Category: UAE

Gold and Silver Worth $1.4 Billion Carried In Baggage From Turkey To Iran, UAE and Middle East

Turkey’s trade deficit has been shrinking and the country has enjoyed the best bond rally in the emerging markets this year due in part to the contributions of airline passengers transporting gold in their baggage. Statistics from Istanbul’s 2 main airports show $1.4 billion of precious metals were registered for export in September. Iran is Turkey’s largest oil supplier and Turkey has been paying for the oil not only with liras but also with gold bullion. Turkey exported $11.7 billion of gold and precious metals since March, when Iran was barred from the Society for Worldwide Interbank Financial Telecommunication, (Swift) making it nearly impossible for Iran to complete large international fund transfers. Of the $11.7 billion, $10.2 billion or 90% was to Iran and the United Arab Emirates, according to data on Turkey’s state statistics agency’s website. Turkey’s current account deficit is second in the world at $77.1 billion or 10% of GDP while the US currently holds the top spot. The problem with Turkey switching from a net importer to a net exporter of gold bullion this year is that the foreign trade data is misrepresented. Turkey’s use of precious metals is a key factor to help turn around its nation’s current junk bond rating status.

From Goldcore:

Today’s AM fix was USD 1,679.00, EUR 1,313.05, and GBP 1,050.82 per ounce.

Friday’s AM fix was USD 1,708.25, EUR 1,325.77, and GBP 1,061.29 per ounce.

Silver is trading at $31.05/oz, €24.39/oz and £19.51/oz. Platinum is trading at $1,550.32/oz, palladium at $597.38/oz and rhodium at $1,070/oz.

Gold dropped $35.70 or 2.08% in New York on Friday and closed at $1,678.00. Silver hit a low of $30.789 and finished with a loss of 4.01%. Gold and silver were down nearly 2% and 3% on the week.

Cross Currency Table – (Bloomberg)

Gold edged up a bit on Monday, limiting the fall after the better than expected US jobs number sent the yellow metal downward to a two month low.

If the US Fed doesn’t need to embark on more stimulus measures this may limit the yellow metal’s appeal with investors who see continuous money printing by central banks as increasing inflation and debasing currencies.

The US dollar limited gold’s rebound as it hit its highest in 2 months as investors parked money there before the US election.

This week there is an ECB policy meeting on November 8th and also a key gathering of the Chinese Communist Party.

US Economic highlights include ISM Services at 1500 GMT today. Wednesday’s data is Consumer Credit, Thursday Initial Jobless Claims and the Trade Balance and Friday Export & Import Prices, Michigan Sentiment, and Wholesale Inventories are published.

Turkey’s trade deficit has been shrinking and the country has enjoyed the best bond rally in the emerging markets this year due in part to the contributions of airline passengers transporting gold in their baggage.

Statistics from Istanbul’s 2 main airports show $1.4 billion of precious metals were registered for export in September.

XAU/USD Currency, 1 Year – (Bloomberg)

Iran is Turkey’s largest oil supplier and Turkey has been paying for the oil not only with liras but also with gold bullion. Turkey exported $11.7 billion of gold and precious metals since March, when Iran was barred from the Society for Worldwide Interbank Financial Telecommunication, (Swift) making it nearly impossible for Iran to complete large international fund transfers. Of the $11.7 billion, $10.2 billion or 90% was to Iran and the United Arab Emirates, according to data on Turkey’s state statistics agency’s website.

Turkey’s current account deficit is second in the world at $77.1 billion or 10% of GDP while the US currently holds the top spot.

The problem with Turkey switching from a net importer to a net exporter of gold bullion this year is that the foreign trade data is misrepresented. Turkey’s use of precious metals is a key factor to help turn around its nation’s current junk bond rating status.

We mentioned before the government’s efforts to move the $302 billion in privately held gold, into government banks to increase the money supply in the economy.

“October data will be very critical” as the US urged Turkey not to export gold to Iran or the UAE, “which means indirectly to Iran,” Ozgur Altug, chief economist at BGC Partners in Istanbul, said in an e-mailed report yesterday.

The increase in precious metal exports accounted for three quarters of the 14% one year gain in total exports in the first nine months, Gulay Girgin, chief economist at Oyak Securities in Istanbul, said in an e-mailed report yesterday.

“If you look at Turkey’s trade figures without gold, it doesn’t look that great,” Gizem Oztok Altinsac, an economist at Garanti Yatirim, the investment unit for Turkey’s biggest bank, said by phone yesterday. “I think the analysts are paying a lot of attention to this, but at the end of the day, the bottom line is the current-account deficit, and that’s getting better.”

via Gold and Silver Worth $1.4 Billion Carried In Baggage From Turkey To Iran, UAE and Middle East | SilverDoctors.com.

