UAE’s Economy Booms: DMCC & China Partner, Turkiye CEPA Generates $6B, and Ramadan Spending to Reach $10B

As we enter Ramadan, the month of utmost blessings, the UAE is already reaping its rewards, with its Comprehensive Economic Partnership Agreement (CEPA) with Turkiye boosting trade between the two countries. Over the past few years, UAE’s investments in Turkiye alone have amounted to $6 billion.?

Turkiye is one of UAE’s biggest trading partners and vice versa with imports from Turkiye amounting to $14.7 billion as of 2023. The main products traded include gold, jewelry, iron, steel, refined petroleum, and others.?

Since Turkiye is the largest economy in the Middle East, followed by Saudi Arabia, Iran, and the UAE, its CEPA with the UAE is likely to enhance the UAE’s economic position, potentially moving it up in the regional rankings by boosting its economic activity.

The president of Turkiye’s investment office - Burak Da?l?o?lu, emphasized Turkish businesses benefitting from UAE’s geographical location that allows access to further East Asia. Moreover, the UAE can leverage Turkiye’s EU Customs Union and 30 Free Trade Agreements (FTAs) that will give UAE businesses access to over one billion consumers.?

The blessings don’t stop here as the UAE’s leading free zone DMCC has signed two partnerships with Beijing Innovation Service Hub and Beijing Chaoyang China Council for the Promotion of International Trade (CCPIT) as they reached a record number of 1000 Chinese member companies.

This indicates a 17.5% year-on-year growth which was announced during the signings at the dual events of the Made For Trade Live roadshow of 2025, in Beijing and Shenzhen. Further, the partnership will include business seminars, investment roadshows, and networking events to encourage business collaborations.?

Seeing China is already UAE’s biggest trading partner, these partnerships maintain that position and continue to grow the economic activity between the two countries. Moreover, these partnerships will sustain the growth of the 22-year-old free zone which contributes by more than 15% to the approximate 6000 Chinese companies in the UAE.

Notably, DMCC covers a wide array of business industries but it is especially known for specializing in precious stones & metals which happen to be the top imports of the UAE from China amounting to $672.78 million as of 2023. Additionally, the free zone also accounts for 15% of FDIs of the UAE which has cemented its position as a major economic driver.

Overall, it can be deduced that partnerships and free zones have great potential in elongating the growth of the UAE economy. Clearly, the country has left no stone unturned and has explored various markets and sectors that it can leverage for growth.?

Subsequently, seeking economic diversification to stop its dependence on oil revenue. In fact, the Ramadan season witnesses the greatest shift as economic activity from the retail sector soars with this year’s predictions of shoppers' spending to reach $10 billion.??

As the spirit of Ramadan rejuvenates, are you out shopping and doing business?