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Russians Turkey Istanbul Bridge

Russians rush from Turkey as costs and restrictions bite

Rising costs, increased difficulties in obtaining residency permits and tighter enforcement of restrictions on the number of foreign nationals who can live in popular regions are prompting an exodus of Russian citizens from Turkey.  The number of Russian nationals holding Turkish residence permits has plunged to just over 96,000 as of May 16, down from […]

Turkey's finance minister Mehmet Simsek says he has faith in the country's measures to curb inflation

Turkey tightens monetary policy but holds rate steady

Turkey will continue to maintain a tight monetary stance until a “significant and sustained” decline in monthly inflation is seen, the country’s central bank said. The bank’s monetary policy committee kept the key policy rate steady at 50 percent, adding it remains “highly attentive to inflation risks”.  The central bank raised interest rates by 500 […]

Turkish Airlines flew 18.5 million passengers from January to March 2024, up 8.4 percent annually

Turkish Airlines revenue rises 10% to nearly $5bn

Revenue at Turkey’s national carrier Turkish Airlines rose 10 percent year on year in the first quarter of 2024 to $4.8 billion, driven by growing passenger numbers. Turkish Airlines flew 18.5 million passengers from January to March, up 8.4 percent annually, it said in its latest investor presentation. Passenger revenue climbed 5 percent year on year […]

The Egyptian government is focusing on growing tourism in Sharm el-Sheikh, Gouna and Luxor

Egypt to host more Turkish tourists as relations improve

Egypt will likely host 250,000 Turkish tourists this year as relations between the two nations improve. Cairo hosted around 80,000 Turkish tourists in the first four months of 2024, Amr El-Kady, CEO of the Egyptian Tourism Authority, told the state-run Anadolu Agency. The Egyptian government is working on several initiatives to boost tourism, with a […]

Turkey FAB Yapi Kredi

First Abu Dhabi Bank targets Turkish lender

One of Turkey’s largest corporations has confirmed it is in talks with First Abu Dhabi Bank (FAB) over the sale of a majority holding in the Istanbul-headquartered lender Yapı Kredi, the country’s fourth largest private bank in terms of assets.  A report by Reuters on May 21 said sources told it FAB was offering around […]

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market

Turkey’s renewables scheme given $1bn by World Bank

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […]

Turkey's economic growth is projected at 3 percent in 2025

EBRD lowers Turkey’s 2024 growth rate

The European Bank for Reconstruction and Development (EBRD) has lowered Turkey’s economic growth forecast to 2.7 percent from 3 percent for 2024, due to rising inflation. However, a recovery is anticipated next year, with growth projected at 3 percent, driven by potential monetary and fiscal policy tightening aimed at curbing high inflation. Turkish economic policy has tightened, […]

The five-star Barceló Al Jaddaf in Dubai, formerly Occidental Al Jaddaf, will open in the fourth quarter of 2024

Spain’s Barceló expands reach in Middle East and Turkey

Spain’s Barceló Hotel Group is intensifying its focus on the Middle East, Africa and Turkey this year with plans to invest more than $400 million as part of its global expansion strategy. The move includes opening hotels in the UAE, Saudi Arabia, Bahrain, Oman, Qatar and Turkey. The company will expand its portfolio in the Middle East by […]

Turkey Facebook

Turkey fines Facebook owner Meta over customer data sharing

The social media giant Meta has been found guilty by Turkey’s competition agency of trying to shut out rivals from the local market and dominate advertising penetration. The $230 billion Californian company operates Facebook, Instagram, WhatsApp, and Threads. On May 9 the Turkish Competition Authority announced it had levied fines totalling $37.2 million on Meta […]

Workers at a textile factory in Istanbul. Turkish exporters are hoping for an increase in shipments to the Middle East

Turkish exporters cautiously optimistic for rest of year

Turkish exporters are predicting a strong second half of the year, with expectations of increased shipments to traditional markets and growth into the Middle East.  There are lingering concerns that global risk factors will blow a chill wind over sales, however.  Turkey’s exports accelerated 3.6 percent in the January to March quarter, with sales worth […]

Women working at a textiles factory in Izmir; Turkish manufacturing has been hit by rising costs and interest rates but economic growth is still anticipated

Turkish manufacturers waver on economic prospects

Turkey’s manufacturers are uncertain about the national economy’s prospects, with a report showing a slowing of new orders and an easing of output partly being offset by stronger inventory increases and expectations of a modest release from inflationary pressures.  The latest survey of Turkish manufacturers, conducted by Istanbul Chamber of Commerce and ratings agency Standard […]

