Once a premium destination for overseas investors, Turkey’s power sector has recently been struggling with the impact of lower-than-expected growth rates, partial market liberalisation and fixed, long-term natural gas contracts. Power generation firms face further stress as the economic impact of the pandemic bites. Efforts to arrange a new debt restructuring deal have been delayed by the virus and wider economic woes, casting uncertainty over future demand. However, the sector retains some high-grade assets, however, which may attract future investor interest.
Recent news on ports and shipping in the Gulf has offered some stark contrasts. On the one hand, a landmark reached in Qatar’s project to equip Doha port to receive giant cruise ships, and the announcement of a slew of deals for Chinese companies to invest in projects serving ports in the UAE and Saudi Arabia; on the other, a further downturn in container traffic at Dubai’s Jebel Ali and Mina Rashid ports – and the ramping up of tensions in the Strait of Hormuz with Iran’s seizure of a UK-flagged tanker on its way to pick a cargo of petrochemicals in Saudi Arabia.