Trade UAE-Turkey trade set for 50% rise to $15bn in 2023 Bilateral trade between the UAE and Turkey is set to jump by 50 percent to hit $15 billion by the end of the year following the signing of a comprehensive economic cooperation agreement (Cepa) in September. “We have exceeded $14 billion in the first nine months of this year,” Daily Sabah newspaper reported, citing trade […] November 1, 2023
Sustainability Investment in Mena climate tech hits record $270m in 2022 Venture capital funding into climate tech startups across the Middle East, North Africa (Mena) and Turkey reached a record $270 million in 2022, although investments have been lower in the year to date, a study shows. Climate tech VC in the region was up 50 percent annually compared to 2021, said the report by CE […] October 31, 2023
Banking & Finance Turkey embraces crypto amid currency woes Turkey has emerged as a significant player in the global crypto market, with $170 billion flowing into the country over the past year, ranking it 12th in the world, higher than markets such as Germany, Russia and Canada. The Chainalysis Global Crypto Adoption Index said the surge can be attributed to Turkey’s currency challenges and […] October 27, 2023
Finance Turkey hikes rates sharply to 35% to tame rising inflation Turkey’s central bank raised its policy rate by 500 basis points to 35 percent as expected on Thursday, tightening aggressively for a third straight month as it steps up efforts to rein in the country’s inflation, which has soared for years. The bank’s policy committee repeated that it was ready to raise rates further as […] October 27, 2023
Oil & Gas Oil companies shun Iraq-Turkey Pipeline over payment International oil companies are refusing to sign up to using a newly reopened pipeline transporting oil from northern Iraq to the Mediterranean coast via Turkey over commercial disputes with Baghdad and Arbil. Alpaslan Bayraktar, the Turkish energy minister, told the Adipec conference in Abu Dhabi earlier this month that logistical issues over the Iraq-Turkey Pipeline […] October 23, 2023
Finance Turkey’s finance minister to embark on second Gulf tour Turkey’s finance minister Mehmet Şimşek is to embark on a second tour of Gulf countries as part of his government’s drive to attract foreign investment. “Our meetings with investors will continue next week with visits to Gulf countries,” Daily Sabah newspaper reported, quoting a post by Şimşek on X, formerly Twitter. Şimşek will visit Abu […] October 23, 2023
Trade UAE investment in Turkey nears $6bn since 2002 Foreign direct investment from the UAE to Turkey has surged to $5.6 billion (AED20.6 billion) from 2002 until August 2023, said Mesaid Ahmet Burak Daglioglu, head of the investment office of the Turkish presidency. Nearly 600 UAE companies are operating in Turkey as of the first half of 2023, he told the UAE state-owned Wam […] October 18, 2023
Finance Turkish 2024 budget allocates $37bn for quake-hit regions Turkey has allocated 1.03 trillion lira ($37 billion) in its 2024 draft budget to meet the cost of earthquake-related damage, according to vice president Cevdet Yılmaz. “Our priority is to rebuild our cities destroyed by the earthquakes,” Yılmaz said at a news conference giving details of the government’s 2024 budget proposal. Spending is estimated at […] October 18, 2023
Finance Turkey’s regulator approves largest IPO since 2018 Turkey’s market regulator has given the nod to launch food services company TAB Gıda’s floatation on the Borsa Istanbul bourse. The initial public offering (IPO) will be the “largest in dollar terms since 2018”, Daily Sabah newspaper said. The company will float about 20 percent, or 52.5 million, of its shares at 130 lira each, […] October 16, 2023
Finance Turkey looking at eurobond issuance by year-end Finance minister Mehmet Simsek said that Turkey is “looking closely at market conditions” for issuing eurobonds and that it was likely to happen before year-end. Simsek was speaking to reporters after an Institute of International Finance event on the sidelines of the IMF and World Bank meetings in Morocco. Investors have said they expect Turkey […] October 13, 2023
Analysis Banking & Finance Turkey and Egypt can trip up Gulf lenders says analyst Gulf banks are in a resilient position as oil production cuts crimp economic growth, but lenders could face headwinds from macroeconomic volatility in Egypt and Turkey, an S&P Global analyst said this week. In Turkey, Dubai’s Emirates NBD owns Denizbank and Qatar National Bank owns QNB Finansbank, the country’s eighth and ninth largest banks by […] October 12, 2023
