”

  This package includes one bulk supply point with a capacity of 380kV /132kV, two primary substations and 142 distribution substations.

  The development will also require 15 water storage tanks and pump stations. The tanks will have a storage capacity of 93,150 cubic metres to cater to an expected demand of about 10,984 cubic metres a day (cm/d).

  A total of 14 sewage treatment plants are also planned, with a total capacity of 10,690 cm/d. The development will require 52 sewage lifting stations.

  The infrastructure package will also cover 24 mobile telecommunications or GSM (global system for mobile communications) towers and the relocation of eight existing GSM towers, as well as a package for the drainage culvert.

  SDC began the project procurement process in May when it floated a tender to bid for a contract to develop an employee housing package that will be developed using a design, build, finance, operate and maintain model.

  The tendering timelines are: WP1 Zone 1 Tahlal Town Centre: May 2026 WP2 Zone 1 Tahlal Ridge: August 2026 WP3 Zone 1,2,3,6 Tahlal residential, Sahab, Sabrah and Redrock: June 2026 WP4 Zone 5 Rijal: April 2026 WP5 Site-wide infrastructure: December 2025 General Contractor: Floated in May 2025 Contractor Workforce Housing: Floated in March 2025

  Six development zones

  “The overall masterplan covers an area of more than 635 square kilometres and consists of six development zones: Tahlal, Sahab, Sabrah, Jareen, Rijal and Red Rock,” McBrearty said.

  Tahlal will offer a mix of residential, hospitality, heritage and retail facilities, along with an 18-hole golf course and the Watan Am-Soudah heritage village.

  Sahab will be an international destination for adventure sports and recreation. It will provide views across the valley and within the rolling plateau landscape.

  Sabrah will provide a luxury residential destination supported by high-end hospitality. The development is designed to be integrated within the contours of the southern plateau of Soudah Peaks, with a focus on natural open spaces.

  Rijal will be a hospitality destination with integrated views through to the Rijal Cultural Village. The development will be built around the existing village, which gives it its character.

  The Red Rock zone will offer luxury hospitality, with mansions and glamping camps set within the national park.

  Jareen will allow guests to connect with nature through its agricultural landscape. Visitors can expect authentic experiences such as exploring the mountainside on walking paths and visiting local organic farms.  

  Jareen will be developed as part of the third phase, when the infrastructure and connectivity are fully established within the development.

  Three phases

  “The masterplan will be developed in three phases, and the first phase will include the development of five out of the development’s six zones,” McBrearty said.

  The overall development will offer 2,810 hotel rooms, 1,337 residential units and 30 other attractions.

  The first phase will include 940 hotel keys, 391 residential units and 1,025 staff accommodation units.

  The second phase will increase the total to 1,735 hotel rooms, 641 residential units and 2,150 staff accommodation units.

  The final phase will have over 2,810 hotel rooms, 1,337 residential units and 3,022 staff accommodation units.

  We have several packages ready to be floated to the market by the end of this year. The most immediate of these is the development of site-wide infrastructure
  Daniel McBrearty, Soudah Peaks

  Companies engaged

  In March, SDC appointed US-based engineering firm Aecom as the lead design consultant for the Soudah Peaks development.

  Aecom’s scope of work covers the design work for the first phase of the development.

  Last year, SDC appointed another US-based engineering firm, Parsons Corporation, as the project management consultant for the development.

  Parsons’ scope of work includes project management and site supervision services for the six development zones.

  Project background

  Soudah Peaks is a mountain tourism destination set 3,015 metres above sea level on the country’s highest peak in the Aseer region.

  The project masterplan was formally launched in September 2023 by Saudi Arabia’s Crown Prince Mohammed Bin Salman Al-Saud.

  Speaking at the launch, he said: “Soudah Peaks will be a significant addition to the tourism sector in Saudi Arabia and place the kingdom on the global tourism map while highlighting and celebrating the country’s rich culture and heritage.” 

