عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia to Showcase Top Technologies at Defense Fair in Istanbul

The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.
The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.
TT
TT

Saudi Arabia to Showcase Top Technologies at Defense Fair in Istanbul

The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.
The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.

The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye, reported the Saudi Press Agency.

The event will be held between July 25 and 28 at the Tuyap Fair Convention and Congress Center in Istanbul.

GAMI’s involvement is part of the Saudi pavilion that includes several government agencies, major national institutions and companies specialized in the field of military, defense and security industries.

They include the Saudi Arabian Military Industries, National Company for Mechanical Systems, Saudi Chemical Company Limited, Intra Defense Technologies, ERAF Industrial Company, and the World Defense Show.

Saudi Arabia’s participation at the event aims to highlight the promising investment environment and opportunities in the sector by exploring cooperation with major regional and global companies.

Saudi companies are keen on concluding several strategic partnerships with investors interested in the defense and security industries sector.

Most Viewed

 
 
Business

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
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.