Turkish investments in UAE reach $6bn

Turkish investments in the United Arab Emirates reached $ 6 billion, with the main focus in the construction sector, while the UAE investments in Turkey reached $ 5 billion in 2011, Sheikha Bodour bint Sultan Al-Qasimi, chairperson of Sharjah Investment and Development Authority (Shurooq), said on Sunday. She made these remarks after signing a Memorandum of Understanding (MoU) with the Republic Of Turkey Prime Ministry Investment Support and Promotion Agency (ISPAT) with the aim of strengthening business relations between Sharjah and Turkey. The MoU was signed by Sheikha Bodour and ISPAT President M 0lker Ayci during the second Government Communication Forum (GCF 2013) that opened in Sharjah on Sunday. The signing took place in the presence of Sheikh Sultan bin Mohammed Al-Qasimi, member of the Supreme Council and ruler of Sharjah, and Turkish Prime Minister Recep Tayyip Erdogan. Sheikha Bodour said trade between the UAE and Turkey has not only been mutually beneficial, but that future forecasts are extremely positive. Trade between the UAE and Turkey reached $ 5 billion in 2011 and is forecast to markedly increase to up to $ 10 billion by 2015. Sheikha Bodour went on to stress that the relationship between Turkey and the UAE, however, goes well beyond just trade and investment, citing both the historical and cultural ties between the two. Sheikha Bodour further commented: “This MoU marks yet another milestone for Shurooq as it continues to establish Sharjah ‘s position as a leading investment destination in the region. We are constantly working to both promote Sharjah ‘s many attractive investment opportunities and explore ways through which we can attract even more investors.” As the UAE ‘s most diversified economy, Sharjah occupies a unique position in the Emirates, and its many attractions, economic and tourism investment opportunities, as well as its sophisticated infrastructure and advanced telecom networks that allow easy access to local and international markets, only further strengthen its attraction. We look forward to working with ISPAT in the future and are confident that Sharjah and Turkey will both reap the exceeding benefits of this agreement. Under the terms of the MoU Sharjah and Turkey will aim to promote investment opportunities available in their respective countries with the aim of encouraging bilateral investments. Shurooq and ISPAT have agreed to encourage, promote and facilitate investment and development cooperation among their respective business communities as well as to coordinate, establish, and expand a business network, which will facilitate the circulation of the various business opportunities available in both countries.