Saudi Arabia has deposited $5 billion at the Central Bank of Turkey through the Saudi Fund for Development.
Ahmed Al-Khateeb, the kingdom's Minister of Tourism and chairman of the Saudi Fund for Development, signed an agreement with the governor of the Central Bank of Turkey, Sahap Kavcioglu, the fund said on Monday.
The deposit was made on instructions of King Salman and Crown Prince Mohammed bin Salman.
The move is "a testament to the close co-operation and historical ties" between the two countries and of Saudi Arabia's "commitment to supporting Turkey's efforts to strengthen its economy and to promote social growth and sustainable development", the fund said.
The funds will help bolster the Turkish economy and reflect Saudi Arabia's "strong support for the Turkish people and its confidence in the future of the Turkish economy".
Turkey's central bank's gross reserve assets fell 2.6 per cent to $125.3 billion in January 2023 from the previous month, according to the regulator's website.
The central bank's foreign currency reserves decreased by 10.9 per cent to $67.2 billion in January 2023 and gold reserves increased 10.3 per cent to $50.6 billion.
Saudi Arabia's deposit comes after 7.8-magnitude earthquake on February 6, followed by more than 7,500 aftershocks and two additional quakes, inflicting the largest disaster on the country in more than 80 years.
About 50,000 people were killed and more than 105,000 buildings damaged.
Turkey's reconstruction and recovery costs may exceed $68 billion as a result of the disaster, the World Bank estimates.
The country sustained an estimated $34.2 billion in direct physical damage from the February 6 disaster, equivalent to about 4 per cent of its 2021 gross domestic product, the Washington-based lender said in its 50-page rapid damage assessment report last month.
The estimate does not represent the approximate cost of indirect or secondary effects on Turkey’s economy and is not an estimate of the impact on the growth of its economy, it said.
GDP losses associated with economic disruption will also add to the cost and further aftershocks are expected to increase the cost of damage over time, the bank said.
Economic damages are estimated in excess of $20 billion by Verisk while JP Morgan put the cost at about $25 billion and Karen Clark and Company's estimate is about $20 billion.
Moody’s RMS, a catastrophe risk modelling and solutions company, estimates economic losses will exceed $25 billion, with the road to recovery expected to take several years.
The Turkish Enterprise and Business Confederation has published an estimate of $84 billion, based on a comparison with the country's 1999 earthquake in Izmit.
In 2021, the UAE formed a $10 billion fund to support investments in Turkey following talks between President Sheikh Mohamed and Turkish President Recep Tayyip Erdogan.
That fund is focused on increasing support for the Turkish economy and will focus on sectors such as energy, health and food.
Last week, the UAE and Turkey signed a comprehensive economic partnership agreement (CEPA), to boost trade between the two nations.
The agreement, which is expected to come into effect from the middle of this year, will create 25,000 highly skilled jobs in the UAE and 100,000 jobs in the Turkish market in the next 10 years, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, told The National.
As part of Operation Gallant Knight 2, the UAE's humanitarian mission to help the quake-hit countries, it sent 194 relief flights and delivered 5,514 tonnes of aid.
An army of volunteers in the UAE have also lent a vital hand to the continuing relief effort.
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
RESULTS
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
THE BIO
Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Company%20Profile
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More from Rashmee Roshan Lall
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
more from Janine di Giovanni
Schedule
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'Cheb%20Khaled'
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
