The Dubai Multi Commodities Centre (DMCC) is targeting markets in Turkey as the next step in its bid to establish Dubai as a global commodities hub.
Officials from DMCC aim to build links with Turkish commodities traders, particularly from the gold and tea sectors, when they travel to the inaugural ‘UAE Trade Exhibition in Turkey’ taking place in Istanbul in September.
Gaiti Rabbani, Chief Sales and Marketing Officer at DMCC, will conduct a seminar at the event to introduce Turkish companies to the centre’s current projects, with the aim of increasing the value and volume of commodities traded between the two countries.
The ‘UAE Trade Exhibition in Turkey’ is being organised jointly by Dubai Chamber of Commerce & Industry (DCCI), Jebel Ali Free Zone Authority (JAFZA) and Dubai Tourism and Commerce Marketing (DTCM). It is designed to build business relationships between the two countries following steady increases in bilateral trade in recent years.
“We are looking to forge ties with the Turkish commodities industry in general, and as a first step will be focusing on the gold and tea sectors as these are very strong markets in Turkey,” said Rabbani. “I would like to use this opportunity to give a comprehensive overview of DMCC and its various initiatives, including the DMCC Free Zone, Dubai Tea Trading Centre, Dubai Gold and Commodities Exchange, Dubai Diamond Exchange and the Dubai Gems Club in addition to speaking about Dubai’s role as a global commodities hub.”
The DMCC was created in 2002 as a strategic initiative by the Dubai Government to establish a commodity marketplace in the emirate and is rated ‘A’ by Standard & Poor’s, the world’s leading provider of independent credit ratings. It provides a full range of facilities for the gold and precious metals, diamonds and coloured stones, energy and other commodities industries.
According to figures released by Turkish government officials, Turkey imported a total of US$200 million worth of goods from the UAE in 2005, an increase of US$160 million since the year 2000. Turkey’s exports to the UAE have also increased by more than five times over five years up from US$315 million in 2000 to US$1.6 billion in 2005, making the UAE Turkey’s biggest export market in the GCC.
However, experts believe that trade between the two countries has potential to increase further, particularly as both are strategically important regional hubs, with Turkey offering Middle East countries a unique gateway to the European Union and Dubai located at the crossroads of trade flows between the Arabian Peninsula, Iran, India and Africa.
Gaiti Rabbani, of DMCC, said: “There are existing trade relations between Turkey and the UAE that can be leveraged and strengthened for the benefit of economic development and investment. The ‘UAE Trade Exhibition in Turkey’ provides an ideal opportunity for UAE-based organisations to collectively promote their products and services to the Turkish market.”
The exhibition, taking place at the Grand Cevahir Hotel and Convention Centre in Istanbul between 13-15 September, will feature a wide range of products, services and technologies from across a multitude of sectors including financial, construction, tourism and real estate.
Idil Akin, general manager of Mosaic Organizations, technical organisers of the exhibition, said: “Turkey’s current privatisation programme has opened up huge investment opportunities for UAE companies. Exhibition participants will enjoy unique interaction with key players from Turkish trade unions and chambers of commerce as well as ministers, government officials and high profile industry decision-makers.”
DMCC, JAFZA and DCCI will also be hosting a conference focusing specifically on investment opportunities in the UAE for Turkish companies.
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The ‘UAE Trade Exhibition in Turkey’ is supported by the Turkish Travel Agents Association and is taking place under the patronage of the Turkish Chambers of Commerce and the Turkish Secretary of Foreign Trade.