November 6, 2012
UAE Culture Minister shines light on Muslims’ love of Prophet Mohammed

2012-10-06 13:57:43

WAM Istanbul,Oct 06th, 2012 (WAM) – UAE Minister of Culture Abdul Rahman Al Owais emphasised on Friday, the importance of interfaith dialogue so that the world can understand how Muslims see Prophet Mohammed (peace be upon him) and how lovingly they speak about him.

Speaking to Emirates News Agency (WAM) shortly after opening UAE’s Burda Award exhibition at the Dolma Pasha Museum in Istanbul, the minister of culture, youth and community development also said that the gallery of collections owned by the Award reflects an ideology and a civilised cultural style for interfaith dialogue.

Owais opened the exhibition as part of the Emirati Cultural Festival that started in Turkey on Thursday. Organised by the Ministry of Culture, Youth and Community development in association with the UAE embassy, the festival will run until 15th October.

The minister hailed the deep-rooted cultural relations between UAE and Turkey and said that Istanbul was chosen for the Burda exhibition because of its special place in the ancient Islamic history.

The gallery of Burda collections based in the UAE capital was airlifted to Turkey as part of the exhibition.

Burda Award, one of the most celebrated prize in the Muslim world in love and remembrance of Prophet Mohammed, was first launched nine years ago with support from UAE Foreign Minister HH Sheikh Abdullah Bin Zayed, who was Minister of Culture at that time; recalled Owais.

The Award is named after Qassedat-el Burda (Poem of the Mantle)- an ode of praise for Prophet Mohammed composed by the Sufi poet Iman al-Busiri.

The Ministry endeavors to make Al Burda Award a leading and distinctive contest on the Islamic world level to celebrate the memory of the Prophet’s Birthday each year, and to honour the winners in diverse contests.

The awards are given in three main categories, including poetry in classical Arabic language, calligraphy and Islamic illumination art. Arabs, non-Arabs, Muslims and non-Muslims participate in the contest every year.

WAM/AB

via WAM | Emirates News Agency.

October 7, 2012
Turkish budget carrier to take on flydubai with Dubai links

Turkey’s budget carrier Pegasus is expanding to the Gulf with flights from its Istanbul base to Dubai in the UAE beginning in October.

Using its Sabihir Gokcen main base in the Asian side of Istanbul, Pegasus will also provide a low cost hub route to many places in Europe via its 20-year-old low cost network.

As Turkey’s largest private carrier, Pegasus includes Northern Cyprus as well as many major European and Turkish domestic destinations.

Costs for the one way flight between Dubai and Istanbul are likely to be in the region of AED377 – or just over US$100. It will compete with flydubai on the route.

Both Turkish Airlines and Emirates also serve the two cities.

via Arabian Aerospace – Turkish budget carrier to take on flydubai with Dubai links.

September 5, 2012
Arabian Gulf tourists and shoppers ring up the tills in Turkey

Rory Jones

A huge influx of Arabian Gulf tourists to Turkey this year is expected to have dramatically boosted spending at the annual Istanbul Shopping Fest.

W The Blue Mosque at dusk in Istanbul. Daniel Acker / Bloomberg News

Unrest in other Arabic-speaking countries and changes to Turkish legislation on owning property, helped to lead to a 71 per cent increase in Arab visitors to the country in the first six months of the year compared with a year earlier.

That, in turn, propelled spending to rise 35 per cent from last year at the Istanbul festival, which ran for three weeks in June. The use of foreign credit cards at the festival rose 64 per cent.

“I think hospitality, the same culture, the same religion, delicious foods, nice weather all attracts Arab tourists to Turkey and of course Turkish TV series are one of the main factors of this trend,” said Sedat Gonulluoglu,the cultural and information attaché for Turkey in the UAE.

In May, Kivanc Tatlitug and Songul Oden, actors from the Turkish TV series Noor, launched the Istanbul festival in Dubai in a bid to attract Arab nationals from around the Gulf to the Turkish capital, which has more than 100 malls and smaller shopping centres.

Having previously been unable to buy property in Turkey, Gulf investors can now snap up holiday homes after a law preventing from doing so was abolished this year. According to official statistics from the culture and tourism ministry, 140,000 Arab tourists visited Turkey from the Gulf region in June.

Gulf tourists have been put off visiting other countries such as Egypt, Libya, Syria and Lebanon as unrest or political change and upheaval have caused uncertainty.

The UAE, Saudi Arabia and Qatar have all warned their citizens to avoid travel to Lebanon in recent weeks.

In June, the number of tourists to Turkey from the UAE jumped 54 per cent from a year earlier, while from Bahrain they rose 90 per cent, from Kuwait 64 per cent and from Qatar a 92 per cent.

Like Dubai, Istanbul looks to have benefited from unrest in other parts of the Middle East.

Many hoteliers in Dubai have reported occupancy levels of more than 90 per cent during Eid Al Fitr and record numbers of tourists have visited the UAE this year.

“The cultural and religious closeness between Middle East and Turkey is apparent, plus Turkey’s unique geographical positioning makes it very desirable destination indeed,” said Mr Gonulluoglu.

