BUSINESS BUSINESS | 03 BUSINESS | 03 Turkey'sTu steps to Boeing, Embraer supportsup economy scrap $4.2bn overover COVID-19C reach deal as jet $29bn:$ Minister market shrinks

SUNDAY 26 APRIL 2020

Property deals QBA and DEiK hold ‘Qatar Turkey worth QR109.7m Business Council’ meeting clinched during THE PENINSULA — DOHA The Qatar Businessmen Associ- ation (QBA) and Turkish Foreign mid-April Economic Relations Association (DEiK) held virtual meeting of “Qatar Turkey Business Council” THE PENINSULA — DOHA Doha and its suburb yesterday. From the Qatari side, the meeting was headed by Despite a decline in number of are home to several Sheikh Faisal bin Qassim Al property sale deals due to the famous residential Thani, Chairman, Qatar Busi- precautionary measures taken nessmen Association (QBA). to contain coronavirus outbreak, and commercial From the Turkish side, the Qatar’s real estate market still properties such as meeting was chaired by Başar reflects a large capacity of flex- Arıoğlu, Chairman of Qatar ibility and stability, according to The Pearl Qatar, Turkey Business Council and the Ezdan Real Estate. Msheireb Downtown Board member of Turkish Citing the Real Estate Regis- Foreign Economic Relations tration Department’s figures Doha, West Bay and Association DEiK; and Nael during the period from April has always been Olpak, DEiK Chairman, in the 4-16, 2020, Ezdan’s latest real presence of Burak Guresci, estate report noted that a total favourite among real Commercial Counsellor of the of 36 property sale deals were Turkish Embassy in Qatar. clinched, at a total sum estate investors. The meeting came as part of exceeding QR109.7m during the QBA’s efforts to communicate period. with the different economic The deals were distributed real estate market, but other real institutions around the world in over 8 municipalities such as estate markets are catching up order to discuss opportunities A 'screen grab' from the video conference. Umm Salal, Al-Khor, Al-Tha- because of rapid infrastructure for economic cooperation khira, Doha, Al-Rayyan, Shamal, development and amenities. during the current global crisis Khaled al Mannai, Salah Al consequences and support the Nüket Küçükel Ezberci from the Al-Daayen, Al-Wakra and Al- Areas such as Al Wakrah and Al and to consolidate ties and know Jaidah, Abdullah Al Kubaisi, efforts of governments to restore health sector, Ammar Ismail and Shehaniya. The deals were Daayen are fast developing. They more about the global experi- Maqbool Khalfan, Ihsan al recovery for the local and global Süheyla Çebi Karahan, Cahit closed for selling vacant lands, are emerging real estate markets ences and ways to benefit from Khiyami, as well as Sarah economy. Reassuring a speedy Oklap, Serdar Bacaksız and Aziz multi-use buildings, multi-use and can provide better returns it. The meeting also tackled Abdallah, QBA Deputy GM, also recovery of the Qatari and Çengel, from the contracting and space, and residential buildings. to real estate investors, according several proposed solutions to attended the meeting. Turkish economies after the construction sector, Feyhan Al Rayyan Municipality to market experts. support private sector com- Sheikh Faisal greeted eve- ongoing crisis, Sheikh Faisal Yaşar from the Food and ranked first in terms of deal Many companies unveiled panies in light of the current ryone on the occasion of the noted that both the economies Logistics Sector attended the value following the sale of a offers last year to stimulate real crisis conditions From QBA, the Holy Month of Ramadan. are built on solid foundations. meeting. multi-use building in Aziziyah estate activity. Rental incentives meeting was also attended by He also stressed on the He thanked DEiK Association for Bashar also presented an spanning over an area of 917 such as rent-free periods, and Sheikh Dr. Khalid bin Thani bin importance of the cooperation calling this meeting. overview of the most important square meters, at a price per rents that are inclusive of utility Abdullah Al Thani, QBA Second of various economic institutions, Başar Arıoğlu introduced the measures taken by Turkey to square foot that reached QR1662, bills were offered as incentives Deputy; QBA Board members, private sector companies and Turkish side and the partici- reduce the spread of the virus totaling QR16.4m. On the other to attract tenants, boosting Sheikh Nawaf bin Nasser, and businessmen in light of this pating members and the sectors and control the number of hand, all other municipalities demand for residential Saud al Mana. QBA Members, global crisis to overcome its they represent. İhsan Şahin and infected people. `P2 haven’t witnessed any excep- properties. tional deals that may amount to However, due to the addi- QR50m, which rendered neg- tional supply of residential prop- ative results on property sales erties to the existing stock, the QC holds remote seminar on legal, volume during the week. rentals are still facing downward Moreover, Al Shamal Munici- pressure attracting many tenants