{"id":582339,"date":"2023-03-07T00:00:00","date_gmt":"2023-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/saudi-arabia-hands-turkey-usd-5-bn-to-support-economy\/"},"modified":"2023-03-07T00:00:00","modified_gmt":"2023-03-07T00:00:00","slug":"saudi-arabia-hands-turkey-usd-5-bn-to-support-economy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/saudi-arabia-hands-turkey-usd-5-bn-to-support-economy\/","title":{"rendered":"Saudi Arabia hands Turkey USD 5 bn to support economy"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Turkey is getting help from Riyadh:<\/span><span style=\"\"> Saudi Arabia will deposit USD 5 bn in Turkey\u2019s <\/span><span>central bank via the Saudi Fund for Development (SFD) to shore up its economy, the fund said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sfd.gov.sa\/en\/news\/kingdom-saudi-arabia-makes-5-billion-deposit-central-bank-turkey-through-saudi-fund\" style=\"\">a statement<\/a><\/span><span> yesterday. The agreement, which <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-07\/saudi-arabia-to-support-pakistan-eyes-deals-in-egypt-and-turkey?leadSource=uverify%20wall\" style=\"\">was floated by Saudi finance minister Mohamed Jadaan<\/a><\/span><span style=\"font-weight:400;\"> in December, was signed by SFD chairman Ahmed Al Khateeb and Turkish central bank governor Sahap Kavcioglu.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SFD?<\/span><span style=\"\"> The SFD is a <\/span><span style=\"font-weight:400;\">state-owned agency that provides aid to developing countries.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Another sign of rapprochement:<\/span><span style=\"\"> The two countries have been moving in recent months to <\/span><span>mend relations that broke down following the murder of Jamal Khashoggi in Istanbul in 2018. Erdogan and Mohamed bin Salman both <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-crown-prince-erdogan-meet-turkey-with-full-normalisation-sights-2022-06-22\/\" style=\"\">traveled<\/a><\/span><span style=\"font-weight:400;\"> to each other's countries last year in a bid to normalize ties.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Lebanon turns to dollarization as currency plummets: <\/span><span style=\"\">Lebanese businesses are <\/span><span>demanding to be paid in greenbacks to cope with the faltering LBP \u2014 which has lost more than 95% of its value since late 2019 \u2014 sparking concerns of widening economic equality between those with and without access to hard currency, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/lebanon-economy-crisis-currency-pound-dollarization-44f8173d75d2e1a37526b3e1252c5a92?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_10\" style=\"\">Associated Press<\/a><\/span><span> reports.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Kuwait reappoints PM: <\/span><span style=\"\">Sheikh Ahmad Nawaf Al Sabah has been reappointed Kuwait\u2019s <\/span><span>prime minister by Crown Prince Meshal Al Ahmad Al Sabah, state news agency <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.kuna.net.kw\/ArticleDetails.aspx?id=3083305&Language=ar\" style=\"\">KUNA<\/a><\/span><span> reported. The PM had resigned in January amid a standoff between Kuwait\u2019s government and parliament that has blocked fiscal reforms, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/kuwait-pm-submits-resignation-cabinet-state-news-agency-2023-01-23\/\" style=\"\">Reuters<\/a><\/span><span>. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Turkey is getting help from Riyadh: Saudi Arabia will deposit USD 5 bn in Turkey\u2019s central bank via the Saudi Fund for Development (SFD) to shore up its economy, the fund said in a statement yesterday. The agreement, which was floated by Saudi finance minister Mohamed Jadaan in December, was signed by SFD chairman Ahmed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":582340,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7328],"tags":[72,685,108,219,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-around-the-world","tag-enterpriseam","tag-kuwait","tag-lebanon","tag-saudi-arabia","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"1f3a0c94-b4ac-434f-bf78-6167385945e6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Turkish-President-Tayyip-Erdogan-in-Bursa-1600-1.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582315],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.adb4ca20-309a-4978-923f-8be7d0a1b6b4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Saudi Arabia hands Turkey USD 5 bn to support economy - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/saudi-arabia-hands-turkey-usd-5-bn-to-support-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia hands Turkey USD 5 bn to support economy\" \/>\n<meta property=\"og:description\" content=\"Turkey is getting help from Riyadh: Saudi Arabia will deposit USD 5 bn in Turkey\u2019s central bank via the Saudi Fund for Development (SFD) to shore up its economy, the fund said in a statement yesterday. 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The deposit has a one-year maturity and could be rolled over,\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/710.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577993,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/saudi-china-ties-grow-with-xi-visit\/","url_meta":{"origin":582339,"position":3},"title":"Saudi-China ties grow with Xi visit","author":"enterpriseam admin","date":"12 December 2022","format":false,"excerpt":"Big investments at the China-Arab summit: Some USD 50 bn in investment agreements were signed during Xi Jinping\u2019s visit to Saudi Arabia last week, Saudi Investment Minister Khalid Al Falih told Bloomberg, remaining tightlipped on the details. 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