Türkiye Invites Arab Countries to Sign Bilateral Free Trade Agreements

Turkish Minister of Treasury and Finance Mehmet Simsek speaking during the Arab-Turkish Banking Summit in Istanbul. (Asharq Al-Awsat)
Turkish Minister of Treasury and Finance Mehmet Simsek speaking during the Arab-Turkish Banking Summit in Istanbul. (Asharq Al-Awsat)
TT

Türkiye Invites Arab Countries to Sign Bilateral Free Trade Agreements

Turkish Minister of Treasury and Finance Mehmet Simsek speaking during the Arab-Turkish Banking Summit in Istanbul. (Asharq Al-Awsat)
Turkish Minister of Treasury and Finance Mehmet Simsek speaking during the Arab-Turkish Banking Summit in Istanbul. (Asharq Al-Awsat)

Turkish Minister of Treasury and Finance Mehmet Simsek called on Arab countries not to be afraid to conclude free trade agreements with Ankara, stressing that such deals would strengthen relations between Türkiye and the Arab world.

Speaking at the International Arab Banking Summit in Istanbul on Thursday, Simsek said the customs union agreements between Türkiye and the European Union contributed to the development of the manufacturing industry in his country.

“I believe that we should take advantage of the opportunities provided by free trade agreements. We are open to cooperation with our Arab neighbors. Together, we can develop ports and create new facilities, tourism can be revived, and we can also support each other with regard to human resources,” he remarked.

The minister went on to say that Türkiye is a country with a diversified economy, capable of competing in the areas of production, added value and technology, and acts as a bridge between Europe and Central Asia.

He added that the Arab world has rich and diverse resources, and enjoys a budget surplus, especially in the Gulf countries.

Simsek noted that Ankara and the Arab capitals can develop strong partnerships in the fields of tourism, construction and defense industries, and can implement mutually beneficial projects in trade and investment.

Meanwhile, Türkiye’s Central Bank on Thursday left the benchmark one-week repo rate unchanged at 50 percent for the second consecutive meeting, matching with market expectations.

“Considering the lagged effects of the monetary tightening, the (Monetary Policy) Committee decided to keep the policy rate unchanged, but reiterated that it remains highly attentive to inflation risks,” the bank said in a statement.

The bank added that it terminated the securities maintenance practice, within the scope of simplifying the macroprudential framework and enhancing the functionality of the market mechanism.



Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
TT

Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.