Finance Turkey’s exports to Saudi surge 627% as ties improve By Pramod Kumar August 10, 2023, 5:26 AM SPA Saudi Crown Prince Mohammed bin Salman and Turkey’s President Tayyip Erdogan held discussions on strengthening bilateral ties Turkey’s exports to Saudi Arabia surged by 627 percent in the first seven months of 2023 as bilateral relations improved. Exports to the kingdom hit $1.25 billion between January and July this year compared to $172 million last year, the Daily Sabah newspaper reported, citing data from the Turkish Exporters Assembly. Turkey’s President Recep Tayyip Erdoğan last month visited Saudi Arabia, where he signed energy and defence agreements and agreed on plans to boost direct investments. Saudi and Turkey strengthen energy and defence ties Saudi in pact with Turkey to localise drone production Turkey signs $50bn deals with UAE to revive economy In March, the Saudi Fund for Development deposited $5 billion in Turkey’s central bank, as the country struggled with high inflation and the impact of earthquakes in February. Saudi Arabia and Turkey’s Baykar this week signed a strategic agreement to localise drone manufacturing in the kingdom. Saudi Arabia successfully attracted 390 Turkish companies to invest in its local market, with investment reaching SAR 985.6 million ($262,8 million). Turkish companies are active in several sectors, especially construction, manufacturing, wholesale and retail trade and restaurants. Turkey’s foreign trade deficit increased by 18.7 percent to $61.2 billion in the first half of this year, with exports down by 1.9 percent compared with a 4.1 percent rise in imports. Exports from January through to June dropped to $123.3 billion, while imports climbed to $184.6 billion, according to the Turkish Statistical Institute. The country revealed a foreign trade gap of $299 million in June, excluding energy products and non-monetary gold. The country's latest purchasing managers' index (PMI) dipped to 49.9 in July from 51.5 the previous month. The 50-point index mark separates growth from contraction.
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
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Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago
