Turkey Approves Development Plans for Istanbul Canal

A view of Istanbul with the Bosphorus Strait and Bosphorus Bridge. (AP file photo)
A view of Istanbul with the Bosphorus Strait and Bosphorus Bridge. (AP file photo)
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Turkey Approves Development Plans for Istanbul Canal

A view of Istanbul with the Bosphorus Strait and Bosphorus Bridge. (AP file photo)
A view of Istanbul with the Bosphorus Strait and Bosphorus Bridge. (AP file photo)

Turkey has approved development plans for a huge canal on the edge of Istanbul, Environment Minister Murat Kurum said on Saturday, advancing a project which has attracted criticism over its cost and environmental impact.

The step came a year after Turkey held its first tender for the reconstruction of two historic bridges in its largest city where the 45km (28 miles) Kanal Istanbul, championed by President Recep Tayyip Erdogan, is set to be dug.

“We have approved the Kanal Istanbul Project development plans and put them out for public consultation. We will rapidly take steps to enrich our country and sacred city with Kanal Istanbul,” Kurum wrote on Twitter.

The canal will connect the Black Sea north of Istanbul to the Marmara Sea to the south and is estimated to cost 75 billion lira ($9.2 billion).

The government says it will ease shipping traffic on the Bosphorus Strait, one of the world’s busiest maritime passages, and prevent accidents similar to that this week on the Suez Canal, where work is continuing to refloat a giant container ship blocking the channel.

But like other major infrastructure projects undertaken during Erdogan’s 18-year rule, the canal has drawn criticism from those who say it will wreak environmental havoc and pollute fresh water resources around the city of 15 million people.

Istanbul Mayor Ekrem Imamoglu, from the main opposition party, is among the staunchest critics of the project. He has said spending resources on the canal while Turkey combats the coronavirus outbreak is “mind boggling.”



Saudi Finance Ministry, NDMC Appoint HSBC Primary Dealer for Local Debt Instruments

The agreement is part of the Financial Sector Development Program (FSDP) strategy
The agreement is part of the Financial Sector Development Program (FSDP) strategy
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Saudi Finance Ministry, NDMC Appoint HSBC Primary Dealer for Local Debt Instruments

The agreement is part of the Financial Sector Development Program (FSDP) strategy
The agreement is part of the Financial Sector Development Program (FSDP) strategy

The Saudi Ministry of Finance and the National Debt Management Center (NDMC) have signed an agreement with HSBC to appoint it as a primary dealer in the government's local debt instruments.

The institution will join the six other international institutions, namely, BNP Paribas, Citigroup, Goldman Sachs, J.P. Morgan, Societe Generale, and Standard Chartered Bank, as well as the 10 local institutions, namely, the Saudi National Bank (SNB), the Saudi Awwal Bank (SAB), Bank AlJazira, Alinma Bank, Al Rajhi Bank, Albilad Capital, Aljazira Capital, Al Rajhi Capital, Derayah Financial Company, and Saudi Fransi Capital.

The agreement is part of the Financial Sector Development Program (FSDP) strategy as a step toward achieving the objectives of Saudi Vision 2030 by strengthening financial sector institutions and advancing the financial market.

It also confirms the role of the NDMC in enhancing access to local debt markets through diversifying the investor base to ensure sustainable access to the secondary market and to support its development; these efforts have resulted in recent dual inclusion in both the J.P. Morgan Government Bond Index Emerging Markets (GBI-EM) and the Bloomberg Emerging Markets Local Currency Government Index, which will contribute to increasing the presence of Saudi debt instruments within global investment portfolios, enhancing liquidity in the secondary market, and raising the international competitiveness of the local debt market.

The applications for subscription in the primary market for the government's local debt instruments are submitted to the NDMC through the appointed primary dealers on a scheduled monthly basis, and these dealers receive the applications submitted by investors.


Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards

Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards
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Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards

Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards

Riyadh Airports Company, which manages and operates King Khalid International Airport in Riyadh, achieved a new global accomplishment by winning four awards at the 2026 Stevie Awards, considered among the most prominent international awards honoring innovation and excellence across various business fields.

The awards annually attract thousands of entries from leading institutions and companies worldwide and are subject to precise evaluation standards by specialized international judging committees, reinforcing their position as one of the leading global awards in institutional excellence, SPA reported.

The company received awards across multiple categories, winning the gold award for Innovation in the Use of Social Media, in addition to two silver awards for Most Innovative Social Media Campaign and Most Innovative Use of Influencer Collaboration, alongside a bronze award for Innovation in Social Media Marketing.

This recognition reflects the level of progress achieved by Riyadh Airports Company in adopting the latest and best practices and developing distinguished initiatives based on innovation and integration in implementing communication and marketing campaigns, enhancing its institutional presence and reinforcing its position at both regional and international levels.


Oil Prices Drop awaiting Mideast Peace Progress

In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries.   Brandon Bell/Getty Images/AFP
In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries. Brandon Bell/Getty Images/AFP
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Oil Prices Drop awaiting Mideast Peace Progress

In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries.   Brandon Bell/Getty Images/AFP
In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries. Brandon Bell/Getty Images/AFP

Oil prices fell and global stock markets traded mixed Thursday awaiting an update on a US plan to end the Middle East war and reopen the Strait of Hormuz.

Having plunged more than 10 percent at one point Wednesday on peace hopes, crude futures fell far less sharply Thursday, with losses of around two percent.

European stock markets declined after big gains the previous session, while leading Asian markets climbed.

Tokyo soared 5.6 percent, which largely reflected resumption of trading in Japan after the country's public holidays this week.

"The wild streak of enthusiasm which hit markets amid hopes for a major de-escalation in the Iran conflict is tempering," noted Susannah Streeter, chief investment strategist at Wealth Club.

"There's a realisation that there are more hurdles to climb for a longer-term resolution to be agreed, even though Iran is reported to be studying a US peace proposal aimed at formally ending the conflict."

US President Donald Trump said an agreement could be near after positive talks, with Iran adding that it would pass on its latest position to mediator Pakistan.

The war, launched by the United States and Israel in late February, has seen Iran respond with attacks across the Middle East and impose a chokehold on the Strait of Hormuz, the gateway to the Gulf oil and gas industries and a strategic trade route.

In foreign exchange Thursday, the dollar lost some of its safe haven support.

Investors in Tokyo were closely watching the yen after speculation of intervention by the Japanese government to prop up the beleaguered currency.

Norway's central bank on Thursday hiked its guiding rate by a quarter point to 4.25 percent, citing a risk that the war in the Middle East could worsen already elevated inflation.

"Inflation is too high and has run above target for several years," Norges Bank governor Ida Wolden Bache said in a statement.

Away from the war, there has been a fresh wave of cash pumped into the technology sector as traders snap up all things artificial intelligence, helped by standout earnings from Apple, Google parent Alphabet, Microsoft and Samsung during the ongoing first-quarter reporting season.

Emirates Group on Thursday announced a three-percent rise in annual profits to $5.7 billion despite severe disruption to flights owing to the war.