Britain has struck a deal to sell 20 Typhoons to Turkey, the first new orders for the multirole fighter jet in nearly a decade.
Prime Minister Keir Starmer signed the £8 billion ($11 billion) deal during a visit to Ankara on Monday, describing it as “a win for British workers, a win for our defence industry, and a win for Nato security”.
The agreement is the UK's largest for jet exports in a generation, and the first new order for UK Typhoons since 2017, helping support thousands of British jobs.
The Nato allies are keen to deepen defence co-operation, while Ankara also seeks to leverage the advanced jets to bolster its air power.
Mr Starmer said the deal also represented a boost for Nato security. “Having that capability locked in with the United Kingdom is really important for Nato,” he told journalists in Turkey.
After signing the agreement at the presidential palace in Ankara, Turkey's President Recep Tayyip Erdogan said: "We regard this as a new symbol of the strategic relations between our two close allies."
Monday’s deal represents the conclusion of long-running discussions, with Ankara reported to have been seeking to buy Typhoons since 2023.
In July, Defence Secretary John Healey signed a memorandum of understanding with his Turkish counterpart paving the way for the export deal after Germany lifted its veto on the sale over Ankara's stance on the Gaza war.
The jets − also known as Eurofighters − are produced in a partnership between the UK, Germany, Spain and Italy. Mr Erdogan thanked the leaders of the other members of the consortium for their "constructive approach".
In July, Turkey and the UK signed a preliminary deal for the Eurofighters, which are manufactured by a consortium led by Britain’s BAE Systems. The deal followed Germany’s reported decision to lift its long-standing opposition to the sale of the jets to Turkey.
Last week, Mr Erdogan toured three Gulf nations and held talks on the potential acquisition of used Typhoons. Turkey plans to buy 24 more Eurofighter Typhoon fighter jets — 12 from Oman and 12 from Qatar — to strengthen its air fleet, the Defence Ministry said after Monday's signing.
Turkey views the purchase of Eurofighters and other advanced jets as an interim solution until its domestically developed fifth-generation Kaan fighter jet becomes operational. That is expected no earlier than 2028.
Mr Starmer visited the Turkish Aerospace Industries’ plant in Ankara, where he was briefed on the KAAN fighter jet, Turkey’s Defence Ministry said.
Turkey, a member of Nato, also seeks re-entry into the US-led F-35 fighter jet programme. It was excluded in 2019 due to its purchase of Russian-made S-400 missile defence systems, a move that America considered a security risk.
Mr Erdogan raised the issue of the sale of F-35 fighter jets during a recent meeting with US President Donald Trump at the White House.
Turkish officials have said Turkey wants to acquire a total of 120 fighter jets – 40 Eurofighters, 40 US-made F-16s and 40F-35s – as a transitional fleet ahead of the KAAN’s entry into service.
About 37 per cent of the Typhoon production takes place in the UK, including final assembly at BAE Systems plants in Warton and Samlesbury, near Preston, Lancashire.
Downing Street said the Typhoon programme directly supported nearly 6,000 jobs at the two plants, with Monday’s deal saving the Warton production line.
The programme also supported more than 1,100 jobs in the south-west of England, including at the Rolls-Royce plant in Bristol, and 800 jobs in Scotland.
Mr Healey said: “This is another major export deal for the UK and is the biggest jet exports deal in a generation.
“It will pump billions of pounds into our economy and keep British Typhoon production lines turning long into the future.
“This deal goes far beyond the procurement of aircraft.
“It is the leading edge of the growing defence and industrial partnership between our two nations.”
In August, the UK secured a £10bn deal to supply the Norwegian Navy with at least five new warships.
Previous reporting suggested the UK would agree to provide 40 jets, rather than the 20 announced on Monday.
The first delivery of the new jets is expected to take place in 2030.
Mr Starmer’s visit to Ankara is his first trip to Turkey since becoming Prime Minister, although he has met President Recep Tayyip Erdogan several times at international summits.
During his visit, the Prime Minister laid a wreath at the mausoleum of Mustafa Kemal Ataturk, founder of the modern Turkish Republic, before finalising the Typhoon deal at the presidential palace in the Turkish capital.
Napoleon
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What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Results
2pm: Handicap (PA) Dh80,000 1,600m; Winner: AF Al Baher, Bernardo Pinheiro (jockey), Ernst Oertel (trainer).
2.30pm: Handicap (TB) Dh100,000 1,600m; Winner: Talento Puma, Xavier Ziani, Salem bin Ghadayer.
3pm: Handicap (TB) Dh90,000 1,950m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.30pm: Jebel Ali Stakes Listed (TB) Dh500,000 1,950m; Winner: Mark Of Approval, Patrick Cosgrave, Mahmood Hussain.
4pm: Conditions (TB) Dh125,000 1,400m; Winner: Dead-heat Raakez, Jim Crowley, Nicholas Bachalard/Attribution, Xavier Ziani, Salem bin Ghadayer.
4.30pm: Jebel Ali Sprint (TB) Dh500,000 1,000m; Winner: AlKaraama, Antonio Fresu, Musabah Al Muhairi.
5pm: Handicap (TB) Dh100,000 1,200m; Winner: Wafy, Richard Mullen, Satish Seemar.
5.30pm: Handicap (TB) Dh90,000 1,400m; Winner: Cachao, Tadhg O’Shea, Satish Seemar.
MOTHER%20OF%20STRANGERS
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UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Results
Stage seven
1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24
2. Adam Yates (GBR) Ineos Grenadiers, at 1s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s
General Classification
1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16
2. Adam Yates (GBR) Ineos Grenadiers, at 22s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s
KILLING OF QASSEM SULEIMANI
Meydan race card
6.30pm: Maiden; Dh165,000; (Dirt) 1,200m
7.05pm: Handicap; Dh170,000; (D) 1,200m
7.40pm: Maiden; Dh165,000; (D) 1,900m
8.15pm: Handicap; Dh185,000; (D) 2,000m
8.50pm: Handicap; Dh185,000; (D) 1,600m
9.25pm: Handicap; Dh165,000; (D) 2,000m
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5