A series of recent international and regional factors have brought Turkey and the Arab Gulf states into closer alignment, led by de-escalation in the Gulf and the search for greater stability to support economic diversification and growth. Both sides seek to continue to increase and broaden out their economic engagement, with Mehmet Şimşek’s reappointment as minister of finance a signal that President Erdogan is prioritizing market stability and a positive investment climate in Turkey. Turkey’s bilateral trade with the GCC states has grown from $2.1 billion in 2002 to $22.7 billion in 2022. In 2021, the leading GCC trading partners were UAE ($8.56 billion total trade), followed by Saudi Arabia ($3.76 billion), Qatar ($1.8 billion) and Oman ($1.5 billion). As part of a UAE – Turkey reconciliation in 2021, Abu Dhabi Development Holding Company allocated a $10 billion fund for investments in Turkey. Turkey has since struck a wider framework for $50 billion in bilateral investment with the UAE in 2023, as well as with Saudi Arabia and Qatar. These will be essential in enabling Turkey to recover quickly from the earthquakes experienced in February 2023 to develop its economy more broadly.
Situating Turkish Security Relations with the Arab Gulf States
This article highlights the strengthening ties between Turkey and the Gulf Cooperation Council (GCC) states, driven by economic diversification and regional de-escalation. Turkey's growing trade, investment, and defense cooperation with Gulf nations face challenges from local defense industries and regional geopolitics, including its relations with Iran and the U.S. While cooperation is likely to expand, it may remain largely transactional in the shifting regional context....
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