This was announced yesterday by Sultan bin Saeed Al Mansouri, UAE Minister of Communications and vice chairman of DIB.

Sultan Al Mansouri also added: “The inauguration of DIB's first representative office here builds on the historic ties that have existed for centuries between Turkey and the UAE.’’

Turkey offers one of the biggest and most mature economies receptive to banking and financial products and the Turkish economy has grown significantly in recent years and has a huge potential, particularly if progress is made on its entry into the European Union.

A special ceremony was held in Istanbul hosted by Turkey's Minister of State for Economy Ali Babacan and it was attended by Ghanim Al Ghaith, UAE ambassador in Turkey, Governor of Istanbul, top officials from DIB including Saad Abdul Razak, chief executive officer of DIB, Arif Kooheji, executive vice president, Investment and Corporate Banking Group at DIB, as well as several businessmen and senior executives from Turkey.

Ali Babacan while stressing on the strong ties between Turkey and the United Arab Emirates said the new DIB office would pave the way for stronger economic partnership between the two countries.

The new office will help DIB to access the Turkish market and benefit from the different investment opportunities available here. The economy is now buoyant with GDP growth hovering around nine per cent, the world's highest growth rate and inflation under control, having plunged from 68.5 per cent in 2001 to just 11.4 per cent last year. Speaking to high-level dignitaries and officials gathered at the Ciragan Palace, in Istanbul, Saad Abdul Razak, DIB's chief executive officer said: “DIB has been doing business in the Turkish market for more than a decade in various sectors such as manufacturing, construction, textiles, electronics and the bank has significant experience in this market and has secured substantial financing deals with local and international companies in Turkey based on its wide range of financial services such as leasing, and pre-export funding arrangements.’’

With the Turkish government having passed new laws that pave the way for further privatisation in sectors such as energy, telecommunications, banking and industry, the potential and scope is huge for DIB's funding products.