Economy Rate cut for Turkey in balance as inflation stays high Despite higher than expected inflation in Turkey in November, the window may remain open for the central bank to cut its key lending rate before the end of this year. Turkey’s annualised inflation rate fell back to 47.1 percent in November, data issued by the statistics agency Turkstat on December 3 showed, down from October’s […] December 3, 2024
Trade Oman and Turkish pension fund launches $500m JV A new container port in the southern Turkish city of Iskenderun is to be the first project in a joint venture worth $500 million between one of Turkey’s leading retirement funds and Oman’s sovereign wealth agency. The Oman Investment Authority (OIA) and the Turkish military pension fund Oyak plan to invest in a range of […] December 3, 2024
Renewable Energy Turkey aims to invest $100bn in renewable energy by 2035 Turkey is committing to a $100 billion investment in renewable energy by 2035, in a bid to become a carbon-neutral economy within the next three decades, energy minister Alparslan Bayraktar said. The country has a roadmap to expand wind and solar energy capacity from 31,000 megawatts (MW) to 120,000MW by 2035, Hürriyet Daily newspaper reported, citing […] December 2, 2024
Economy Turkish growth slows as anti-inflation measures bite Turkey’s economy shifted down another gear in the third quarter, as government efforts to curb demand cut deeper into business and consumer activity. GDP increased by 2.1 percent in the third quarter, slowing from 2.4 percent in the second quarter, according to the official agency Turkstat. Growth in most sectors was either flat or slowing. […] November 29, 2024
Energy Turkey asks US to allow payments to sanctioned Russian bank Turkey is seeking an exemption to new sanctions imposed against Moscow by the Biden administration that would mean payments for imports of Russian natural gas are blocked, potentially cutting energy supplies and undermining the Turkish economy. Washington announced sanctions against Gazprombank, which is part-owned by Russian state gas producer Gazprom, on November 21 this year. […] November 27, 2024
Banking & Finance HSBC appoints former Turkey chief as Middle East CEO British banking giant HSBC has appointed a new head of its Middle East operations following an internal restructuring. The company has appointed Selim Kervanci, the current CEO of HSBC Turkey, as CEO of the Middle East region. His appointment is subject to regulatory approval. Kervanci, who joined HSBC in Istanbul in 1996, replaces Stephen Moss […] November 25, 2024
Real Estate Turks drawn to overseas property investments Turkish property investors are increasingly looking further afield as they seek real-estate opportunities. High interest rates and cooling returns on assets at home make the domestic market less appealing both to Turks and foreigners. While Turkey remains a property investment destination, with a net positive balance of capital movement, inflows are tapering off just as […] November 22, 2024
Manufacturing Turkey’s Beko to cut jobs in Italy over underperformance Beko, a Turkish white goods and electronic brand owned by manufacturer Arcelik, is to reduce its workforce in Italy by nearly half amid mounting industry challenges and financial underperformance. The company will lay off 1,935 of 4,440 employees, Reuters reported, citing a statement issued by Italy’s industry ministry, the FIM, FIOM, UILM and UGLM trade […] November 22, 2024
Analysis Agriculture Turkey’s olive growers mine liquid gold Turkey is likely to set a new record for olive oil output this year, as millions of new trees planted in a drive to expand supply reach maturity. The crop should consolidate the country’s position as the one of the world’s largest olive oil producers. This year, Turkey is on course to produce around 475,000 […] November 21, 2024
Economy Turkish consumer confidence slides as inflation persists Turks appear to have taken to heart government efforts to cool the economy and rein in inflation, with the latest consumer confidence survey showing a dip in outlook, reversing a five-month upward trend. Turkey’s consumer confidence slipped further into negative territory in November, according to data issued by statistics agency Turkstat on November 21, as […] November 21, 2024
Agriculture Saffron adds spice to Turkey’s agriculture offering Turkey is hoping an age-old product, saffron spice, will boost the value of its agriculture sector. A new project aims to double the area of saffron under cultivation to meet domestic demand and form the basis for exports in the rare and valuable spice. Saffon-A Tarim AŞ, a private sector company, has begun harvesting 100 […] November 20, 2024
