Economy Erdoğan to meet US business leaders to draw investment to Turkey By Pramod Kumar September 16, 2024, 4:22 AM REUTERS/Umit Bektas Turkish president Tayyip Erdoğan is expected to meet 20 Fortune 100 US company executives this month The president of Turkey, Tayyip Erdoğan is due to meet top US business leaders in New York this month, in an attempt to attract new investment. A high-level delegation led by the president will engage with investors and corporate executives at four events scheduled alongside the UN General Assembly in the final week of September, the Financial Times reported, citing the Turkey-US Business Council and other informed sources. Erdoğan is expected to meet 20 Fortune 100 US company executives, including executives from JPMorgan and Goldman Sachs, on September 23, the newspaper reported. Turkey ups FDI forecast to $14bn after FATF removal Turkish contractors bag $7.6bn worth of overseas projects Moody’s upgrades Turkey’s credit rating by two notches Turkey’s finance minister, Mehmet Şimşek, and its central bank chief, Fatih Karahan, are also due to hold investor meetings to try to drum up investment interest. The country’s exports jumped 13.8 percent in July to a total value of $22.5 billion, the state statistics agency, Turkstat, said last month. Imports fell 7.8 percent to $29.8 billion, giving a $7.3 billion deficit for the month. The seven-month trade figures also showed a steady improvement, with the trade deficit down 8.3 percent to just under $50 billion. In August the central bank held interest rates steady at 50 percent for a fifth consecutive month, despite geopolitical developments keeping inflationary risks alive. The global rating agency Fitch upgraded Turkey’s long-term foreign currency issuer default rating to “B+” from “B” in March, after the government imposed greater-than-expected monetary policy tightening to control inflation.
Markets Oman’s Asyad Group plans IPO of shipping unit Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […] 2 hours ago
Video length: 04:02 VIDEO Finance One million users for Saudi Arabia’s Sahm trading app “Riyadh has a population of 8 million. The government is going to double the population. That means money. That means capital,” says Steven Chou, chairman of Saudi-based fintech-driven financial company Sahm Capital. “Local Saudis are keen to look for a new product. They are options lovers,” Chou says, adding that the sectors of interest include […] 18 mins ago In association with
Industry Almarai to increase poultry output by 35% Almarai, the Middle East dairy and food production group, announced plans to increase its poultry output by 35 percent this year as it continues with its multi-billion-dollar expansion plans. The Riyadh company reported fourth-quarter profit of SAR430 million ($115 million), an increase of 16 percent, as revenue rose 4.8 percent to SAR5.15 billion. It announced a […] 5 mins ago
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] 42 mins ago
