Turkish firms bag $220B projects overseas in 10 years

Turkish firms bag $220B projects overseas in 10 years11/07/2017 (Anadolu Agency – Turkey): The business volume of Turkish contractors worldwide reached approximately $220 billion during the last 10 years, according to data from the Economy Ministry on Friday. The contractors ranked second in the world after China, taking up 4,152 projects overseas between 2008 and 2017. The first contracted project was carried out in Libya in 1972; since then until the last July Turkish firms have carried out 9,018 projects in 117 countries, totaling $344.7 billion in business volume.The average project cost was $37.1 million in 2008, which doubled to $79.3 million in July this year. Russia ranked first with $67.6 billion (19.6 percent) among projects carried out in the last 45 years. This was followed by Turkmenistan with $46.8 billion (13.6-pct) and Libya with $28.9 billion (8.4-pct)…



Iran goes big on clean energy

29/07/2017 (Teheran Times – Iran): KERMAN- Through inaugurating a solar farm with a generation capacity of 20 megawatts and also breaking the ground for another solar farm with 100 MW capacity Iran took a big step toward harnessing renewable energies. Energy Minister Hamid Chitchian inaugurated 20-MW Mokran Solar Farm in Mahan County in the southeastern Kerman Province on Thursday. Covering 44 hectares of land, the farm includes 76,912 solar panels, each having a generation capacity of 260 watts of electricity. Putting this farm into operation, the country’s generation capacity of photovoltaic systems reached 53 MW. The farm includes two parts, each generating 10 MW of electricity. It was built within six months. The project to build this farm was jointly implemented by Iran’s Mokran Solar Energy Company, as the general contractor, Germany’s ADORE GmbH Company, as the program manager, and Switzerland’s DURION AG Company, as the main investor that invested $27 million…



Dubai non-oil foreign trade rises 2.7% to AED327 bn in Q1 2017

Dubai non-oil foreign trade rises 2.7% to AED327 bn in Q1 201709/07/2017 (Emirates 24/7 – UAE): Dubai’s non-oil foreign trade grew 2.7 percent to reach AED327 billion in the first quarter of 2017, compared with the AED318 billion in the same quarter of 2016, according to the data published by Dubai Customs. H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, praised the growth in Dubai’s non-oil trade and noted that Dubai had once again proved its ability and readiness to overcome all challenges. “Dubai has been able to offset the impact of key challenges, including major currency fluctuations and slower global economic growth, increasing its non-oil foreign trade, as well as cementing its position as a regional and global business hub,” His Highness said. “Dubai has achieved this growth thanks to the guidance of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum…



Egypt received $7 bln in foreign funds to support 79 development projects in 2016: Ministry

Sahar Nasr 30/06/2017 (Ahram Online – Egypt): Egypt recieved development funds worth $7 billion to support 79 projects in 11 sectors in 2016, the investment and international cooperation ministry said on Friday. “In 2016, we were able to inject $7 billion into economic, social and environmental development that meets the needs of both individuals and communities,” the ministry said in an annual report released Friday, titled “One Year of Effective Development Cooperation.” “The funds were spread among 79 development projects aimed at improving the standard of living of citizens, with a particular focus on the poor and vulnerable in disadvantaged areas,” it added. The report, which tracks development efforts in 2016, consists of four chapters: development assistance management for sustainable development, development cooperation activities in 2016, consensus with national development goals, and comprehensive growth and fair development…



Amazon to buy Whole Foods for $13.7 billion

17/06/2017 (Gulf News – Bahrain): Amazon.com Inc said on Friday it would buy Whole Foods Market Inc for $13.7 billion, in an embrace of brick-and-mortar stores that could turn the high-end grocer into a mass-market merchant and upend the already struggling U.S. retail industry. Amazon used aggressive pricing to become an e-commerce retail juggernaut and has recently been experimenting with brick-and-mortar outlets. It will take over a natural and organic grocer pioneer with 456 stores, a mecca for young, high-end shoppers, that has been struggling to rein in prices and integrate technology. The deal represents a dramatic turn in strategy for Amazon, which has offered food delivery through its Fresh service for a decade but has not made a major dent in the $700 billion grocery market. “The ramifications for all of retail are seismic – not just retailers that sell grocery, but for everyone,” Gordon Haskett analyst Chuck Grom said…



