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Neom Bay Airport Receives First Commercial Flight

Neom Bay Airport receives its first commercial flight. (SPA)
Neom Bay Airport receives its first commercial flight. (SPA)
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Neom Bay Airport Receives First Commercial Flight

Neom Bay Airport receives its first commercial flight. (SPA)
Neom Bay Airport receives its first commercial flight. (SPA)

Saudi Arabia’s Neom Bay Airport received on Sunday its first commercial flight.

Director General at Saudi Arabian Airlines Saleh al-Jassar and Neom CEO Nadhmi Al-Nasr were present to witness the Saudi Airlines flight land at the airport.

Neom Bay Airport is one of the most modern and important airports in the Middle East. It also boasts a strategic location where it lies on the border with Saudi Arabia, Jordan and Egypt.

It will conduct regular flights to investors and employees of Neom mega project.

The establishment of the airport comes in line with Saudi Vision 2030 and aims to support the development of the national economy by creating a modern and global logistics platform for companies and individuals around the world.

The total area of the airport is 3,643 sq. meters and has a hangar to accommodate as many as six aircraft.

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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)
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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.