Türkiye hosts a powerful regional economy boasting as the 19th largest economy in the world, with a GDP of roughly $906 billion and is a regional leader in a variety of sectors with a workforce of approximately 33 million people. The GCC states has a total GDP in excess of $3.464 trillion. With its geographical location, Türkiye serves as a hub between Europe and the Gulf region. The GCC countries and Türkiye have complementary economic systems, which provide a solid foundation for expanding investment and commercial ties. Ankara’s foreign policy has recently become more concerned with finding new export markets and seeking foreign investment into the Turkish economy. The GCC’s extensive foreign reserves offer a solid ground for a synergistic investment partnership across multiple sectors to establish and transfer industrial knowledge and expertise. 

GCC states have been bolstering their outbound investments. According to the UAE’s Ministry of Economy, cumulative outbound investments totaled $215 billion as of the end of 2021. Kuwait’s direct investments abroad were around $32.741 billion. These numbers highlight the increased interest of GCC businesses in participating in overseas markets, as well as the favorable benefits that outbound foreign direct investment has on these entities. These strategic exchanges in emerging markets have the potential to benefit both recipient countries and domestic investors. 

Since 2022, 15.8 billion dollars in foreign direct investment have come to Türkiye from the GCC states. Qatar invested the most in Türkiye, contributing $9.9 billion. With $3.4 billion, the UAE comes in second, and Saudi Arabia is third with $500 million. Over the next few years, this amount is likely to increase through investments prioritized in the energy, defense, banking, retail, and transportation sectors. 

Given the commitment by the GCC to cooperate with Türkiye in the coming years and the fact that there is a significant capacity to increase bilateral trade, the GCC-Türkiye Economic Forum 2023 will be an ideal opportunity to explore areas of potential cooperation and establish a network for joint projects. Considering the increasingly volatile geopolitical landscape and deteriorating great power relations, it is crucial to solidify regional ties through economic development. The GCC and Türkiye represent vital regional powers in the Middle East in nearly every sector.