Aviation UAE’s Ghitha invests $220m in Turkish cargo airline Ghitha Holding, a subsidiary of Abu Dhabi conglomerate International Holding Company (IHC), has announced an investment of more than $220 million in Turkish cargo airline MNG. The company said it has entered into a share purchase agreement to buy a 44 percent stake in MNG Havayollari ve Tasimacilik. The deal was made through its wholly […] February 6, 2024
Economy Turkey’s inflation rises to 64.86% in January Turkey’s annual inflation rate reached 64.86 percent in January and increased 6.7 percent month on month, as the country’s new central bank governor pledged to ensure disinflation. Hotels, cafes and restaurants saw the highest annual increase of 92.27 percent, followed by health (78.57 percent) and education (79.81 percent), the latest data from the Turkish Statistical […] February 6, 2024
Analysis Infrastructure Turkey quakes still taking a toll on economy one year on A year on, the twin earthquakes that devastated much of Turkey’s south continue to send tremors through the nation’s economy. The quakes on February 6 2023 inflicted a $103.6 billion hit on the Turkish economy, according to the Strategy and Budget Department of the Office of the President. Some $85 billion of this was the […] February 6, 2024
Banking and Finance Turkey names new central bank governor Turkey’s first female central bank governor, Hafize Gaye Erkan, has resigned, citing personal reasons. Deputy governor Fatih Karahan was appointed as her successor on Saturday, local newspapers reported, citing the official gazette. “A major reputation assassination has recently been organised against me,” Erkan said in a post on the social messaging platform X. She added […] February 5, 2024
Infrastructure Turkey power retailer gets $100m to upgrade network The European Bank for Reconstruction and Development (EBRD) will provide a loan of up to $100 million to a Turkish electricity distribution and retail company to upgrade its power network in the country’s earthquake-hit region. The Turkish company Enerjisa Enerji will use the investments to modernise and reconstruct its distribution network in the Toroslar region. […] February 2, 2024
Tourism Turkey’s tourism revenue hits record $54.3bn in 2023 Turkey’s tourism revenues hit a record high of $54.32 billion in 2023, rising 17 percent from $46.48 billion in 2022, Turkish Statistical Institute data showed. Individual travellers contributed $41.61 billion to the total tourism income, while package tours added $13.25 billion. The official data showed that in the fourth quarter of last year tourism revenues […] February 1, 2024
Leisure & Hospitality Top Turkish holiday resort reports hotel rates at record highs The Turkish holiday destination Antalya saw hotel rates in 2023 rise 19.35 percent year on year. The average daily rate (ADR) for hotels in Antalya reached €172.1 ($186.21), Hürriyet Daily News reported, citing data from the Hotel Association of Türkiye (TÜROB). The revenue per available room (RevPAR) rose 8 percent year on year to €96.8. […] January 31, 2024
Economy Turkey hikes rate to 45% to maintain disinflation Turkey’s central bank has raised its benchmark one-week policy rate by another 250 basis points to 45 percent, continuing with its aggressive monetary tightening policy. “The monetary tightness required to establish the disinflation course is achieved and that this level will be maintained as long as needed,” the central bank governor Hafize Gaye Erkan said […] January 26, 2024
EXCLUSIVE Finance UK steps up hunt for Mena projects with £50bn budget The UK’s export credit agency is stepping up its search for “transformational” projects to finance across the Middle East and North Africa and has a potential war chest of about £50 billion ($63 billion). Since 2018, UK Export Finance has completed £11 billion worth of business and delivered thousands of jobs for UK businesses related […] January 25, 2024
Banking and Finance Turkey plans credit card restrictions after 160% surge Restrictive measures are likely to be imposed on credit cards, which saw surging growth last year, the chairman of Turkey’s banks association said. Credit card sales rose 159 percent in 2023, while overall loan growth increased 54 percent, the Daily Sabah newspaper reported, citing Alpaslan Çakar. “It is evident that there is a need for […] January 25, 2024
Real Estate Turkey home sales hit nine-year low on rising interest rates Sales of residential properties in Turkey fell to their lowest levels in nine years in 2023 due to rising interest rates and inflation. Home sales declined 17.5 percent year on year to 1.23 million in 2023, Daily Sabah newspaper reported, citing Turkish Statistical Institute (TurkStat). The central bank has raised its policy rate by 3,400 […] January 22, 2024