technological challenges for arbitration pality has witnessed the lowest moving to better housing sale deal in terms of value for a facilities. vacant land lot Al Ruwais area According to the market THE PENINSULA — DOHA light of the current crisis of implementing cyber arbi- spanning over 480 square review, overall, during the first COVID-19 pandemic. tration to ensure a successful meters at a price less than QR97 quarters of this year transac- Participants of a distance The recently held video arbitration process. It also per foot square, totaling nearly tional volumes of residential seminar organised by the conference seminar titled touched on legal obstacles QR500,000. houses decreased by 13 percent Qatar Chamber’s (QC) Qatar ‘Current Challenges for Arbi- facing remote arbitration. Doha and its suburb are year-on-year (Y-o-)Y and no International Center for tration’ was held in cooper- Speaking at the seminar, home to several famous resi- change compared to the pre- Conciliation and Arbitration ation with ‘Qatar Lawyers’ and QICCA Board Member for dential and commercial prop- vious quarter (Q4, 2019). (QICCA) have affirmed that the College of Law at Qatar International Relations Sheikh erties such as The Pearl Qatar, However, this fall cannot be many global initiatives and University. About 175 fol- Thani bin Ali Al Thani said the Msheireb Downtown Doha, West fully attributed towards the endeavours are calling for the lowers attended the seminar spread of the coronavirus has Bay and has always been advent of COVID-19 as trans- endorsement of cyber arbi- online. posed many challenges to arbi- favourite among real estate actional volumes have been tration as a tool for imple- The seminar reviewed tration and on all other legal Sheikh Thani bin Ali Al Thani, investors. dipping annually since Q2, menting the social distance various topics related to the systems in the world, including QICCA Board Member for Doha sits on top in Qatar’s 2019. adopted by world countries in necessary procedures for arbitration centres. `P2 International Relations Dutch govt readying up to €4bn aid package for KLM: Finance Minister

AFP — THE HAGUE which flies from the global hub would lose about 40 percent of of Schiphol airport outside its air traffic. “We cannot afford The Dutch government plans to Amsterdam, has been hard hit to lose such an essential link,” prop up KLM during the coro- by the impact of the virus on air Van Nieuwenhuizen said. navirus crisis with an aid travel, with more than 90 The airport directly and package worth between €2bn percent of its fleet grounded indirectly created more than to €4bn, the finance minister since last month. 100,000 jobs, she told said Friday, shortly after Schiphol, which saw some journalists. pledged help for partner airline 71 million passengers past its The Dutch government Air France. gates in 2018 has also been owns a 14 percent stake in Air “I would like to announce severely affected by the France-KLM. that the cabinet intends to grounding of its flagship airline, Strings attached would provide between two and four which last year celebrated its include not paying bonuses, billion in financial support to centenary. profit sharing or dividends. KLM,” Wopke Hoekstra told a KLM was the “first in a row “I realise that this is not an news conference in The of dominoes,” Hoekstra said. easy message for KLM. But it is Hague. “If KLM topples it will not about tax money which is “We are currently working only have consequences for the needed from all of us to Dutch Finance Minister Wopke Hoekstra (left) and Dutch Minister for Infrastructure and Water out the exact form and details,” company and its personnel...,” strengthen KLM’s position,” Management Cora van Nieuwenhuizen (right) give a press conference at the Ministry of Security and Hoekstra said but he added the the minister said. Hoekstra said. Justice in The Hague, about the rescue package for Air France-KLM. The Dutch government plans to package will be “in the form of Dutch infrastructure min- France earlier announced a earmark €2bn to €4bn to help KLM through the coronavirus crisis. loans and guarantees.” ister Cora van Nieuwenhuizen seven billion euro aid package The Dutch national carrier, said without KLM, Schiphol for Air France. 02 BUSINESS SUNDAY 26 APRIL 2020

QE effect on US Fed's balance sheet US fully invested in (USD Tn, weekly) mega-intervention to support economy

