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THE 4th TURKISH-ARAB ECONOMIC FORUM GLOBALIZATION TO REGIONAL COOPERATION WALID R. ALAMEDDINE CHAIRMAN Lebanon’s Banking Control Commission June 11-12, 2009 - Istanbul 1 TURKISH-ARAB ECONOMIC RELATIONSHIPS - Overall Relationships Trade Capital Markets Banks 2 OVERALL RELATIONSHIPS (Excluding Trade & Finance) - Real Estate Investments Turkish Contractors Tourism Media – “Turkish Series” Central Asian Republics, Turkey as Gateway: Azerbaijan, Uzbekistan, Turkmenistan, Kazakhstan, Kyrgyzstan, Tajikistan ($ 1Trillion combined economy by 2015) 3 G20 GDP 2007 1 U.S. 2 $ Trillion 13.84 11 Brazil 1.86 Japan 4.3 12 Mexico 1.35 3 Germany 2.81 13 S.Korea 1.2 4 U.K. 2.14 14 Turkey 0.887 5 France 2.05 15 Indonesia 0.837 6 Italy 1.79 16 Australia 0.760 7 Canada 1.27 17 Saudi Arabia 0.564 8 China 6.99 18 Argentina 0.523 9 India 2.98 19 S. Africa 0.467 Russia 2.09 20 E.U. 14.71 10 85% of World GDP 48.7/57.3 IMF/PPP 4 TURKEY’S CAPITAL MARKETS: (a) Stock Market, & (b) Bonds & Bills Market - - More than 60% of “free float market capitalization” on Istanbul Stock exchange (ISE) is foreign. Foreign Investor’s capital gains are tax-exempt Free Repatriation of capital and proceeds Size is still smaller than banks, as banks have relatively significant interest rates 5 a) STOCK MARKET - - - 317 companies listed Market Capitalization: 120 BN Trading Value: 260 BN Daily trading value: above $ 1BN 22 companies more than $ 1BN (Market Capital) Financials: 51% of total 1/3 of net FDI’s (Foreign Direct Investments) came through the ISE (2006-2008) FDI’s around $ 15 BN annually (2006 -2008) 6 (b) BONDS & BILLS MARKET - - Active & much larger in traded value than stock exchange Trading value: $ 3,019 BN (2008) 7 TURKEY’S TRADE 2008 Exports: $ 140.8 Billion Imports: $ 193.9 Billion Trade Balance: (-) 53.1 Billion 8 TURKISH-ARAB TRADE - 2008 witnessed the fastest Growth of Turkish exports to the Middle East - The largest increase was with the UAE (also Qatar & Kuwait) - Europe still accounts for more than 50% of Turkish Exports 9 Turkey’s Trade: Partners Share of Total EXPORTS 2007 2008 OECD % 62.0 53.4 Middle East UAE * Iraq Saudi Arabia Qatar % % % % % 13.1 2.6 2.5 1.2 0.5 19.3 6.7 2.4 1.7 1.2 * Exports to UAE show readjustment in 2009 from the very high rate of 2008 10 Turkey’s Trade: Partners Share of Total IMPORTS 2007 2008 OECD % 55.5 51.2 Middle East Iraq Iran Saudi Arabia % % % % 7.3 0.1 4.21 1.4 9.2 0.8 4.1 1.7 Saudi Arabia took over from Iraq as the main Oil supplier to Turkey following the closure of the pipeline in August 1990 11 TURKISH – ARAB TRADE SELECTED FINANCIAL VALUES $ Millions NAME 2007 2008 2009* 1 U.A.E. 3,711 8,667 3,092 2 SAUDI ARABIA 3,927 5,524 2,926 3 LEBANON** 509 844 645 * Annualized - as of 03-2009 ** Turkey ranks as the 7th exporter to Lebanon 12 TURKEY’S BANKING SYSTEM Independent Regulator: Banking Regulation & Supervision Agency (BRSA) BDDK - Total Banks’ Assets $ 481 Bn - Banks Assets / GDP: 77% - Number of Banks: 50 - Representative Offices of Foreign Banks: 50 - 13 TURKISH BANKS: LARGE “REGIONAL” SIZE Asset Size NAME $ MILLIONS 1 ZIRAAT (State) 68.6 2 IS 64.1 3 GARANTI 58.4 4 AKBANK 56.3 5 YAPI VE KREDI 41.9 14 Majority-Owned Arab Banks in Turkey: 5/50 Banks Name Major Shareholders 1 Turkiye Finance* NCB (65%) 2 Kuveyt Turk* Kuwait Finance House (62%) 3 Albaraka Turk* Al-Baraka Banking Group (54%) 4 Turkland Bank 5 Arap Turk Bank Med (41% - Management) Arab Bank (50%) 62.4% Libyan Foreign Bank 1.6% Kuwait Investment * Participation (Islamic) Banks 15