ISTANBUL: Turkey's exports reached a record $15.1 billion in March, economy minister Nihat Zeybekci said on Sunday during a televised interview on private broadcaster CNNTurk.
"We reached the highest number in our history in exports, $15.1 billion," Zeybekci said.
The Turkish Exporters' Assembly (TIM) also said in a statement on Sunday that the country's exports rose 11.5 percent year-on-year in March to exceed $15 billion for the first time.
It said exports in the last 12 months had risen 10.5 percent to around $160 billion.
Data from Turkey's official statistics institute on Friday showed exports stood at $13.18 billion in February. They also showed Turkey's trade deficit had widened 54.2 percent year-on-year to $5.76 billion.
TIM President Mehmet Buyukeksi said the assembly was aiming for exports to exceed $170 billion at the end of the year.
Zeybekci also said he expected tourism revenues to reach $51-52 billion in 2018 from around $26 billion in 2017.
Tourism, a major source of funding to plug Turkey's persistent current account deficit, is recovering from a sharp downturn caused by bomb attacks, diplomatic disputes and a failed coup.
Foreign arrivals surged over 27 percent in 2017 to 32.4 million, largely boosted by Russian tourists after Turkey patched up a rift with Moscow, concerns over security eased and the sector offered discounts to attract customers.
Turkey’s exports hit record $15.1 bln in March: Economy minister
Turkey’s exports hit record $15.1 bln in March: Economy minister
Saudi stock market opens its doors to foreign investors
RIYADH: Foreigners will be able to invest directly in Saudi Arabia’s stock market from Feb. 1, the Kingdom’s Capital Market Authority has announced.
The CMA’s board has approved a regulatory change which will mean the capital market, across all its segments, will be accessible to investors from around the world for direct participation.
According to a statement, the approved amendments aim to expand and diversify the base of those permitted to invest in the Main Market, thereby supporting investment inflows and enhancing market liquidity.
International investors' ownership in the capital market exceeded SR590 billion ($157.32 billion) by the end of the third quarter of 2025, while international investments in the main market reached approximately SR519 billion during the same period — an annual rise of 4 percent.
“The approved amendments eliminated the concept of the Qualified Foreign Investor in the Main Market, thereby allowing all categories of foreign investors to access the market without the need to meet qualification requirements,” said the CMA, adding: “It also eliminated the regulatory framework governing swap agreements, which were used as an option to enable non-resident foreign investors to obtain economic benefits only from listed securities, and the allowance of direct investment in shares listed on the Main Market.”
In July, the CMA approved measures to simplify the procedures for opening and operating investment accounts for certain categories of investors. These included natural foreign investors residing in one of the Gulf Cooperation Council countries, as well as those who had previously resided in the Kingdom or in any GCC country.
This step represented an interim phase leading up to the decision announced today, with the aim of increasing confidence among participants in the Main Market and supporting the local economy.
Saudi Arabia, which is more than halfway through an economic plan to reduce its dependence on oil, has been trying to attract foreign investors, including by establishing exchange-traded funds with Asian partners in Japan and Hong Kong.
