Erdogan spruiks Turkey investment potential on landmark UAE visit - Al Jazeera English | Canada News Media
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Erdogan spruiks Turkey investment potential on landmark UAE visit – Al Jazeera English

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Cooperation agreements, memorandums of understanding and protocols were signed during Erdogan’s two-day visit to the UAE.

Turkish President Recep Tayyip Erdogan has lauded his country’s investment advantages to business people in the United Arab Emirates as the two countries seek to build economic bridges after years of animosity.

“Our mutual goal is to carry our bilateral relations to much higher levels in all areas,” he told a business event on Tuesday. “Turkey provides very important advantages for investors looking for alternatives to Asia-centred production areas.”

Erdogan, visiting for the first time since 2013, received a grand reception upon his arrival on Monday. UAE’s de facto ruler Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan met him on arrival and the world’s tallest tower, the Burj Khalifa, projected Turkey’s flag.

The move to rein in a bitter rivalry comes after Ankara launched a charm offensive last year as it battles economic turmoil and as Abu Dhabi turns towards soft power politics.

Turkish President Recep Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan walk past an honour guard at Qasr Al Watan in Abu Dhabi on February 14, 2022 [Jon Gambrell/AP Photo]

Erdogan said the UAE is Turkey’s prominent trade partner in the Gulf region, and trade volume and buoyancy in private sector partnership were maintained even during a period of tense relations.

“I believe that we will make significant progress in a short time,” he said. “The UAE offers financial support and favourable investment opportunities to high-tech companies and startups. Turkey, with its dynamic and young population, is leading new global initiatives that develop advanced technology.”

On Monday, the UAE and Turkey signed a joint statement on starting negotiations for a bilateral trade and investment deal as well as several agreements, including on defence, according to state media. This follows investment accords worth $10bn signed when Sheikh Mohammed visited Turkey last November.

As the region’s trade and tourism hub, the UAE has said it wants to manage long-running differences with Turkey and Iran as it doubles down on economic growth after the pandemic.

“The UAE sees economic and developmental cooperation … as a key tool in wisely managing various issues to rid our region of continuous escalation,” Anwar Gargash, diplomatic adviser to the UAE president, said in a Twitter post on Erdogan’s visit to the country.

Erdogan will visit the Turkish pavilion at Expo 2020 in Dubai, where Turkey’s National Day will be celebrated and is set to meet the city’s ruler Sheikh Mohammed bin Rashid Al Maktoum.

The rift stems from the Arab Spring uprisings, when Turkey backed the Muslim Brotherhood and their Islamist allies challenging entrenched autocrats from Tunisia to Syria – alarming the UAE’s dynastic rulers, who see the Brotherhood as a political and security threat.

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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