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Emirati and Turkish businesspeople discuss bilateral trade, investment – Al-Monitor

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« The meeting between the Abu Dhabi Chamber of Commerce and Turkey’s ULUSKON business federation occurred in the context of rapprochement between the United Arab Emirates and Turkey » reports Al-Monitor.

Emirati and Turkish businesspeople met in Abu Dhabi Tuesday. 

Turkey’s International Investment and Business Confederation (ULUSKON) visited the Abu Dhabi Chamber of Commerce. They discussed “increasing trade and joint investments” by introducing Emirati and Turkish businesses to one another. The conversation focused on the energy, construction, agriculture, defense, textile, medical equipment, pharmaceutical and logistics sectors, the official Emirates News Agency reported

Relations between Turkey and the UAE were strained until recently as the two countries found themselves on opposite sides of several regional conflicts. They backed opposite sides in the Libyan civil war. In Egypt, Turkey has been supportive of the Muslim Brotherhood and deposed President Mohammed Morsi. The UAE is an opponent of the Islamist group and an ally of the current government of President Abdel al-Fattah al-Sisi. Turkey is also a close ally of Qatar, while the UAE participated in the Saudi-led regional shunning of the state. Turkey also continues to back Syrian rebel groups, while the UAE now favors normalization with the government of President Bashar al-Assad. 

Last year, Turkey and the UAE expressed an interest in mending bilateral ties

In February, Turkish President Recep Tayyip Erdogan visited Abu Dhabi. One motivation for the visit was attracting Gulf funding to the struggling Turkish economy, Amberin Zaman reported for Al-Monitor at the time. 

Turkey is in the midst of an economic crisis marked by historically high inflation and the depreciation of Turkey’s currency, the lira. Turkish financial authorities have thus far resisted calls to raise interest rates in response to the inflation. 

Despite the political differences, the UAE and Turkey have had significant economic ties this century. Turkish construction, real estate and logistics companies have a strong presence in the UAE. There is “pent-up demand” to increase bilateral investment, according to a March report from the DC-based Atlantic Council. 

Al-Monitor, March 23, 2022

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