Markets Turkey targets IPOs for state energy companies Turkey is preparing to launch initial public offerings (IPOs) for its state-run energy companies to enhance their institutional structures, energy minister Alparslan Bayraktar has said. The companies include electricity transmission operator Teias, electricity producer EUAS, gas grid operator Botas, and oil and gas company TPAO, Reuters reported, citing the minister’s briefing to a parliamentary commission. […] November 20, 2024
Finance Foreign investment in Turkey rises 8% to nearly $8bn Foreign direct investment (FDI) in Turkey hit $7.7 billion in the first nine months of 2024, up 8 percent year on year, according to data from the country’s central bank. Equity capital inflows contributed $4.33 billion, while the wholesale and retail trade sector attracted $932 million, Daily Sabah newspaper reported. Real estate investments from foreign […] November 17, 2024
Banking & Finance Development bank targets female employment in Turkey Turkish women are to be one of the main beneficiaries of the European Bank for Reconstruction and Development’s (EBRD) latest investment strategy, through a series of initiatives to fund training, skills growth and business development in the country. In its 2024-29 strategy, released on November 12, the European lender identified four key areas that it […] November 14, 2024
Energy Turkey seeks World Bank funds to upgrade power grid Turkey is in talks with the World Bank to access funding to strengthen and extend the country’s energy transmission grid, part of broader plans to quadruple renewable energy generation capacity and transition away from fossil fuel dependency. World Bank country director for Turkey Humberto Lopez said the international lender will work with Ankara to unlock […] November 12, 2024
Analysis Tourism More tourists in Turkey, but they spend less and leave quicker Turkey is on track to break records for tourist arrivals this year, but it may fall short of revenue targets, as visitor numbers are up but spending is flatlining and average holiday stays are getting shorter. Just over 23.2 million overseas visitors made Turkey their destination in the third quarter of the year, the statistics […] November 11, 2024
Food & Drink Chocolate trend sends Dubai nuts for Turkish pistachios It may have started with a UAE resident trying to assuage her hunger cravings during pregnancy, but the latest taste sensation to sweep the Middle East and beyond is causing contractions in the supply of Turkish pistachios as demand for Dubai chocolate swells. Turkey is in line to post a record high pistachio harvest for […] November 10, 2024
Analysis Economy Turkey to boost borrowing to bridge budget gap Turkey’s Treasury has issued its borrowing programme for 2025, seeking to build a bridge over the budget deficit through a mix of domestic and external debt offerings, though any instability in global markets could add to financing costs. Under the programme, the government will seek to raise the equivalent of up to $13 billion from […] November 8, 2024
Food & Drink Boycotts help send Turkey’s Coca-Cola sales down A boycott of brands seen as supporting Israel in the Middle East has helped bring a double-digit drop in third-quarter sales in Turkey and Pakistan for a Coca-Cola subsidiary. Coca-Cola Icecek (CCI), which is based in Istanbul, said sales in Turkey in Q3 fell 12.2 percent, while sales in Pakistan were down by 22.9 percent. […] November 6, 2024
Trade More Turkish companies open in UAE after trade deal A free trade agreement between the UAE and Turkey has been followed by a jump in the number of Turkish companies opening offices in the UAE. The signing of the comprehensive economic partnership agreement (Cepa) between the two nations in March 2023 was designed to create greater collaboration and remove tariffs on a range of […] November 5, 2024
Aviation Turkish Airlines profit falls despite revenue rising 8% Revenue at Turkish Airlines rose 8 percent year on year in the first nine months of 2024 to $17 billion, driven by increased passenger numbers. The airline flew 65 million passengers from January to September, rising 2 percent annually, according to its latest investor presentation. Passenger revenue climbed 3 percent year on year to $14 billion, […] November 5, 2024
Retail Alibaba-backed Trendyol plans $2bn Gulf investment Trendyol, Turkey’s largest ecommerce platform, is to invest $2 billion in the Gulf region over the next three years. The company is backed by Chinese tech giant Alibaba, and has established a presence across all six GCC countries. It has had rapid growth in Saudi Arabia, now its second-largest market, in particular. Its group president, […] November 5, 2024
