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Qatar pledged $15 billion (Dh55.09 billion) of investment in Turkey that will be channeled into Turkish financial markets and banks, a government source told Reuters yesterday. The investment package was announced after Qatar’s Emir Tamim Bin Hamad Al Thani met President Tayyip Erdogan in Ankara, as Turkey grapples with a collapse in the lira and tensions with Natoally the United States. The currency has lost nearly 40 percent against the dollar this year, driven by worries over Erdogan’s growing influence on the economy and his repeated calls for lower interest rates despite high inflation.
Following the announcement, the lira firmed briefly to 5.8699 from 6.04 to the dollar, but later eased back to 6.0200. The Turkish lira had rebounded some 6 percent on Wednesday after the central bank squeezed lira liquidity in the market, effectively pushing up rates and supporting the currency.
The introduction of VAT in the UAE may raise up to 1.7 per cent of the country’s gross domestic product, the rating agency Moody’s said. “The implementation of VAT in the UAE marks a positive step t
Buoyant exports will drive Qatar’s current account surplus to nearly 9% of the country’s GDP in 2018; an increase of around 5%, a new QNB report has shown.
With oil prices expected to avera
The Sharjah Investment and Development Authority (Shurooq) and Injazat Services announced the establishment of the Sharjah Investors Services Centre.
The centre will provide services to inv
Higher crude production and recovering oil prices will aid growth in an otherwise sluggish oil sector and strengthen fiscal and external balances for the GCC economies, according to ICAEW’s latest Ec
Qatar’s Industrial Production index (IPI) rose to 107.7 points for the month of July, up by 2.2 percent compared to the previous month , and increased by 1.4 percent from a year ago.