Goldsmiths arrange products in a jewellery store in Istanbul. Demand for gold is rising sharply in Turkey

Demand for gold soars as Turkish investors seek safe haven

Rampant inflation, a weakening currency and geopolitical tensions are boosting demand for gold in Turkey, according to a World Gold Council report published on Tuesday. Turkey’s annual inflation hit a 16-month peak of 69 percent in March, with the central bank’s aggressive interest rate rises doing little to slow the pace of consumer price increases. […]

Turkey's treasury and finance minister Mehmet Şimşek and IsDB president Muhammad Al Jasser at the IsDB annual general meeting in Riyadh

Turkey secures $6bn from Islamic Development Bank

Turkey has secured $6.3 billion in funding over the next two years from the Islamic Development Bank (IsDB) Group to support its economic development.  The facility will support sectors such as education, health, transport, finance, agriculture, industry, energy and infrastructure, state-run Anadolu Agency said, quoting Turkey’s treasury and finance minister Mehmet Şimşek. The total amount consists of $2 billion […]

A boy shares a hot spring with cows in Guroymak, Bitlis, Turkey. The World Bank has recognised Turkey’s geothermal potential with $600m of grants and loans

Investors warm to Turkey’s geothermal sector

Turkey is planning to offset its hydrocarbons deficit by broadening its renewable energy base, with the country’s geothermal sector being targeted by investors as a strong growth market. Turkey’s current installed capacity of 1700 megawatts (MW) – much of which is being used in agriculture to heat greenhouses – ranks it among the leaders in […]

Turkey LNG Exxonmobil

Turkey looks for Exxon LNG deal to replace Russia

Turkey is aiming to secure a multibillion-dollar long-term liquefied natural gas deal with ExxonMobil as it strives to reduce reliance on Russian energy. The Turkish energy minister, Alparslan Bayraktar, told the Financial Times Ankara wanted to buy up to 2.5 million tonnes of liquefied natural gas a year in a 10-year agreement.  Bayraktar said the […]

A Getir delivery driver in the Netherlands, one of the Turkish company's last remaining European markets

Turkey’s Getir exits Europe and US to focus on home market

Turkish grocery delivery startup Getir has announced that it is leaving the European and US markets to focus on Turkey. Getir had already exited the French, Italian, Spanish and Portuguese markets in 2023, and will now cease operations in the UK, the US, Germany and the Netherlands. These account for 7 percent of its revenue. […]

The funding of Midas is among the 'biggest ever' Series A fund raise by a Turkish fintech

Turkish fintech Midas raises $45m for new products

Turkish fintech startup Midas has raised $45 million in equity funding to expand its services and launch new products. The new products include cryptocurrency trading, mutual funds and savings accounts. The funding is among the “biggest ever” Series A fund raise by a Turkish fintech and comes less than three years after Midas was launched.  […]

A worker at Al Faw Grand Port. The Development Road project aims to connect the port with Turkey

Gulf to collaborate on $17bn Suez Canal road and rail rival

The $17 billion “Development Road” project is moving ahead after the UAE, Iraq, Qatar and Turkey signed a quadrilateral cooperation agreement.  The road and rail collaboration aims to tie the Al-Faw Grand Port in Iraq’s oil-rich south to Turkey, thereby shortening travel time between Asia and Europe in a bid to rival the Suez Canal. […]

The Turkish Airlines deal with Rolls-Royce and Airbus will be announced later this month

Turkish Airlines nears $20bn deal with Airbus and Rolls-Royce

State-backed Turkish Airlines is expected to sign an agreement with UK’s Rolls-Royce Holdings Plc and European planemaker Airbus to manufacture $20 billion worth of aircraft components locally. The deal will be announced in Istanbul later this month, Bloomberg reported, quoting Turkish officials who were aware of the agreement. Last December the Turkish national carrier announced […]

Turkey textiles

Hit by rising costs, Turkey’s textile producers move overseas

Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […]

Mubadala-backed Getir weighs asset sales

Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […]

Turkey's unemployment rate for women was 11.3% in February, down from 11.6% in January

Jobless rate in Turkey edges back towards 10-year low

Turkey’s unemployment rate fell 0.3 percentage points month on month in February, to 8.7 percent, according to official data released on Monday. The seasonally adjusted figure is edging back down towards the 8.6 percent recorded in October last year, the lowest for a decade.  The unemployment rate for women was 11.3 percent in February, down […]