Turkish Trade Deficit Shrank 12.1% in July, Minister Says
Bolat said exports rose to $25 billion in July, while imports stood at $31.4 billion. He made the comments during a press conference in Samsun.
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Argaam
9 hours ago
- Argaam
TALCO exports 35% of production, eyes more going forward: CEO
Suliman Al-Oufi, CEO of Al Taiseer Group Talco Industrial Co. (TALCO) said that exports currently dominate more than 35% of the group's production, which reinforces target growth on such side. In an interview with Argaam, the top executive added that the company plans to increase this percentage over the coming period, backed by solid operating fundamentals and adaptability with market updates, thus maintaining its positive performance. He stated that TALCO continues to implement its long-term strategy, which focuses on promoting sustainable growth in vital sectors, expanding exports, and meeting the growing demand in local markets, in light of the accelerated implementation of projects under Vision 2030. The profit growth during the second quarter of 2025 reflects the company's strong operational performance, driven by an increase in sales volumes and a 16.4% increase in sales value, in addition to a 15.7% growth in other revenues, which boosted profitability, particularly in the project sales and export segments, according to the CEO. Al-Oufi also indicated that there was no pressure on operating income during the quarter, highlighting that the ratio of administrative and marketing expenses to sales improved compared to last year. He stated that the increase in revenues in Q2 2025 was spurred by sales growth in key segments, with sales in the aluminum segment rising by 5.5% and in the accessories segment by 2.8%. 'Rising global aluminum prices also boosted revenues, given the company's success in expanding its sales strategies to meet the growing demand from major projects and local and international customers,' Al-Oufi said. He clarified that aluminum segment recorded SAR 170.75 million sales in Q2 2025, compared to SAR 145.02 million in Q2 2024. The accessories segment also recorded sales of SAR 8 million, compared to SAR 7.94 million in the same period a year ago. As for the paints segment, he indicated that increased selling prices, coupled with higher sales volume, contributed to recording SAR 13.1 million sales in Q2 2025, compared to SAR 11.8 million in the same period of the previous year, which reflects the company's resilience in responding to market changes while maintaining quality. He further said that the growth in other revenues helped mitigate the impact of any provisions taken during the period, reflecting the company's ability to effectively manage costs and achieve operational efficiency while maintaining good profitability.
Arab News
12 hours ago
- Arab News
Pakistan, Iran sign agreements eyeing $10 billion trade, stress cooperation to eliminate militancy
ISLAMABAD: Pakistan and Iran have signed agreements in the fields of politics, economy, culture and other vital sectors, Iranian President Dr. Masoud Pezeshkian said on Sunday, as Tehran and Islamabad eye raising their bilateral trade to $10 billion. Pezeshkian arrived in Pakistan's capital on Saturday on a two-day state visit to increase bilateral trade and strengthen relations between the two countries. Pakistan and Iran have remained at odds over instability along their shared, porous border that even led to a missile exchange between them last year. Both countries, however, were quick to move to ease tensions. Iran and Pakistan have attempted to forge closer economic and investment ties through border markets and trade links in recent years. 'My deep belief is that we can easily, in a short time, increase the volume of our trade relations from the current $3 billion to the projected goal of $10 billion,' Pezeshkian told reporters during a joint press conference with Prime Minister Shehbaz Sharif and high-level delegations from both countries in attendance. 'We reached good agreements in the political, economic, commercial, and cultural fields during this visit,' he said. The Iranian president said Islamabad and Tehran had signed 'important documents' that would facilitate and promote bilateral ties in commercial, cultural, tourism, transportation and scientific and educational exchanges between the two nations. 'The development of transit routes, railroad and sea routes, the development and equipping of border markets facilitating trade and the establishment of joint free economic zones, are serious needs in the relations between the two countries,' Pezeshkian noted. 'And we had constructive discussions on those issues.' Pakistan and Iran routinely trade blame for not tackling militancy in their shared border areas. The Iranian president said the issue had come up in talks between both sides. 