Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

UAB nine-month profit rises 6%

Loan growth, lower impairment charges boost earnings

du 9M profit up 10.8%

Revenue grows as connectivity demand supports earnings

Al Rajhi Bank 9M profit up

Revenue growth lifts earnings despite higher provisions

Mashreq prices Dim Sum bond

UAE bank raises offshore renminbi funding

No India-Middle East trade corridor without Turkey: Erdogan

India's Prime Minister Narendra Modi (R) and Turkey's President Recep Tayyip Erdogan shake hands during a bilateral meeting after the closing session of the G20 summit in New Delhi on September 10, 2023. AFP
  • Turkish president highlighted Turkey's significance as a strategic location bridging the gap between the Middle East and Europe
  • Turkey already supports another proposed corridor that connects the Gulf region to Turkey and Europe through a comprehensive transportation network

Ankara, Turkey – Turkish president Recep Tayyip Erdogan has said that India-Middle East trade corridor proposed during the G20 summit in India could not be established without Turkey’s involvement.

“We say that there is no corridor without Turkey. Turkey is an important production and trade base,” Erdogan said. “The most convenient line for traffic from the east to west has to pass through Turkey.” 

He highlighted Turkey’s significance as a strategic location bridging the gap between the Middle East and Europe.

Turkey already supports another proposed corridor in the Middle East. It aims to connect the Gulf region to Turkey and Europe through a comprehensive transportation network, including rail lines and highways that traverse ports in the UAE, Qatar, and Iraq. The plan envisions a 1,200-kilometer dual-track railway system with trains capable of running at speeds of up to 300 kilometers per hour, along with a modern highway originating from the Iraqi port of al-Faw.

Simultaneously, India, Saudi Arabia, and the European Union have jointly announced a trade corridor initiative. This initiative seeks to establish trade routes connecting South Asia to Europe through rail lines and shipping channels. The proposed route will pass through the United Arab Emirates, Saudi Arabia, Jordan, and Israel, enhancing trade connectivity between these regions.