In total, Istanbul hosted nearly 1 million foreign visitors during the shopping festival, up 20 per cent on June last year.

Like the Dubai Shopping Festival, stores in Istanbul offered discounts, some as much as 50 per cent, on purchases. This year, the city was packed with street parties, live entertainment and concerts.

Shoppers spent 8 billion Turkish lira (Dh16.14bn) in 40 days last year at the festival and the organisers hope to have achieved sales of 7bn lira this year in just 21 days. The 2012 festival ran from June 9 to 29.

via Arabian Gulf tourists and shoppers ring up the tills in Turkey – The National.

September 4, 2012
Big surge in GCC tourist traffic flow to Turkey

Issac John Khaleej Times

Turkey, one of global tourism hot spots, drew a bigger number of tourists from the GCC, particularly from the UAE, said the Turkish Tourism and Culture Office in Dubai.

The Turkish Tourism and Culture Ministry’s official statistics for March 2012 show that there has been an increase of 86.81 per cent in the number of visitors from the UAE in 2011, while tourists from Bahrain increased by 54.38 per cent and those from Qatar by 102.30 per cent, Sedat GÃ¶nÃ¼llÃ¼oÃ°lu, Cultural and Information Attache at the Dubai Turkish Tourism and Culture Office, said. The Turkish stand at the Arabian Travel Market, which closed on Thursday, hosted 30 participants, including Turkish Airlines, Rixos Hotels, and the Turkish Cultural and Tourism Office.

This is in addition to an array of top ranking health and medical entities, spas, travel agencies and governmental institutions, said GÃ¶nÃ¼llÃ¼oÃ°lu.

“The Middle Eastern consumer base holds a great deal of importance within the Turkish tourism sector, with the number of visitors to Turkey from the region growing exponentially in recent years,” he said in a statement.

Turkey has witnessed a long line of success in 2011, having ranked as the number one tourism spot by tourists all over the world and many of its cities being awarded must-visit status within the Middle East and Europe. “This is in addition to a massive influx of GCC visitors, far out-reaching numbers from previous years,” he said.

According to Turkish Culture and Tourism Minister ErtuÃ°rul GÃ¼nay Turkey had a quite successful year in regard to tourism in 2011. More than 31 million tourists visited Turkey last year. “And according to official figures, our tourism revenues amounted to $23 billion. We have achieved a growth over twice the world average.”

GÃ¶nÃ¼llÃ¼oÃ°lu said Turkey was well prepared to participate at ATM this year with such a strong set of exhibitors that have much to offer this year’s visitors. “Turkey has much to showcase, including breath-taking natural vistas and a wide range of cultural and historical offerings. Turkey’s strong tourism infrastructure offers its visitors everything from modern luxury to state of the art health tourism venues, as well as exhibitions and conventions, unrivaled cuisine and exceptional value. All of this is wrapped up in unparalleled Turkish hospitality which makes it an unmatched tourism destination,” he said.

He said Turkey has what it takes to become a global leader within the tourism industry. “This year witnesses a wealth of offerings from the Turkish front, which include unique and exotic sites that GCC residents have yet to experience.”

via Big surge in GCC tourist traffic flow to Turkey – chicagotribune.com.

May 5, 2012
Foreign Ministers of Turkey and GCC countries conclude meeting in Istanbul

WAM ISTANBUL: The six Gulf countries and Turkey on Saturday concluded the Turkey-Gulf Cooperation Council (GCC) High Level Strategic Dialogue Foreign Ministers’ Meeting in Istanbul.

The UAE was represented to the meeting by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister.

At the meeting, Turkey and the Gulf Cooperation Council (Saudi Arabia, Kuwait, Qatar, Bahrain, United Arab Emirates and Oman) discussed ways to advance their cooperation and relations.

A decision was made by the ministers to hold the 5th Turkey-GCC High Level Strategic Dialogue- Foreign Ministers’ Meeting in Bahrain and a forum for businessmen on 6 February in Turkey.

In remarks at a joint press conference with Saudi Foreign Minister Prince Saud Al Faisal, Turkish Foreign Minister Ahmet Davutoglu said the setting up of a committee on strategic dialogue between Turkey and the GCC was a sound decision and is in the interest of joint action as the welfare of the peoples of the region.

Trade between Turkey and GCC countries grew by 36% while investments by GCC countries in Turkey went up to US$30 billion, he noted.

The two sides will continue to advance relations in many areas including the construction of a high-speed railway between Turkey and the Gulf, he added.

Davutoglu also said Turkey and GCC countries support the Arab League’s efforts in Syria as Turkey and the Gulf Cooperation Council (GCC).

He said that they all hoped the Syrian government would implement proposals made by the Arab League, take the necessary measures to end pressure on the people of Syria and begin a process of political reforms.

WAM/MMYS

via WAM.

January 29, 2012