Analysis Business of Sport Turkey chosen as co-host for football’s Euro 2032 Turkey on Tuesday was awarded co-hosting rights for the Euro 2032 men’s soccer tournament in a decision that will provide a further boost to the country’s resurgent tourist industry and bring in much-needed additional foreign currency. Turkey had sought to host Euro 2028 or Euro 2032 in their entirety but in July launched a joint […] October 11, 2023
Finance Turkey’s inflation rate pace slows but hits high of 62% Turkey’s annual inflation rate hit 61.53 percent in September 2023, compared with 49.86 percent in the same month last year, according to the Turkish Statistical Institute. Although inflation reached a new high, the pace of increase has slowed, pointing to the positive impact of the shift in economic policymaking post-election. The month-on-month rise slowed to […] October 4, 2023
Analysis Economy Turkey’s bounced cheques, loan and card defaults soar The value of bounced cheques in Turkey is soaring as small and medium-sized enterprises grapple with resurgent inflation. Personal loan and credit card defaults are also at 2023 highs following a borrowing splurge ahead of May’s elections. Veteran leader Recep Tayyip Erdoğan had pushed state-owned banks to expand lending in the run-up to the parliamentary […] October 3, 2023
Analysis Economy Sustained rate hikes fail to reverse Turkish lira slump Turkey’s near-quadrupling of interest rates in the past three months has slowed but not yet reversed a long-term slump in the country’s currency, the lira. It is widely expected to tumble to further record lows before the end of 2023. The currency’s ongoing weakness spells trouble for efforts to rebalance the economy, and the country’s […] October 2, 2023
Energy Turkey ramps up output at its largest Black Sea gas field Turkey has increased daily natural gas production in its offshore Sakarya gas field in the Black Sea to four million cubic meters (mcm), according to Melih Han Bilgin, CEO of Turkish Petroleum Corporation. The country has set a production target for the first phase of the field of 10 million cubic metres of natural gas […] October 2, 2023
Finance DIB acquires 20% stake in Turkey’s TOM Group Dubai Islamic Bank has ventured into Turkey’s digital banking and financial technology arena by acquiring a 20 percent stake in Istanbul-based TOM Group. The Shariah-compliant bank has the option to increase shareholding to 25 percent within 12 months, it said in a statement. TOM Group, established by Aydın Group, includes TOM Katılım Bankası A.Ş. (Turkey’s first licensed digital retail […] October 2, 2023
Finance S&P revises Turkey outlook to ‘stable’ on policy shift S&P Global Ratings on Friday revised its outlook on Turkey to “stable” from “negative,” citing policy shifts by the country, and affirmed its rating at “B”. Turkey’s new economic team is “enacting measures aimed at cooling the overheated economy and stabilising the exchange rate without undermining financial and fiscal stability”, the ratings agency said in […] October 1, 2023
Analysis Markets Erdoğan’s stock grows as Turkey’s index doubles Turkey’s main stock index has nearly doubled since veteran leader Recep Tayyip Erdoğan’s surprise re-election in May, and experts forecast the rally can persist until early 2024 at least. Further gains seem probable as retail investors buy equities to hedge against resurgent inflation and the president’s new finance chiefs convince institutions the country is returning […] September 28, 2023
Finance European bank ups Turkey’s GDP growth to 3.5% in 2023 The European Bank for Reconstruction and Development (EBRD) has raised its 2023 GDP growth forecast for Turkey to 3.5 percent, up from a previous estimation of 2.5 percent. The upward revision is driven by the fiscal stimulus in the run-up to the May elections and the shift in the economic policymaking post-election, according to the […] September 28, 2023
Finance Turkey begins rolling back ‘costly’ lira protection scheme Turkey’s central bank has begun rolling back a costly scheme that protects lira deposits from FX depreciation by removing minimum interest rates, according to a document sent to banks and seen by two bankers. Last week the central bank raised its interest rate to 30 percent, which would have been the new minimum rate for […] September 26, 2023
Tech Elon Musk’s Starlink applies for Turkey licence SpaceX’s satellite internet venture Starlink has applied for a licence in Turkey after a meeting in the US between its founder Elon Musk and President Recep Tayyip Erdoğan. Ömer Fatih Sayan, Turkey’s deputy transport and infrastructure minister, confirmed that the application has been filed. “Starlink, which offers low Earth orbit satellite services, expressed their desire to operate […] September 25, 2023
