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Turkish firms in Dubai post 350pc growth in 5 years

DUBAI — The number of Turkish firms in Dubai has increased over 350 per cent in the last 5 years, said the Dubai Chamber of Commerce and Industry (DCCI) at a banquet dinner held in honour of the Turkish Prime Minister, Recep Tayyip Erdogan.

Obaid Humaid Al Tayer, President of the DCCI, noted in his speech at the event that the real estates sector has seen positive developments since opening the doors to foreign investments.

He said, "the total volume of the investments in real estate project under development were about $30 billion (Dh 110.25 billion). This reflects the opportunities available within this sector in Dubai."

Al Tayer added, "The DCCI has played an important role in enhancing Dubai facilities during the past four decades and in dealing with issues related to different economic sectors."

Al Tayer also expressed the DCCI's readiness in supporting the Turkish business community and investors who are interested in investing in Dubai & the free zones.

Al Tayer appreciated the active role of Turkish Business Council that was established in March 2005 in promoting the Turkish products and supporting the bilateral trade operations between the two countries. He invited the investor and businessmen in both countries to benefit from the cooperation agreement signed between the UAE and Republic of Turkey in 1994.

Al Tayer explained in his speech that Dubai's economy will continue to grow. He said the total volume of Dubai's foreign trade reached Dh215.7 billion in 2004 compared with Dh95.5 billion in 2000; an increase of 126 per cent.

According to the DCCI database, the Turkish firms increased in number from 30 firms in 2001 to 136 in 2005.

Al Tayer emphasised in his speech the importance of exchanging trade delegations and missions as well as organising exhibitions and fairs.

Speaking further on this topic he said that the UAE exhibition in Turkey is binge organised for next year, 2006. Al Tayer urged the Turkish to keep up organising fairs such as 'Made in Turkey' that was held in Dubai this year.