The US Federal Reserve (Fed) quantitative measures such as analysts are referring to this behaviour. Additionally, the is at the forefront of the battle asset purchases and the pro- new round of measures as immediate hit of social dis- to support the economy against vision of both repo liquidity to “Quantitative Easing (QE) 4” or tancing measures on income the coronavirus (Covid-19) money markets and USD swap “QE infinity and beyond.” In and employment provides a shock. While fiscal policy tools lines to other central banks. contrast to other periods of natural sense of urgency on are more appropriate to Importantly, the scale, pace economic crisis and market policymakers. provide the relief that and scope of the intervention stress, the Fed has acted “ahead Second, there is evidence companies and households should be highlighted. The of the curve” in recent weeks, that monetary policy was too need at this juncture, monetary amount of total assets under tight even before the Covid-19 policy is essential to provide the Fed’s balance sheet has QNB ECONOMIC shock, given the fast negative liquidity to the system and even increased by $2.2 trillion or 53 response of demand to mon- accommodate fiscal policy percent in less than two COMMENTARY etary policy normalization in needs. months. This far outpaces pre- 2017-2018 and the “repo The current interventions vious rounds of quantitative anticipating potential problems tantrum” of money markets in have already gone above and easing and balance sheet and with no fear of over-com- late 2019. Hence, a massive beyond everything US monetary expansion. Moreover, the scope mitment. We see three reasons negative shock from the global fiscal expansion. With the Fed mistake, there is no way back authorities have ever done. of the support now goes much for the Fed’s hyper-respon- spread of Covid-19 amidst non- purchasing more Treasuries, a to the old monetary policy Recently, the Fed Chairman beyond the mandate of pre- siveness this time around. optimal liquidity conditions massive supply of bonds can framework of a dual mandate Jerome Powell firmly stated that vious programs, when asset First, the very nature of the requires an even more dra- be accommodated with limited (inflation and employment) there are “no limits” to the purchases were limited to current shock allows for broad matic acceleration of rate cuts pressure on yields. This tem- achieved through mere amount of support officials are Treasuries and agency-issued political support to bolder and balance sheet expansion. porarily creates additional changes in short-term interest willing to provide. In fact, in a mortgage backed securities. actions from monetary author- Third, given existing struc- fiscal space to fund relief- rates. The current mega-inter- matter of a few weeks, the Fed The new program includes the ities. As this crisis is the result tural deficits and high debt related government vention to rescue the US had not only dropped policy purchase of securitized retail of an exogenous pandemic levels, sizable government- expenditure. economy from a depression rates to zero but also rolled out loans, municipal papers, cor- rather than the blow up of sponsored relief programs All in all, the Fed was rapid will accelerate recent trends, all the emergency tools porate bonds, commercial financial imbalances, there is require fiscal-monetary coor- in recognizing the magnitude requiring a radical change in developed as a response to the papers and even high-yield less room to debate whether dination, i.e., central bank of the shock and in providing monetary policymaking. This great financial crisis of bond exchange-traded funds. monetary stimulus produces intervention to hold interest the appropriated backstops to will take shape slowly over the 2008-09. This includes massive Not surprisingly, several “moral hazard” or bad risk rates down during a significant the US economy. But make no next couple of years. QBA and DEiK hold ‘Qatar Turkey Business Council’ meeting FROM BUSINESS PAGE 1 DEiK has been holding its regular Sheikh Tamim bin Hamad Al He also presented some meetings normally through the Thani, which amounted to measures that were taken to con- means of visual communication. QR75bn to the private sector, as front economic challenges, He also indicated the need to pay well as allocating Guarantees for including allocating the equivalent attention to the development of local banks within the national of $15bn as an economic package, technological means and the guarantee program launched by pumping liquidity into the Turkish communications and information Qatar Development Bank. market, reducing the repayment technology sector in general, The participants also dis- period of loans for Factories which would assist in such times. cussed the potential cooperation affected by the Coronavirus and Sheikh Dr. Khalid, QBA opportunities, where Nüket interest payments to banks to 3 Second Deputy, has proposed Küçükel Ezberci, Chairman of months, Providing support to holding a series of specialized sec- Güven Hospitals and DEiK exporters who suffer from a tem- toral meetings between com- member, spoke about the efforts porary decline in exports, pro- panies and private sector institu- made by health sector institutions viding job opportunities, and a tions in both countries, to discuss in Turkey and expressed the will- ban on layoffs with state support cooperation opportunities in ingness of the Turkish private for affected employees, raising the detail and benefit from the expe- sector companies to cooperate minimum pension in addition to rience of companies in conducting with the