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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

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