'Also, given the threats from terrorist groups in border areas, increasing cooperation between the two countries to ensure border security and the peace and comfort of citizens in border cities was emphasized,' he said. The Iranian president condemned Israel for its military operations in Palestine, Syria and other areas of the Middle East, calling for the cessation of hostilities in Gaza. Sharif welcomed the Iranian president to Pakistan and said the two sides held fruitful discussions on culture, religion, history and geography. He condemned Israel's attack on Iran's nuclear facilities in June, saying there was no justification for the attacks. Both leaders also called for an unconditional ceasefire in Gaza. The Pakistani prime minister hoped the memoranda of understanding signed between Pakistan and Iran would 'soon' convert into agreements. 'Mr. President, today we have signed many MoUs and it is my prayer and your wish that these MoUs become agreements very soon,' Sharif said. 'And it is your wish and mine too that we achieve the target of $10 billion in trade as soon as possible,' he added. He said Iran and Pakistan had the same stance when it came to 'terrorism,' adding that both countries were opposed to it. Sharif vowed that Pakistan and Iran, through partnership and cooperation, would take steps against militants to ensure peace in their border areas.
Asharq Al-Awsat
15 hours ago
- Asharq Al-Awsat
Fair Competition: A Pillar for Consumers and Driver of Saudi Arabia's Economic Growth
Fair competition is emerging as a cornerstone of Saudi Arabia's economic transformation, serving not only as a market principle but as a vital engine for national growth and innovation. By fostering an environment of healthy rivalry, companies are compelled to improve product quality, lower prices, and enhance consumer experience, all of which benefit the Saudi consumer and economy alike. This competitive landscape encourages domestic investment, attracts foreign capital, and stimulates research and development, thereby reinforcing economic sustainability. But experts emphasize that fair competition is only as effective as the policies and regulatory frameworks enforcing it. Financial and economic advisor Dr. Hussein Al-Attas told Asharq Al-Awsat that fair competition acts as a key market regulator, limiting companies' ability to monopolize prices. 'Freedom to compete naturally pushes prices closer to real production costs,' he explained, 'reducing excessive profit margins and expanding consumer choice.' Al-Attas stressed that quality is now central to market success. 'Consumers are increasingly discerning, comparing prices, quality, and service,' he said, adding that companies failing to meet evolving standards in production, packaging, or after-sales support quickly lose market share. He described this environment as creating 'positive pressure' on firms to maintain high quality to retain customer loyalty, making excellence not just a goal, but a survival strategy. Government policies, Al-Attas noted, can either foster or distort competition. While support for startups and tax incentives can spur fair competition, imbalanced subsidies may unfairly favor specific companies, undermining market fairness. Incentives should be based on transparent criteria aligned with public interest, he stressed. Regulatory bodies like the General Authority for Competition play a vital role, he said. They monitor monopolistic behavior, investigate complaints, regulate mergers, and promote business awareness around fair play. For his part, Economist and King Faisal University academic Dr. Mohammed bin Duliem Al-Qahtany echoed this view, calling fair competition not only an economic tool but a 'social guarantee for equity' and a key driver of investor confidence. He highlighted Saudi Arabia's strides in making its economy among the most competitive and sustainable regionally and globally. 'A competitive market forces rational pricing and deters exploitation,' he told Asharq Al-Awsat. Al-Qahtany cited the rise of Saudi e-commerce as a success story, noting how competition has led to innovations like facial recognition payment and AI-powered consumer analytics, improving both service and efficiency. He pointed to sectors such as food and beverage, where consumer awareness and competition have elevated standards in hygiene and packaging. Government initiatives like the Saudi Made program, he said, exemplify balanced support that boosts national industry competitiveness and promotes small business growth. A robust and transparent competition framework is essential for maintaining a fair market, protecting consumers, and solidifying investor trust in Saudi Arabia's economic future, he stated.
