{"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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Jamal Khashoggi in the Saudi consulate in Istanbul, but the origins of the rocky relationship dates back centuries, Yaroslav Trofimov writes\u2026","rel":"","context":"In &quot;Worth reading&quot;","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/10\/849.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594230,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/23\/saudi-arabia-renews-usd-5-6-bn-deposits-in-egypt\/","url_meta":{"origin":582339,"position":2},"title":"Saudi Arabia renews USD 5-6 bn deposits in Egypt","author":"enterpriseam admin","date":"23 October 2019","format":false,"excerpt":"Saudi Arabia renewed USD 5-6 bn of its deposits at CBE, Al Mal reported. The central bank signed an agreement with the Saudi Fund for Development (SFD) to extend the maturity of Saudi deposits held by the CBE up to 2022 on the sidelines of the annual meetings of the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":643892,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/madboulys-investment-charm-offensive-in-riyadh-continues-to-dominate-the-talk-show-circuit\/","url_meta":{"origin":582339,"position":3},"title":"Madbouly\u2019s investment charm offensive in Riyadh continues to dominate the talk show circuit","author":"enterpriseam admin","date":"17 September 2024","format":false,"excerpt":"The day was capped off by Saudi Crown Prince Mohammed bin Salman\u2019s directive that the PIF inject USD 5 bn in new investments into the Egyptian economy","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1241.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":4},"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. He said that the agreements included both the private and public sectors, yet\u2026","rel":"","context":"In &quot;AROUND THE WORLD&quot;","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/234.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547502,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/saudi-arabia-and-turkey-are-mending-their-friendship-cairo-hosted-libya-talks-end-without-a-pact\/","url_meta":{"origin":582339,"position":5},"title":"Saudi Arabia and Turkey are mending their friendship + Cairo-hosted Libya talks end without a pact","author":"enterpriseam admin","date":"23 June 2022","format":false,"excerpt":"A Saudi-Turkish rapprochement: Crown Prince Mohammed bin Salman landed in Turkey yesterday for his first visit in years, where he and Turkish President Tayyip Erdogan hailed a \u201cnew era of cooperation\u201d between the two countries. The visit marks the latest step in a thawing of tensions between the KSA and\u2026","rel":"","context":"In &quot;AROUND THE WORLD&quot;","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=582339"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582339\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582315"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582340"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582339"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582339"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}