Industry Renault to invest $431m to make new models in Turkey By Pramod Kumar December 11, 2023, 6:32 AM Reuters/Gonzalo Fuentes Renault expects one-third of its sales in Turkey to be electric or hybrid by 2027 Renault Group will invest $430.92 million by 2027 to produce four new models in Turkey, including a new low-cost SUV, according to a local media report. The new models will be made in collaboration with the French carmaker’s local partner Oyak at their site in the northwestern Bursa province of Turkey, Daily Sabah newspaper reported. “We will make our Bursa factory the export centre not only for Europe but also for other countries worldwide,” Renault CEO Fabrice Cambolive told a media conference. Food delivery drives Turkish motorbike sales Turkey chosen as co-host for football’s Euro 2032 Turkey helps drives Alfa Romeo’s Q1 growth The company seeks to prune the production costs of its cars by as much as 50 percent in the next four years by increasing the use of digital and artificial intelligence technology. The aim is to reduce production costs per vehicle by 30 percent for internal combustion vehicles and 50 percent for electric vehicles by 2027. Renault expects one-third of its sales in Turkey to be electric or hybrid by 2027, Cambolive stated.
Economy Bahrain debt hits $48bn but analyst downplays spending fears Bahrain’s public debt has risen to almost BHD18 billion ($48 billion), according to its ministry of finance, but a banking expert has downplayed concerns over its spending. Bahrain, the smallest country in the GCC bloc of six with a population of almost 1.5 million people, has dwindling reserves of oil and gas. It is partially […] 3 hours ago
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] 55 mins ago
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] 46 mins ago
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] 11 mins ago