Qatari private sector in cash assistance to deprived their business remotely. These this sector. Süheyla Çebi Karahan, families. sectoral meetings shall include DEiK member, talked about Bashar also talked about the banking sector, Food industries, ready-made field hospital permanent coordination that pharmaceutical industries, con- projects, which may be one of the takes place between hospitals in struction and contracting, and successful cooperation opportu- Demand for reopening economy the public and the private sectors others, he said. nities with Qatari businessmen, with regard to dealing with people Sheikh Nawaf bin Nasser Al as they are currently using a Ronald Solomon (left) of Nevada sells hats supporting US President Donald Trump as people gather infected with Coronavirus. Thani, QBA Board ready-made camp in Turkey that for a protest caravan along the Las Vegas Strip hosted by conservative radio talk show host Wayne Nael Olpak, DEiK Chairman member,reviewed the package includes 4,000 person as a quar- Alan Root to demand the reopening of the Nevada economy, hit hard by coronavirus-related closures, emphasized the importance of the of financial and economic incen- antine to provide the required in Nevada. continuation of business He said tives announced by the Amir H H medical care. China eases restrictions QIB announces Ramadan working on exports of some hours for its operating branches coronavirus equipment THE PENINSULA — DOHA During these unprece- in a convenient, simple and safe dented times, a key preventive way. Any customers visiting REUTERS — BEIJING and ventilators. Qatar Islamic Bank (QIB) has measure to limit the spread of branches for urgent and excep- “Tonight’s new rule is a announced the new hours for the COVID-19 is to transact tional matters need to wear China is dropping a revision to (the older rule),” said its operating branches and only through remote, digital masks and gloves as per the requirement that a number of Zhang Shuwen, the CEO of service centers that will be channels and avoid any latest Government directives. key virus treatment products Liming Bio-products, a biotech effective during the holy physical contact. Therefore, Corporate clients are also get regulatory approval before firm offering coronavirus tests month of Ramadan. QIB will not be accepting requested to manage their export, as long as they are targeting the overseas market. The following branches applications for services that banking services remotely, as approved in the importing “It’s wrong to have a one-size- will be operating from Sunday are available on QIB’s award- all of their daily banking needs countries, the commerce fits-all policy...” to Thursday, from 9am to 1pm: winning Mobile Application, are available on QIB’s Cor- ministry said yesterday. “Each country may have Salwa Road, Al Rayyan, Al Internet Banking, ATMs, or porate Internet Banking. delivered to their addresses. China had been stipulating different criteria for medicines Sadd, Corporate Branch Call Center. Through the platform, cor- The Bank has recently such approval since the end of and medical devices. The pri- (Grand Hamad Street), Old QIB is urging all customers porate customers can make launched a new Corporate March after several European ority is to meet the requirement Airport Road and Sheikh to bank from home and prior- local and international Deposit Only Card. This card countries complained that in the countries where the Abdulla Bin Zaid Al Mahmoud itize the use of its digital transfers, apply for Letter of allows large corporations, as Chinese-made test kits were product will be sold, instead of Islamic Culture Center (Fanar). channels, which have over 90 Credit (LCs) and Bank Guar- well as small and medium- inaccurate, in effect hampering where the product is made,” In addition, the following features available 24/7, and are antee (LGs), check balances, sized enterprises (SMEs), to many firms’ efforts to supply Zhang said. QIB Service centers will be built to serve the majority of a manage liquidity, request deposit cash or cheques in global efforts against the coro- The previous ban vexed operating from Sunday to customers’ banking needs statements, pay utility bills, their accounts at any time navirus pandemic. medical device firms in the Thursday, from 9am to 1pm: instantly. QIB has invested sig- open and manage fixed deposit through QIB’s self-service The new ruling applies to cities of Hangzhou and Fanar, C-Ring Service Center nificantly over the last few accounts, manage corporate Cash & Cheque Deposit products such as coronavirus Shenzhen, who tried to seek and the WPS Center (Barwa years in its Mobile App and credit cards, manage cheques, Machines (CDMs) available tests, medical masks, protective help from local governments, Commercial Avenue – Indus- Internet Banking portals to and request card and cheque across the country at 40 dif- suits, infrared thermometers Zhang added. trial Area). make sure customers can bank book replacements to be ferent locations. QC holds remote seminar on legal, technological challenges for arbitration US airlines have received

