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Turkey’s central bank ratchets up year-end inflation view to 23 percent

Turkey’s central bank hiked its year-end annual inflation forecast to 23.2 percent, from 11.8 percent previously, and its chief dismissed the notion that a series of unorthodox interest rate cuts sent inflation soaring and the lira tumbling.

Governor Sahap Kavcioglu, who has been pressured to slash rates by President Recep Tayyip Erdogan, said the bank sets policy based on data when asked at a press conference about its independence.

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The central bank cut its policy rate by 500 basis points to 14 percent since September, setting off a full-blown crisis last month in which the lira touched a record 18.4 versus the dollar before rebounding sharply.

The exchange-rate volatility sent inflation soaring to 36 percent last month and most analysts expect it to approach 50 percent in coming months before easing to about 27 percent by year end, according to a Reuters poll.

But the central bank, which has consistently undershot actual inflation in the last few years, said inflation was heading lower and predicted a mid-point of 23.2 percent for the consumer price index at end-2022.

It also forecast 8.2 percent inflation for end-2023 and a return to its official target of 5 percent a year later.

The lira weakening “has nothing to do with the rate cuts” and would have happened irrespective, said Kavcioglu, whom Erdogan appointed in March of last year.

He added that rising inflation was not completely due to rate cuts. “We took care of the exchange rate, God willing we will take care of inflation too with these policies.”

Erdogan, who has long held the unorthodox view that interest rates cause inflation, launched a new economic program last year that prioritizes low rates, exports, lending and investment.

Inflation has remained mostly in double digits for most of the last five years, eating into the earnings and savings of Turks.

Read more:

Turkey passes law exempting converted lira deposits from corporate tax

Turkey’s inflation soars to 36 percent, highest in Erdogan era

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Business

Noor Capital to Unveil Market-Shaping Insights at Dubai’s Forex Expo 2024

Securing a deserving spot asm one of the Elite Sponsors at the Forex Expo Dubai 2024; Noor Capital, the region’s leading investment brokerage firm is set to become a prominent partner at the upcoming 7 th edition of the event scheduled on the 7 th and 8 th of October. With advanced technological infrastructure
and in-depth knowledge of current trends shaping the global forex market, Noor Capital will
assist visitors with predictive analysis and enhanced trading activities, concentrating on the
UAE’s dynamic markets. The Middle East Foreign Exchange market size is projected to exhibit a growth rate (CAGR) of 9.20% during 2024-2032. As a reliable financial solutions provider with a diverse portfolio
of investment channels, Noor Capital will delve into the UAE’s significant uptick in Forex
Trading, at the expo. Attendees can expect detailed information on the surge of digitalization
in forex trading, adoption of advanced technologies, increase in mobile trading, and the
regulatory evolution, as Noor Capital representatives share the latest industry updates at the
booth. Despite global economic challenges, the UAE continuously reinforces its position as a
resilient economic hub with a favorable business climate appealing to international investors.
Its advanced infrastructure and strategic collaborations across diverse industries further
strengthen the landscape for thriving forex markets.
Announcing its participation at the expo Mohammad Ghosheh, CEO of Brokerage Business,
Noor Capital said; “The Forex Expo 2024 edition is poised to be the world’s largest gathering
in fintech and online trading, making it an ideal opportunity to unveil our new products.
Promising secured trading strategies fetched after thorough market analysis and risk
management; our latest offerings align well with the UAE’s dynamic economic framework.
We have always synced our platforms with global forex trends to integrate transformative
changes driven by technological advancements. We invite attendees across the globe to
leverage the opportunities forex trading offers along with financial growth, investment
diversification, and impact.”

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fischer Shares Insights on the Future of Construction at the International Expert Forum

The fischer Group of Companies, a renowned German multinational manufacturer
specializing in fastening products for the construction and DIY industry, hosted its second
International Expert Forum (IEF) at the H Hotel, Sheikh Zayed Road, Dubai. The event
gathered industry leaders, partners, and experts to explore advancements in construction,
focusing on sustainability, innovation, and digital transformation.
The forum emphasized fischer’s commitment to sustainable construction practices. Attendees
were introduced to the company’s latest eco-friendly solutions, aligning with global efforts to
reduce the environmental impact of the industry.”We are thrilled to host the IEF in Dubai, a
city recognized for its forward-thinking growth” said Dr. Ronald Mihala from fischer
“fischer is dedicated to driving the future of construction through innovation, digitalization,
and sustainability.”
Operating through 52 subsidiaries with over 4,700 employees, fischer reaffirmed its
commitment to sustainable growth and international expansion. A key focus of the forum was
innovation and digitalization as the future drivers of construction, with speakers discussing
cutting-edge technologies and their applications.Highlights included:

 Dr. Ronald Mihala and Dr. Oliver Geibig on BIM Integration: They showcased
how fischer leverages Building Information Modeling (BIM) to improve
collaboration, minimize waste, and streamline project management globally.