Turkey’s Borsa Istanbul hits record high

Turkey's Borsa Istanbul hits record high09/06/2017 (Anadolu Agency – Turkey): Turkey’s benchmark index closed the day with an all-time high after going up 965.33 points on Friday to stand at 98,942.87 points. Borsa Istanbul’s BIST 100 index rose 0.99 percent with a total trading volume of 4.6 billion Turkish liras (approximately $1.30 billion). The banking and holding sector indices advanced by 1.33 percent and 0.90 percent, respectively. Among all sectors, the mining sector index was the top gainer — up 4.44 percent — while the small-and-medium enterprises industrial index saw the biggest decline, going down 0.23 percent. Stocks of Nurol GMYO (NUGYO), a real estate investment trust, were the top performer with an increase of 20 percent in value, whereas Otokar, a major defense industry firm part of Koc Holding, performed the worst, with its stocks falling by 3.14 percent…



Russia lifts further trade sanctions against Turkey

AP photo03/06/2017 (Hurriyet – Turkey): Russia on June 2 further relaxed trade sanctions placed on Turkey in the aftermath of the downing of a Russian fighter jet in 2015, as Anadolu Agency has reported. In a statement, the Russian government said Prime Minister Dmitry Medvedev had signed a decree lifting the ban on some agricultural produce and Turkish companies involved in construction, engineering and tourism. The development is the latest in the lifting of sanctions imposed after Turkey shot down a Russian warplane that crossed into Turkish airspace from Syria in November 2015. The June 2 resolution removed frozen chicken and other poultry by-products as well as cucumbers, gherkins and fresh fruits from the list of blocked products, the Russian government said. It also lifted the ban on Turkish construction, design, engineering and tourism-related companies…



Electricity crisis disrupts livelihood in Gaza Strip

EPA Photo28/05/2017 (Sabah – Turkey): The power authority in the Gaza Strip warned that the ongoing electricity shortages in the blockaded Palestinian territory would have grave consequences. “The crisis is affecting all aspects of livelihood in Gaza,” Fathi al-Sheikh Khalil, the authority’s deputy head, said during a press conference Sunday. He stated that the cuts obstruct water supplies, sewage pumps and disrupt health services to patients. “Israel is fully responsible for the ongoing electricity crisis in Gaza,” he said, calling on Israel to fulfill the strip’s electric needs. According to Khalil, Gaza’s power authority agreed to all conditions set by the Ramallah-based government to resupply the fuel needed to operate the strip’s power plant…



Saudi-US trade volume exceeds SR2 Trillion in 10 years

Saudi-US trade volume exceeds SR2 Trillion in 10 years20/05/2017 (Saudi Gazette – KSA): RIYADH – The Ministry of Commerce and Investment said the volume of trade exchange between the Kingdom and the US in 2016 reached SR142 billion. Of this, the Saudi exports to the US reached SR65.6 billion while American exports reached SR75.8 billion. It added that the Saudi-US volume of trade has exceeded SR2 trillion during the last decade. The balance of trade is in favor of the US by SR10.1 billion and the US stands second among the top ten countries importing from the Kingdom and the first place among the top ten countries exporting to the Kingdom during 2016. Crude oil and its products and fertilizers (urea) top the list of the most important Saudi commodities exported to the US, apart from raw aluminum blends and ethylene glycol. Meanwhile, the list of commodities imported from the US includes spare parts, aircraft engines and vehicles of all kinds…



IMF reaches staff-level agreement with Egypt on delivering second tranche of loan

IMF13/05/2017 (Ahram Online): The International Monetary Fund staff team and the Egyptian authorities have reached a staff-level agreement on the first review of Egypt’s economic reform programme, supported by the IMF’s $12 billion loan, according to a Fund statement on Friday. The statement by the head of the IMF delegation to Egypt, Chis Jarvis, said that once approved by the Fund’s executive board, “completion of the review would make available SDR 895.48 million (about US$1.25 billion), bringing total disbursements under the program to about US$4 billion.”The delegation from the IMF arrived in Cairo on 30 April to follow up on the progress in the country’s economic reform programme, ahead of delivering the second tranche of the IMF loan…