FROM BUSINESS PAGE 1 the use of technological means contracts impossible or Also speaking during the $12.4bn in aid so far: Treasury He noted that arbitration in the arbitration process, such cumbersome. seminar, Dr. Yasin Al Shazli, AFP — NEW YORK support and contractors that institutions around the world are as concluding the arbitration On his part, Dr. Mohamed excluded any effects of the receive $37.5m or less of payroll seeking solutions to continue clause through electronic Al Khuliafi spoke about the current crisis on the course of The Trump administration said support will not be required to arbitration process and to meet writing and filing of arbitration impact of crises on the practical arbitration cases, affirming that yesterday that it has disbursed provide financial instruments” its challenges such as non- applications and exchange of reality and the ability of arbi- arbitration had faced many $12.4bn to 93 air carriers to help in exchange for the aid. attendance of parties, expert notes and documents tration to cope with these force majeure circumstances them preserve jobs as the sector The Trump administration hearing and witness interro- electronically. developments, while another and exceptional circumstances struggles to survive the effects of and the largest US air companies gation, as well as travel and travel He stressed that QICCA had participant, Sultan Al Abdullah, and managed to deal with them. the COVID-19 pandemic. had reached agreement in prin- restrictions for parties, arbitrators recently issued many arbitral reviewed the steps taken by Dr. Minas Khachadurian In a statement, the Treasury ciple in mid-April on a plan and others. awards in arbitration cases that international arbitration centres spoke about the major guar- Department said it would “con- aimed at helping them avoid He also noted that com- had been finalised online. and institutions to face the antees for the litigation of the tinue to make additional pay- bankruptcies and massive layoffs mercial arbitration, through the He expected that the crisis, including the Seoul Pro- remote arbitration, underlining ments on a rolling basis.” The avi- in an industry that employs more flexibility of its rules and pro- coming period will see an tocol on holding visual arbi- the stance of the New York Con- ation sector has been struck with than 750,000 people in the cedures, and its adaptipn with increase in arbitration appli- tration sessions. vention on the implementation devastating force by the pan- United States.While the Treasury the circumstances and vari- cations in all countries as a Dr. Mona Al Marzouki dis- of the remote arbitral awards. demic, which is keeping travelers has not revealed the terms of the ables, would be more qualified result of the insistence by cussed the obstacles that parties Dr. Nader Ibrahim also at home, forcing airlines around agreement, knowledgeable to cope with modern techno- some contractors on the of arbitration would face in case spoke about the Qatari arbi- the world to cancel thousands of sources said it calls for the federal logical applications. existence of force majeure of electronic arbitration, such tration law, which included flights. government – in exchange for Sheikh Thani affirmed that case or exceptional circum- as the interest of applying the flexible rules governing the The Treasury statement its financial aid – to receive “war- the Qatari arbitration law in stances that make the imple- principle of equality and conduct of arbitration added that those carriers that rants,” financial products that can some of its provisions allows mentation of commercial confrontation. proceedings. “receive $50m or less of payroll be converted into shares. SUNDAY 26 APRIL 2020 BUSINESS 03

Malaysia sees Boeing, Embraer scrap $4.2bn proposed 2.4 billion ringgit a day deal as commercial jet market shrinks of losses from

BLOOMBERG Embraer’s market 2017, when talks for the investments at the end of the lockdown value has tumbled original partnership with year, down from $3.21bn a year Boeing Co is walking away Embraer began in earnest. earlier. Net debt increased 39 BLOOMBERG from its proposed $4.2bn com- to less than $1.1bn, At the time, the US manu- percent to $612.4m. bination with Embraer SA’s about a quarter of facturer was flush with cash Embraer’s sales have also estimates 2.4 billion commercial-aircraft business, and eager to tap Embraer’s slumped due to uncertainty ringgit ($550m) of losses each ending years of talks, as the what Boeing had engineers to help design a new, over the status of the Boeing day from businesses remaining planemakers brace for a far been poised to pay midrange jet family that was venture. The Sao Jose dos shut due to movement restric- smaller jetliner market after for the Brazilian on Boeing’s drawing board. Campos, Brazil-based tions imposed to contain the the coronavirus pandemic. More than two years later, company delivered 