Turkish lira slips as Trump unclear on sanctions

Turkey's troubled lira tumbled on August 13, 2018 to fresh record lows against the euro and dollar, piling pressure on stock markets on fears the country's crisis could spill over into the world economy.
Updated 19 July 2019

Turkish lira slips as Trump unclear on sanctions

  • At 0454 GMT, the lira was at 5.6295 against the dollar, easing from a close of 5.6150 on Thursday
  • The currency had firmed late on Thursday from levels around 5.7 earlier in the day after Trump said the United States is not currently looking at sanctioning

ISTANBUL: The Turkish lira weakened slightly early on Friday, giving up some of the gains made the previous evening as U.S. President Donald Trump was unclear over whether his administration was looking at imposing sanctions on Turkey.

His comments came following a U.S. decision to remove Ankara from the F-35 fighter jet programme after it began receiving delivery of the Russian S-400 missile defence system last week.

At 0454 GMT, the lira was at 5.6295 against the dollar, easing from a close of 5.6150 on Thursday. The currency had firmed late on Thursday from levels around 5.7 earlier in the day after Trump said the United States is not currently looking at sanctioning Turkey over its purchase of the Russian defence system.
But Trump appeared to contradict that comment later, saying such a move on sanctions was in fact under consideration, sparking confusion at a tense time for relations between the two NATO allies.

"It's a very, very difficult situation for a lot of reasons," Trump said, when asked if he had ruled out sanctions on Ankara. "So we're looking at it. We'll see what we do."
The first parts of the S-400 air defence system were flown to the Murted military air base northwest of Ankara last Friday, sealing Turkey's deal with Russia.


Saudi companies display latest technologies at Dubai Airshow

Updated 17 November 2019

Saudi companies display latest technologies at Dubai Airshow

DUBAI: Over 25 Saudi companies and government institutions are taking part in the Dubai Airshow hoping to snag deals for their latest defense and aviation technologies being showcased at the biennial event.

The Middle East’s biggest aviation gathering opened on Sunday sans major announcements for big-ticket aircraft purchases from Gulf flagship carriers, maybe also due to dozens of deals already been previously signed and the planes just waiting to be delivered.

Among the major Saudi companies in the event include the Saudi Arabian Military Industries (SAMI), fully owned by the Public Investment Fund, which has operations from aeronautics, land systems, naval systems, weapons and missiles and defense electronics.

SAMI aims to become among the top 25 companies globally by 2030 and to localize military spending, in line with the Kingdom’s vision.

Among other notable Saudi companies and institutions with a presence at the airshow are Saudi Airlines, flynas, The General Authority of Civil Aviation and the King Abdulaziz City for Science and Technology.

Meanwhile, Saudi INTRA Defense Technologies signed a Memorandum of Agreement with multinational defense company Hensoldt for the co-development and co-production of advanced electro-optic systems, as well as a joint venture agreement with EM&E for the transfer of technology and localization of the precision mechanical industries in the Kingdom.

ESEN Saudi, a hi-tech defense and aerospace engineering and production company, was also launched at the Dubai Airshow’s opening day.

Middle East Propulsion Company, which specializes in maintenance, repair and operations (MRO) for the Middle East, was also one of the Saudi companies on site. The company, which boasts of a workforce comprised of Saudi nationals of about 80 percent, aims to expand their services across the GCC and wider Middle East region.

Al-Salam Aerospace Industries meanwhile has on display latest advancements in the manufacture of key components for the F-15 fighter jet.