 Prof. Konrad Bergmeister on The Future of Construction: Emerging technologies
were discussed as the catalysts for safer, more efficient, and sustainable construction
environments.

 Prof. Ashraf Biddah and Dr. Máté Tóth on Repair & Strengthening of
Structures: Prof. Biddah presented innovative methods for rehabilitating aging
infrastructure. Dr. Tóth introduced fischer’s carbon fiber-based solutions, highlighting
the REINFORCE-FIX software for optimized retrofitting.

The forum also unveiled fischer’s latest products, designed to meet the industry’s evolving
needs with a focus on sustainability, efficiency, and advanced technology integration. The
event underscored fischer’s role as a global leader, committed to providing forward-thinking
solutions for the challenges of tomorrow.

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Shurooq’s beachfront project Ajwan Khorfakkan attracts strong investor interest at Sharjah Investment Forum 2024

The Sharjah Investment and Development Authority (Shurooq)
showcased its key projects, including Ajwan Khorfakkan, Maryam Island, and Sharjah Sustainable
City, at the 7 th edition of the Sharjah Investment Forum held on 18-19 September, under the
patronage of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Member of the Supreme
Council and Ruler of Sharjah.
During the forum, a key highlight was the exhibit featuring Shurooq’s residential project Ajwan,
located in the picturesque city of Khorfakkan. With its strategic location, breathtaking views of the
Gulf of Oman, and majestic mountains, the project seamlessly blends natural beauty with elegant
living spaces.
During the two-day forum, Shurooq’s exhibit garnered significant interest from investors seeking
projects with strong ROI potential and desirable locations for holiday homes or weekend retreats.
Ajwan aims to create a thriving community, offering a blend of hospitality, retail, residential, and
entertainment options, all designed to cater to families and those in search of memorable
experiences.
H.E. Ahmed Obaid Al Qaseer, Chief Executive Officer of Shurooq, said: “We are delighted to see
growing interest in our projects such as Ajwan at the Sharjah Investment Forum 2024. As one of our
flagship projects, Ajwan stands out due to its thoughtful design and prime location, making it one of
our most appealing beachfront developments. Beyond being a significant investment opportunity,
what I value most about this project is its serene environment, which is thoughtfully designed to
promote peace, positivity, and well-being for its residents. Diverse projects such as Ajwan, Sharjah
Sustainable City, and Maryam Island—each designed to elevate the standards of sustainable and
luxury living in Sharjah—show how Shurooq supports Sharjah’s strategic vision. The forum provided
a valuable opportunity for Shurooq to showcase our commitment to developing impactful,
sustainable projects that enhance quality of life while also creating attractive investment
opportunities for investors from different parts of the world.”
Over the past months, Ajwan has garnered significant investor attention primarily due to its key
features, including competitive prices, high-quality living, a strategic location, and attractions for all
ages. Its residential buildings, Al Joon and Saahil, with captivating views, have become so popular
that only a few units are left for sale. The project also features a first-of-its-kind waterpark in the
eastern region of the UAE and is just a 5-minute drive from Khorfakkan’s main attractions such as
the waterfall and amphitheater.
Ajwan’s first phase consists of 79 units, with two-bedroom apartments ranging from 127 to 231 m²
and prices starting from AED 1,899,000. The three-bedroom apartments, ranging from 168 to 289
m², are offered at a starting price of AED 2,099,000. The three-bedroom duplex apartments measure
235 to 275 m² and start from AED 3,799,000. Four-bedroom apartments extend over 225 to 369 m²,
with prices beginning at AED 2,799,000. The four-bedroom duplex apartments cover 272 to 312 m²

and are available from AED 4,199,000. The project is slated to
be completed in the last quarter of 2026.

During the forum, Shurooq also showcased its Maryam Island project—a mixed-use development
featuring 20 residential buildings comprising over 3,500 homes. Spread over a massive 3.3 million sq.
ft. area, the waterfront destination will offer unrivaled vistas of Al Mamzar Beach and Al Khan
Lagoon. The project is due for completion in 2026.
In addition, visitors to Shurooq’s exhibit learned about Sharjah Sustainable City, the first sustainable
master-planned residential community developed by Shurooq in partnership with Diamond
Developers. This development has become one of the most sought-after residential communities,
nearly sold out with only a few villas remaining. It recently surpassed AED 2.5 billion in sales across
all four phases, with the final phase scheduled for completion in 2025.
Organized by the Sharjah FDI Office (Invest in Sharjah), under the theme ‘A Futuristic Vision for
Smart Economies,’ this year’s forum featured over 80 renowned global experts and included
workshops, panel discussions, and keynote speeches. The forum discussed the role of investments
and capital in directing AI systems to support global growth and enhance efficiency, flexibility, and
inclusiveness across various sectors, including real estate.

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