KSA inks clean energy agreement

US Energy Secretary Rick Perry (L) and Saudi Energy Minister Khaled al-Falih look at documents during a signing ceremony of a memorandum understanding on carbon management between Saudi Arabia and the US, in Riyadh on December 4, 2017. (AFP)
Updated 04 December 2017
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KSA inks clean energy agreement

RIYADH: Saudi Arabia and the US on Monday signed an agreement to establish a framework for cooperation in the area of clean energy and carbon management.
Energy Minister Khalid Al-Falih and visiting US Energy Secretary Rick Perry signed a memorandum of understanding (MoU) after a US-Saudi energy meeting held in Riyadh.
Later in the day King Salman received Perry at Al-Yamamah Palace and reviewed bilateral relations, prospects of cooperation and ways of enhancing them.
Earlier, during meetings with Al-Falih, Perry discussed various means to enhance relations between the two countries and cooperation opportunities in clean energy.
Addressing a joint press conference with Perry, the energy minister said the cooperation has great potential to have a positive impact on the global economy, environment and energy supplies.
Al-Falih noted that the Kingdom is committed to using clean energy, not only economically but also environmentally due to the reduction of carbon emissions.
Perry met with Crown Prince Mohammed bin Salman on Sunday and discussed the strategic partnership between the two countries in various fields including energy, the environment, industry and joint investments.
During the meeting the crown prince affirmed the Kingdom’s keenness to stabilize energy markets and supply them in a sustainable manner to serve the interests of energy producers and ­consumers.


Turkey cuts investment criteria for foreigners seeking citizenship

Updated 19 September 2018
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Turkey cuts investment criteria for foreigners seeking citizenship

  • Turkey made it easier for foreigners to become Turkish citizens by cutting the financial and investment criteria required for citizenship
  • Foreigners now need only to have $500,000 deposits in Turkish banks

ANKARA: Turkey on Wednesday made it easier for foreigners to become Turkish citizens by cutting the financial and investment criteria required for citizenship, according to a decree from President Recep Tayyip Erdogan.
Foreigners now need only to have $500,000 deposits in Turkish banks, down from $3 million before while fixed capital investment was reduced from $2 million to $500,000 dollars, the decree published in the Official Gazette said.
Meanwhile individuals can obtain citizenship if they employ 50 people, down from the previous 100, while those who own property worth $250,000 can become Turkish citizens, compared to the previous value necessary of $1 million.
The decree is the latest in a series by Erdogan in what appears to be a bid to prop up the embattled Turkish lira and the economy which slowed down in the second quarter.
Last week, the president ordered that contracts for the sale, rent and leasing of property in or indexed to foreign currencies would not be allowed.
The Turkish currency fell against the US dollar drastically in August after one of the most bitter spats between Ankara and Washington over the detention of an American pastor.
The lira lost nearly a quarter in value against the greenback in August.
But there had been investor concerns over domestic economic policy and Erdogan’s continued opposition to high interest rates, although the central bank aggressively hiked its main policy rate 6.25 percent to 24 percent last week.
Erdogan will later meet with representatives of American companies working in Turkey at 1500 GMT at his presidential palace in Ankara, according to the presidential website.
He will meet with 30 senior executives, according to HaberTurk daily, including representatives from Microsoft and Google.