PhD Researcher, International Relations Department, METU
This study delves into the economic and trade relations between Turkey, the UAE, and Saudi Arabia over the past five years, highlighting the evolution driven by strategic interests and regional stability. The research analyzes secondary data, examining official trade and investment reports, government statements, international organization data, and academic articles. It also considers diplomatic developments such as high-level visits and agreements.
The period from 2020 to 2024 witnessed significant growth and diversification in trade among these nations. Turkey's exports to the UAE and Saudi Arabia increased markedly, driven by sectors like agricultural technologies, food security, clean energy, and construction. Key moments include the establishment of a $10 billion investment fund following UAE President Sheikh Mohammed bin Zayed Al Nahyan's visit to Turkey in 2021 and the signing of the Comprehensive Economic Partnership Agreement (CEPA) in 2023, aiming to elevate bilateral trade to $40 billion over five years. Simultaneously, Turkey's economic relations with Saudi Arabia experienced fluctuations but generally depicted a positive trend. High-level visits by President Recep Tayyip Erdoğan and Saudi Crown Prince Mohammed bin Salman revitalized economic ties, resulting in cooperation agreements across various sectors, including health, energy, and the defense industry. The economic relations between Turkey, the UAE, and Saudi Arabia reflect a dynamic interplay of strategic interests, mutual investments, and shared goals. The strengthened economic partnerships have contributed to regional stability and are expected to develop further, driven by strategic collaborations in energy, technology, and infrastructure. These developments underscore the importance of economic diplomacy and mutual investments in shaping future cooperation prospects and regional power dynamics.
Keywords: Turkey, UAE, Saudi Arabia, Gulf, trade exchange
