Turkish business groups call for Saudi action to resolve trade problems | Reuters:
Turkey’s leading business groups urged Saudi Arabia on Saturday to take action to improve trade relations as Turkish firms encounter growing problems in doing business with the Gulf Arab state.
Saudi Arabia and Turkey have been at odds for some years over foreign policy and attitudes towards Islamist political groups. The murder of Saudi journalist Jamal Khashoggi in the Saudi consulate in Istanbul in 2018 sharply escalated tensions.
For more than a year, some Saudi and Turkish traders have speculated that Saudi Arabia was enforcing an informal boycott of imports from Turkey.
“Any official or unofficial initiative to block trade between the two countries will have negative repercussions on our trade relations and be detrimental to the economies of both countries,” eight Turkish business groups, including textile exporters and contractors, said in a statement on Saturday.
Saturday 10 October 2020
Arabtec shareholders at a crossroads over liquidation | ZAWYA MENA Edition
Arabtec shareholders at a crossroads over liquidation | ZAWYA MENA Edition:
Nothing would left for the shareholders of construction firm Arabtec after it announced liquidation as its net asset value (NAV) is negative.
Total assets of Arabtec stand at Dh7.379 billion while total liabilities are Dh10.137 billion. "For all practical purposes, the NAV of Arabtec seems negative and shareholders are likely to see their shares expire worthless," said Devesh Mamtani, chief market strategist at Century Financial.
He said Arabtec shareholders are not likely to get much from its assets as their market value will be much lower in case of a bulk sale.
On September 30, Arabtec Holding shareholders approved the board of director's plan to file for liquidation due to heavy financial losses following the outbreak of Covid-19.
"Unfortunately, against a backdrop of adverse market conditions, we regret to inform you that Arabtec shareholders voted to adopt a plan of liquidation and dissolution due to the company's untenable financial situation," the company said in a statement.
Nothing would left for the shareholders of construction firm Arabtec after it announced liquidation as its net asset value (NAV) is negative.
Total assets of Arabtec stand at Dh7.379 billion while total liabilities are Dh10.137 billion. "For all practical purposes, the NAV of Arabtec seems negative and shareholders are likely to see their shares expire worthless," said Devesh Mamtani, chief market strategist at Century Financial.
He said Arabtec shareholders are not likely to get much from its assets as their market value will be much lower in case of a bulk sale.
On September 30, Arabtec Holding shareholders approved the board of director's plan to file for liquidation due to heavy financial losses following the outbreak of Covid-19.
"Unfortunately, against a backdrop of adverse market conditions, we regret to inform you that Arabtec shareholders voted to adopt a plan of liquidation and dissolution due to the company's untenable financial situation," the company said in a statement.
#Iran's rial hits new low against dollar as economy reels | Reuters
Iran's rial hits new low against dollar as economy reels | Reuters:
The Iranian rial fell to a new low against the U.S. dollar on Saturday as the economy reels under pressure from the COVID-19 pandemic and U.S. sanctions.
The dollar was selling for as much as 304,300 rials on the unofficial market, up from 295,940 on Friday, according to the foreign exchange site Bonbast.com.
The economic daily Donya-e-Eqtesad’s website gave the dollar rate as 303,300, up 6,000 rials from Friday.
The currency has lost about 56% of its value in 2020 as a drop in oil prices has deepened the economic crisis in the country, which also has the highest COVID-19 death toll in the Middle East.
The official exchange rate - used mostly for imports of state-subsidised food and medicine - is 42,000 rials per dollar.
The Iranian rial fell to a new low against the U.S. dollar on Saturday as the economy reels under pressure from the COVID-19 pandemic and U.S. sanctions.
The dollar was selling for as much as 304,300 rials on the unofficial market, up from 295,940 on Friday, according to the foreign exchange site Bonbast.com.
The economic daily Donya-e-Eqtesad’s website gave the dollar rate as 303,300, up 6,000 rials from Friday.
The currency has lost about 56% of its value in 2020 as a drop in oil prices has deepened the economic crisis in the country, which also has the highest COVID-19 death toll in the Middle East.
The official exchange rate - used mostly for imports of state-subsidised food and medicine - is 42,000 rials per dollar.
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