Economy Turkey allocates $35.5bn for new projects in 2024 The Turkish government has earmarked 1.07 trillion lira ($35.53 billion) for 12,041 projects in its 2024 budget, according to the country’s official gazette. As part of the investment program, 318.96 billion lira has been allocated to 773 projects in the transportation and communication sector, Daily Sabah newspaper reported. In addition, education takes a share of […] January 17, 2024
Trade Turkey targets 2024 chemical export revenues of $35bn Turkey is aiming to increase chemical export revenues by 15 percent year on year to $35 billion in 2024, according to an industry trade body. Exports reached $30.57 billion last year, down 8.7 percent from 2022, Hürriyet Daily News reported, citing Adil Pelister, president of the Istanbul Chemicals and Chemical Products Exporters’ Association. Global commodity prices fell […] January 16, 2024
Sustainability Turkish steel producers to invest $3.2bn to cut emissions Turkey’s two largest steel producers Erdemir and Isdemir will invest $3.2 billion (96.3 billion lira) to boost production and cut carbon emissions by 25 percent by 2030. Erdemir steel mill will reduce coal consumption by using biomass and natural gas while building new electric arc furnaces at its facilities in southern and northern Türkiye, Daily […] January 15, 2024
Trade Turkey’s exports to UAE and Saudi Arabia rise 78% Turkey’s exports to the United Arab Emirates (UAE) and Saudi Arabia reached $11.2 billion (336 billion lira) in 2023, an increase of 78 percent from $6.3 billion in 2022, according to a local media report. Exports to the UAE increased by 63.4 percent year on year to $8.58 billion last year, state-owned Anadolu Agency said, […] January 12, 2024
Finance Turkey ready to explore rare earth mining partnerships Turkey is seeking global collaborations and new partnerships in excavating and processing rare earth materials, energy and natural resources minister Alparslan Bayraktar said. “We are ready to collaborate with all countries, especially in Africa and the Western and Central Asian regions,” Daily Sabah newspaper reported, citing Bayraktar’s speech at the ministerial roundtable meeting at Future […] January 10, 2024
Infrastructure Turkey secures $1.3bn for high-speed railway Financing worth more than $1.3 billion has been secured to build a high-speed electric railway in Turkey. The deal, which was structured by Mitsubishi UFJ Financial Group, was enabled by support from UK Export Finance (UKEF) and three other export credit agencies: Austria’s OeKB, Italy’s Sace and Poland’s Kuke. The agreement allows Turkey’s Ministry of […] January 9, 2024
Infrastructure Turkish minister hints UAE and Qatar joining mega project The United Arab Emirates (UAE) and Qatar are considering joining the mega Development Road project, which will link southern Iraq to Turkey, a senior Turkish minister has said. “We will implement the project hopefully, in collaboration with Iraq. The UAE and Qatar also seem to be interested in this process,” transport and infrastructure minister Abdulkadir Uraloglu […] January 8, 2024
Industry Electric vehicles help Turkey hit record car sales in 2023 Passenger and light commercial vehicle sales in Turkey hit a new record in 2023, as a result of easing financing conditions, pent-up demand and the surging popularity of electric vehicles (EVs). Total sales reached 1.23 million units, rising 57.4 percent year on year, beating the all-time high of 984,000 units in 2016, Daily Sabah newspaper reported, citing […] January 7, 2024
Trade Turkey’s exports hit all-time high of $256bn in 2023 Turkey registered exports of $255.81 billion, hitting an all-time high despite the impact of the devastating earthquakes in early 2023. Exports rose marginally by 0.6 percent from $254 billion in 2022, beating the government’s medium-term programme unveiled last September. Ankara’s exports fell to $169.5 billion in 2020. “We have observed a persistent decrease in the […] January 3, 2024
Manufacturing Turkey’s manufacturing sector weakens for sixth month Turkey’s manufacturing sector deteriorated for a sixth straight month in December although the industry fared slightly better than in November, data published on Tuesday showed. The Istanbul Chamber of Industry’s Turkey PMI Manufacturing Index registered 47.4 in December, up from 47.2 a month earlier. A figure below 50 indicates the sector is contracting, while above […] January 2, 2024
Analysis Transport Turkey’s EV production finally gets into gear Turkey has long been a manufacturing base for the global auto industry, producing vehicles for more than a dozen industry giants such as Ford, Toyota and Renault. Its transition into electric vehicle (EV) manufacturing has been slow to materialise, but the country is now making up for lost time. First announced in 2017, 2023 saw […] December 29, 2023
