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Industry and Mineral Resources Minister Inaugurates Saudi Pavilion at IMARC in Sydney

The pavilion is part of the "Invest Saudi" program. SPA
The pavilion is part of the "Invest Saudi" program. SPA
    Asharq A-Awsat
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Industry and Mineral Resources Minister Inaugurates Saudi Pavilion at IMARC in Sydney

The pavilion is part of the "Invest Saudi" program. SPA
The pavilion is part of the "Invest Saudi" program. SPA

Minister of Industry and Mineral Resources Bandar Al-Khorayef has opened the Saudi Pavilion at the International Mining and Resources Conference (IMARC) held in Sydney, Australia between November 2 and 4 .

The pavilion is part of the "Invest Saudi" program with the participation of the Ministry of Industry and Mineral Resources, the Ministry of Investment, the National Industrial Development and Logistics Program (NIDLP), the Saudi Industrial Development Fund and the Industrial Center.

Saudi Arabia’s participation in IMARC highlights its continued efforts to improve the performance of the mining sector by facilitating access to geological data. It also sheds light on the most recent changes to the laws and legislation aiming to create an investment environment, lay foundations for sustainability and develop a mining sector that is based on integrated value chains in line with the Kingdom's Vision 2030.

It emphasizes the Kingdom's engagement as the country boasts a strategic location connecting the Middle East, Asia, Africa, and Europe. It also has sophisticated infrastructure and high domestic demand.

The Kingdom has all of the necessary capabilities to become a regional mining hub in order to meet its Vision 2030 objectives and attract quality investments in the mining sector.

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Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
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Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo

Turkish annual consumer price inflation fell more than expected to 44.38% in December, official data showed on Friday, with education, housing and restaurant prices leading the rise.

Month on month, inflation was 1.03%, the Turkish Statistical Institute said, compared with 2.24% in November. Annual consumer price inflation (CPI) was 47.09% in November.

Furniture prices rose 2.78% from the previous month, data showed, while telecoms-related prices gained by 1.82%.

In a Reuters poll, the annual inflation rate was expected to fall to 45.2%, with the monthly figure seen at 1.61%, owing to easing food price inflation and a limited rise in energy prices.

The latest inflation print was close to the central bank's midpoint prediction of 44% for the end of 2024.

The bank, having kept its main interest rate steady at 50% since March, launched an easing cycle last week, cutting the policy rate by 250 basis points to 47.5%.

The bank said it will set policy "prudently" meeting by meeting with a focus on the inflation outlook while responding to any expected "significant and persistent deterioration".

The Turkish lira was little changed after the data at 35.3850 to the dollar, hovering around the record lows.

The domestic producer price index was up 0.4% month on month in December for an annual rise of 28.52%, the data showed.