89 com- coronavirus pandemic. The deal’s collapse turns company’s Boeing has scrapped its mercial jets last year, one fewer The government has since two long-time business commercial plane product-development plans as than the year before. Total unveiled 260 billion ringgit of partners into competitors and its reputation and finances sales climbed 7.7 percent to stimulus packages with a focus strengthens Airbus SE’s long- operations alone. have been battered by two $5.46bn on increased revenue on preventing job losses and term advantage in the lucrative deadly crashes of the 737 Max, from Embraer’s business in ensuring small companies can market for single-aisle planes. (pictured), Boeing’s president purchase of a majority stake in the company’s best-selling jet. private jets, defense and continue to be viable, Prime Min- The partnership with Embraer of Embraer Partnership & Victoria’s Secret. Stein Mart and The Chicago-based services. ister said in a would have armed the US aer- Group Operations, said in a Kingswood called off their company is now trying to pre- The slow commercial- televised interview broadcast on ospace giant with smaller jets statement yesterday. “It is merger earlier this month, serve cash as it deals with plane sales stand in contrast to state news channels. Meanwhile, to compete against a new deeply disappointing.” citing the unpredictable eco- plummeting demand for jet Airbus’s competing A220, the country can use this chance offering from Airbus. Embraer didn’t immedi- nomic conditions. And sales and at least $19bn in costs which is “starting to really get to quicken digital economic Boeing is abandoning the ately comment. directors of We Co sued for the Max, which has been traction” with blue-chip cus- development, he added. proposed tie-up weeks after Boeing and Embraer will Softbank Group Corp.in Del- grounded more than a year. It’s tomers such as Delta Air Lines “Because of the MCO, the Chief Officer Dave also junk a second venture to aware over its decision to pull also weighing a request for bil- Inc, Aboulafia said. The impact can be said to be very big Calhoun warned employees sell Embraer’s C-390 Mil- out of a $3bn stock purchase. lions of dollars in government European planemaker took on people’s lives and on the that the company would need lennium. The companies will The Boeing-Embraer com- aid. control of the jet program me economy,” he said, referring to to adjust to a “new reality” as maintain an existing bination had been expected to Preserving $4bn or so from Canada’s Bombardier Inc the restrictions called Movement travel demand vanishes agreement, signed in 2012 and close last year and breezed would mean “a nice chunk of in 2018. Control Order. Malaysia because of the virus and air- expanded in 2016, to market through regulatory approvals liquidity” for Boeing, Richard Embraer, meanwhile, is still extended nationwide limits on lines prepare for a slow and support the military cargo until the European Commission Aboulafia, an aerospace analyst trying to establish its upgraded people’s activities until May 12 recovery. Embraer’s market aircraft. began its antitrust review. at Teal Group, said in an E2 generation of jets in the while easing restrictions slightly value has tumbled to less than The economic collapse European regulators signaled interview before the Embraer market. to allow some travel during $1.1bn, about a quarter of what from the Covid-19 outbreak earlier this week that their talks fell apart. “The E2 still has not hit the Ramadan. The lockdown was Boeing had been poised to pay has upended several big cor- review of combining two of the Embraer will be left to face mainline carriers the way the put in place on March 18 after for the Brazilian company’s porate transactions that, like world’s three largest plane- the tumultuous market and A220 is starting to,” Aboulafia the number of coronavirus cases commercial plane operations the Boeing-Embraer combi- makers would likely continue compete with Airbus without said. “Why? The answer was in the country surged. Infection alone. nation, were thought to be through August. relying on Boeing’s deeper they were waiting for the growth has since slowed, with Continued negotiation “is done deals. Both the commercial land- pockets. Brazil’s industrial Boeing deal to be inked, which the health ministry reporting not going to resolve the out- Sycamore Partners moved scape and Boeing’s balance jewel had $2.78bn of cash, was possibly the correct fewer than 90 new cases in each standing issues,” Marc Allen this week to terminate its sheet are far different from late equivalents and financial response.” of the last eight days. Turkey’s steps to support economy G20 vows to spur recovery of tourism sector

