Gulf Countries to Complete Railway Project

GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
TT

Gulf Countries to Complete Railway Project

GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)

The Gulf Cooperation Council (GCC) countries, the GCC Secretariat General, and the GCC Rail Authority are continuing to finalize the completion stages of the railway linking the GCC countries, announced GCC Secretary-General Jassim al-Budaiwi.

Budaiwi thanked and congratulated the United Arab Emirates on completing the railway construction within its territory and extending it to the border with Saudi Arabia.

Speaking at the Abu Dhabi Middle East Rail Exhibition and Conference, he underlined the keenness of Gulf leaders to support the process of joint Gulf action to enhance cooperation to reach the desired integration in all fields.

GCC states have taken thoughtful steps to coordinate and unify their policies and strategies, aiming to crystallize an applicable collective action framework that meets the ambitions and aspirations of their people, he added.

Budaiwi affirmed that the GCC states have been able to complete several strategic integration projects.

He stressed that the efforts of the General Secretariat, the GCC Rail Authority, and member states to complete the railway project represent a significant step in the joint Gulf interdependence and integration given its direct positive impact on trade and the free mobility of citizens and residents of the Gulf.

The project also supports joint investments between the member states and strengthens Gulf economic integration and its impact on the global economy.

Budaiwi remarked that the member states, the General Secretariat, and the Gulf Rail Authority are following up on the implementation of the GCC railway project and some member states have already completed building parts of the project within their territories.



Türkiye's Central Bank Lowers Key Interest Rate to 47.5%

A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
TT

Türkiye's Central Bank Lowers Key Interest Rate to 47.5%

A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)

Türkiye’s central bank lowered its key interest rate by 2.5 percentage points to 47.5% on Thursday, carrying out its first rate cut in nearly two years as it tries to control soaring inflation.
Citing slowing inflation, the bank’s Monetary Policy Committee said it was reducing its one-week repo rate to 47.5% from the current 50%.
The committee said in a statement that the overall inflation trend was “flat” in November and that indicators suggest it is likely to decline in December, The Associated Press reported.

Demand within the country was slowing, helping to reduce inflation, it said.
Inflation in Türkiye surged in recent years due to declining foreign reserves and President Recep Tayyip Erdogan’s unconventional economic policy of lowering rates as a way to tame inflation — which he later abandoned.
Inflation stood at 47% in November, after having peaked at 85% in late 2022, although independent economists say the real rate is much higher than the official figures.

Most economists argue that higher interest rates help control inflation, but the Turkish leader had fired central bank governors for failing to fall in line with his previous rate-cutting policies.

Following a return to more conventional policies under a new economic team, the central bank raised interest rates from 8.5% to 50% between May 2023 and March 2024. The bank had kept rates steady at 50% until Thursday's rate cut.
The high inflation has left many households struggling to afford basic goods, such as food and housing.