The rich Gulf countries enriching even more with the increase in oil prices that have been experienced in the recent years, have also became the new favorite of Turkish exporters. The exports to the region has reached record levels. The level is estimated to have a value of approximately two trillion dollars of capital accumulation. The businessmen who turned their eyes to the Gulf due to the crisis in the U.S. and European markets are increasing their portions of ” the pie in the Gulf “, particularly in tourism, food and automotive sectors where the construction sector is in the forefront. While the trade volume between Turkey and the UAE, as of 2007 has been realized to be approximately 4.5 billion dollars, 3.9 billion dollars out of this volume consisted of the exports made from Turkey. The volume of trade between the two countries is expected to approach 10 billion dollars at the end of 2008.
SOME TURKISH INVESTMENTS IN THE UAE
Rixos Hotels Chain sets sup a hotel in Dubai under the name ” Ottoman Palace ” with an investment of 700 million dollars.
Kayı İnşaat, AAKAR will construct a 5-star hotel and a residence complex with Taranjit Sahni.
Nurol İnşaat has undertaken the constructing of the bridges in the Shams Abu Dhabi project in Abu Dhabi.
The Turkish-Japanese Consortium among which the Yapı Merkezi takes place is constructing the Dubai Metro Project.