AFP - RIYADH adapt and thrive in a new post- September, vaunting ambitions over COVID-19 reach $29bn: Minister crisis era,” the ministers said in to welcome 100 million visitors G20 nations has pledged to a joint statement after a virtual by 2030. The kingdom has REUTERS - ISTANBUL given access to fresh loans. cushion the economic blow of meeting hosted by the group’s spent billions in an attempt to “The total value of the steps the coronavirus pandemic on current president Saudi Arabia. build a tourism industry from The Turkish government’s steps we have taken so far has global tourism, one of the Up to 75 million jobs are at scratch, one of the main planks to support the economy in the reached 200 billion lira,” hardest-hit industries in which risk in the labour-intensive of the country's drive to wean face of the coronavirus pan- Albayrak said in a video posted millions risk losing their jobs. sector, they said, citing the the economy off its decades- demic have reached a value of on his Twitter account. COVID-19 lockdowns have World Travel and Tourism long dependence on oil 200 billion lira ($28.7bn), Among the measures, pounded international tourism, Council. revenues. Finance Minister Berat Albayrak financing amount to 107.4 billion which is estimated to see a 45 The tourism minister of Saudi Arabia has splurged (pictured) said yesterday. lira has been provided to some percent decline this year Saudi Arabia, which last year more than SAR500m ($133m) President Recep Tayyip 120,000 companies to support according to the Organization issued its first tourist visas to to quarantine thousands of Erdogan initially announced a them during the outbreak, he for Economic Co-operation and boost the nascent sector, voiced overseas travellers and those 100 billion lira package to said. An additional 16.8 billion Development (OECD). hope the pandemic’s impact exposed to the virus in oth- support the economy on March lira has been provided in G20 tourism ministers would be “short-term”. erwise empty hotels around the 18, postponing debt payments support to traders. pledged to ensure coordination “The sites are still there, kingdom, Khatib said. and reducing tax burdens in Also, 1,000 lira in financial as their countries ease lock- hotels are still there, restaurants The government is renting some sectors. Since then, Ankara With the pandemic forcing support has been paid to each downs and travel restrictions, are still there, waiting for vis- “complete hotels” for three or has gradually widened such businesses to furlough or lay off of 4.4 million families, with a and to support the struggling itors to come back,” Ahmed al- four months, Khatib added, measures. Turkey’s confirmed millions of staff, the government total of 22.3 billion lira set aside industry’s recovery. Khatib told AFP. offering a temporary lifeline to cases of COVID-19 increased by has also stepped in to top up to meet the basic needs of some “We commit to helping Saudi tourism faces a sharp the struggling sector. 3,122 on Friday with the death income or pay daily stipends, 4 million citizens, Albayrak tourism sector businesses... downturn just months after toll rising to 2,600. while small businesses are being said. entrepreneurs and workers to launching the new visas in Mexico plans to reopen auto factories with COVID-19 pandemic safeguards

AP - MEXICO CITY three days after the US gov- Mexico and Canada and warned ernment launched a campaign that “if we do not coordinate our The Mexican government said to get Mexico to reopen plants, response, these chains can it plans to reopen automotive suggesting the supply chain of evaporate.” factories in conjunction with the the North American free trade “There are risks every- United States and Canada. zone could be permanently where, but we don’t all stay at The Foreign Relations affected if they didn’t resume home for fear we are going to Department said in a statement production. get in a car accident,” Landau that the details of the plan Mexico’s border assembly wrote. would be released in the coming plants are key to the US supply “The destruction of the days. The department said chain, including defense con- economy is also a health threat.” health safeguards would be in tractors, and more employees Ellen Lord, US undersec- place to prevent the spread of at the facilities have staged retary of defense for acquisition the new coronavirus, which walkouts and protests because and sustainment, had voiced caused Mexico to order the of fears over the coronavirus. similar concerns Monday in closure of non-essential plants Christopher Landau, the US Washington. several weeks ago. ambassador to Mexico, “We are seeing impacts on “The Mexican government launched a Twitter campaign the industrial base by several will be emphatic about health Tuesday urging efforts to keep pockets of closure interna- protection and will ensure that supply chains intact. tionally. Particularly of note is the reopening will be orderly, He expressed concern about Mexico, where we have a group gradual and cautious,” the virus lockdowns damaging the of companies that are impacting statement said. flow of parts and goods that feed many of our major primes,” she The announcement came businesses in the United States, said.

A file photo of Ford Motor's assembly line in Mexico.