  Launched in 2021, SDC is wholly owned by Saudi Arabia’s sovereign wealth vehicle, the Public Investment Fund.

  An investment of SR11bn ($3bn) has been planned to develop tourism infrastructure and attractions in the Aseer region in the southwest of the kingdom.

  SDC intends to partner with the local community and private sector to develop hospitality, residential, commercial and entertainment offerings that will attract more than 2 million visitors a year, creating 8,000 direct and indirect permanent jobs by 2030.

  Aseer region seeks new investments for Saudi Arabia

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  Yasir Iqbal
• 
  Read the July 2025 MEED Business Review

  3 July 2025

  Download / Subscribe / 14-day trial access

  The UAE’s investments in Turkiye, along with the contracts won by Turkish firms in the UAE, highlight the mutual opportunities available to both countries.

  Turkiye is already the UAE’s fourth-largest non-oil trading partner, rising from seventh place in 2021. Last year, non-oil trade between the UAE and Turkiye grew by 11.5%, reaching $40.5bn.

  With this momentum set to continue, MEED's latest issue takes an in-depth look at the growing trade relationship between the two countries. 

  In our 10-page opening Agenda section, MEED editor Colin Foreman speaks exclusively to the president of the investment and finance office of the Presidency of the Republic of Turkiye, Burak Daglioglu, about bilateral investment; and talks to Kalyon Holding CEO Mustafa Kocar about the construction firm’s new focus on the Middle East. 

  There are also interviews with DenizBank CEO Recep Bastug, on the strengthening financial links, and with the vice-president of sales at Turkish Airlines, Erol Senol, on the airline’s plans for further growth. 

  This month’s Levant market focus covers Jordan, Lebanon and Syria and finds all three countries working to recover from recent events beyond their control.

  MEED's latest issue also includes a comprehensive GCC real estate report, covering all six markets in detail. While growth is continuing, the sector is showing signs of facing a more nuanced reality due to economic slowdown, regional tensions, oversupply risks and delivery constraints. Read more here.

  We hope our valued subscribers enjoy the July 2025 issue of MEED Business Review. 

  

   

  Must-read sections in the July 2025 issue of MEED Business Review include:

  > AGENDA: 
  > UAE-Turkiye trade gains momentum
  > Building on UAE-Turkiye trade
  > Turkiye's Kalyon goes global
  > Strengthening UAE-Turkiye financial links
  > Turkish Airlines plans further growth

  > CURRENT AFFAIRS:
  > Middle East tensions could reduce gas investments

  INDUSTRY REPORT: GCC real estate  > GCC real estate faces a more nuanced reality

  > PROJECTS: GCC projects market collapses

  > INTERVIEW: Hassan Allam eyes role in Saudi Arabia’s transformation  

  > INTERVIEW: Aseer region seeks new investments for Saudi Arabia

  > LEADERSHIP: Nuclear power makes a global comeback

  > LEVANT MARKET REPORT: 
  > COMMENT: Levant states wrestle regional pressures
  > ECONOMY: Jordan economy nears inflection point
  > GAS: Jordan pushes ahead with gas plans 
  > POWER & WATER: Record-breaking year for Jordan’s water sector
  > CONSTRUCTION: PPP schemes to drive Jordan construction
  > DATABANK: Jordan’s economy holds pace, for now
  > ECONOMY: Lebanon’s outlook remains fraught
  > RECONSTRUCTION: Who will fund Syria’s $1tn rebuild?

  > MEED COMMENTS: 
  > Dubai's tall towers reach new heights
  > Contractors return to Palm Jebel Ali
  > Nuclear U-turn is an opportunity
  > Adnoc pursues global gas ambition

  > GULF PROJECTS INDEX: Gulf projects index continues climb

  > MAY 2025 CONTRACTS: Mena contract award activity remains subdued

  > ECONOMIC DATA: Data drives regional projects

  > OPINION: A farcical tragedy that no one can end

  > BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts

  To see previous issues of MEED Business Review, please click here

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  MEED Editorial