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Qatar, Turkey won’t replace cancelled Russian Grand Prix

Formula One’s 2022 season will be reduced to 22 races after the sport said on Wednesday it would not be replacing the cancelled Russian Grand Prix on Sept. 25 despite interest from other countries. Formula One had scheduled a record 23 rounds this year but the race in Sochi was called off in February and […]

Magdalena Andersson, prime minister of Sweden, said her government did not want permanent NATO military bases on its territory

Sweden seeks to overcome Turkish objections to NATO bid

Sweden is formally applying for NATO membership, prime minister Magdalena Andersson said on Monday. “The government has decided to inform NATO that Sweden wants to be accepted as a member of NATO,” Andersson told reporters, adding that the application could be handed in on Monday, Tuesday or Wednesday. It will be synchronised with Finland’s request […]

Gulf’s top airlines take different paths to soar post-Covid

The air travel industry was among the worst hit globally by the coronavirus pandemic and its ensuing lockdowns and border closures — and the Middle East’s industry was no exception.  According to a report by McKinsey & Company, the pandemic caused global aviation revenues to drop by 60 percent in 2020, and airlines lost a […]

Gulf delivery companies innovate to go the last mile

How logistics companies in the Middle East are investing in technological upgrades to meet consumer demand for ever faster deliveries Today’s consumers increasingly expect cheap—or, better still, free—and fast delivery, especially in e-commerce, food and retail industries. In response, companies are investing to improve efficiency and cut costs in order to fund their shipping logistics. […]

BBVA is poised to take over Garanti

BBVA exceeds 50% in Garanti after raising offer for bank

Spain’s BBVA said on Monday it had already secured more than 50 percent of Garanti after raising its bid for the rest of the Turkish bank it does not own, takingadvantage of a slide in the lira with a 1.985 billion euro ($2.1 billion) offer to increase its emerging market exposure. BBVA had said earlier it had upped […]

In Syria, business hub hopes to drive recovery from war

In an industrial zone in northern Syria’s rebel-held city of Al-Bab, Abu Omar al-Shihabi’s smelter churns out iron bars he says can compete with any produced in Syria and beyond. The industrial zone is an unlikely business hub. It is located on the edge of a city which was once occupied by Islamic State and […]

President Erdogan of Turkey
  • Analysis

Erdogan heads home from Riyadh, hoping to have mended ties

Three-and-a-half years after accusing Saudi Arabia of murder and running a sham trial over the killing of Jamal Khashoggi, Turkish President Tayyip Erdogan has made a trip to the Gulf kingdom to mend ties. Turkey and Saudi Arabia have a common will to “reactivate a great economic potential” between the two countries, Erdogan said after […]

Tie, Accessories, Accessory

Turkey, Saudi to revive great economic potential, Erdogan says

Turkey and Saudi Arabia have a common will to “reactivate a great economic potential” between the two countries, Turkish President Tayyip Erdogan said on Saturday, after his first trip to the kingdom since 2017. Speaking to reporters on a flight back from Saudi Arabia, where he sought to mend frayed ties, Erdogan said the sides […]

Person, Human, Shoe

Turkish consumer confidence hits record low in April

The Turkish consumer confidence index dropped 7.3 percent to 67.3 points in April, official data showed on Thursday, hitting its lowest ever level, driven by a 10 percent drop from the previous month in the financial situation of households. A slide in the value of the lira began driving a fall in consumer confidence late […]

Turkey hikes gas prices, as inflation tops 60% in March

Turkish state-owned energy importer BOTAS said it had raised natural gas prices for industrial facilities by 50 percent and those for households by 35 percent, raising the prospect of further stoking inflation, which is expected to top 60 percent in March. BOTAS also said natural gas prices for electricity production were going up by 44.3 […]

Turks “bewildered” as rents outpace rampant inflation

Undeterred by industry figures showing rents in Istanbul have doubled inside a year, yoga instructor Ceren Tabak was fully prepared to spend most of her salary on housing costs when she decided last month to look for a home of her own. But she says real estate agents laughed when she quoted them the 6,000 […]

Visitors to Turkey jump 130% in March

The number of foreign visitors arriving in Turkey jumped 129.7 percent from a year earlier to 2.08 million in March, data showed on Friday, as the sector continued to recover from the impact of measures to combat the spread of coronavirus since 2020. The arrivals compared with a level of 718,097 foreign visitors in March […]

Turkish central bank nearly doubles inflation forecast

Turkey’s annual inflation will peak at around 70 percent by June before declining to near 43 percent by year-end, the central bank has forecast. The central bank slashed its policy rate by 500 basis points to 14 percent last year as part of President Tayyip Erdogan’s new economic plan. The cuts sparked a currency crisis […]

Person, Human, Audience

Turkish court sentences Kavala to life in prison

A Turkish court sentenced philanthropist Osman Kavala to life in prison on Monday finding him guilty of attempting to overthrow the government by financing 2013 nationwide protests, in a case that Europe’s top court and Ankara’s Western allies said was politically motivated. Kavala, 64, has been in jail for 4-1/2 years without a conviction and […]

Turkish President Erdogan plans visit to Saudi’s Crown Prince

Turkish President Tayyip Erdogan plans to visit Saudi Arabia on Thursday and meet Crown Prince Mohammed Bin Salman as Ankara tries to mend ties with Riyadh after dropping a legal case on the killing of journalist Jamal Khashoggi in Istanbul. Relations have been tense since a Saudi hit team killed Khashoggi at the kingdom’s Istanbul […]

Erdogan ready to lift all coronavirus measures in Turkey

President Tayyip Erdogan said on Tuesday that Turkey is ready to lift all measures against the coronavirus, adding that mask wearing will no longer be obligatory indoors. Speaking after the final meeting of the advisory science council, Erdogan said masks will still be mandated on public transport and in medical institutions until daily new cases […]

Turkey’s house price index surges 96% annually

Turkey’s residential property price index (RPPI) leapt an annual 96.4% in February in nominal terms, central bank data showed on Monday, surging against abackground of rising inflation. In the country’s largest city Istanbul, home to around a fifth of Turkey’s population of 85 million, the index climbed 106.3% on the year. The surge follows a […]

Turkish house sales rise 20.6% in March

Turkish house sales rose 20.6% in March on the year to 134,170 houses, data from the Turkish Statistical Institute showed on Friday. Sales to foreigners rose 31%, the institute said, with Iranian citizens topping the list. Iraqis and Russians were the next biggest buyers of Turkish properties, it added. Wealthy Russians are pouring money into […]