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UAE investment in Turkey nears $6bn since 2002

Turkish president Recep Tayyip Erdoğan and UAE president Sheikh Khaled inspect a Turkish Togg EV during President Erdoğan's visit to the UAE in July Handout via Reuters
Turkish president Recep Tayyip Erdoğan and UAE president Sheikh Mohamed inspect a Turkish Togg EV during the Turkish leader's visit to the UAE in July
  • 600 UAE companies in Turkey
  • Investments in multiple sectors
  • $300m for Turkey Tech Fund

Foreign direct investment from the UAE to Turkey has surged to $5.6 billion (AED20.6 billion) from 2002 until August 2023, said Mesaid Ahmet Burak Daglioglu, head of the investment office of the Turkish presidency.

Nearly 600 UAE companies are operating in Turkey as of the first half of 2023, he told the UAE state-owned Wam news agency.

The investments are spread across energy, healthcare, agriculture, logistics, transport, infrastructure, finance and tourism. The two nations also collaborate on climate change, energy, water, and food security.

Daglioglu said that the Turkish Wealth Fund and Abu Dhabi sovereign wealth fund ADQ have announced the establishment of the Turkey Technology Fund with capital of $300 million, bringing the total UAE capital into Turkey to close to $6 billion.

The fund is dedicated to investing in various venture capital funds and emerging Turkish companies with significant growth potential and innovative business models, he added.

The UAE currently stands as Turkey’s 13th-largest trade partner for exports and the 15th-largest for imports, resulting in a combined trade volume of $10 billion through 2022.

Among the most significant investments made by UAE companies in Turkey is the strategic partnership between DP World and the Turkish Yibitaş Group, as well as the acquisition of Denizbank by Emirates NBD Bank.

The latest UAE investments include the acquisition of a stake in the TOM Group of Companies in Turkey by Dubai Islamic Bank.

Additionally, International Holding Company acquired a 50 percent stake in the Turkish renewable energy company Kalyon Energy.

Total foreign direct investment from Turkey to the UAE reached $1.1 billion from 2014 to 2022.

Over 400 Turkish companies operate in the UAE across various sectors, including construction, tourism and defence.