FRIDAY, NOV. 6 · NO. 22
Today: Turkey ratifies the Mecca pact | Bank Rate to 4% | S&P freezes Turkish indexes | Energy 2040
LEAD · GEOPOLITICS
Turkey Ratifies a Decade-Locked Defense Pact With Saudi Arabia and Pakistan
Parliament approved the Mecca Joint Defence Agreement 279–119. An attack on one party counts as an attack on all; none can leave for 10 years once it is in force.
ABOUT 6 MINUTES
Turkey’s parliament has ratified the Mecca Joint Defence Agreement. Late on Thursday the General Assembly approved the remaining articles by 279 votes to 119, with 398 of 592 members voting. Turkey’s domestic approval is complete; the pact enters into force when Saudi Arabia and Pakistan deposit their instruments with the committee secretariat. [1][2]
The core promise has not changed: an externally originating armed attack on any party “shall be considered an attack on all.” Once the pact is in force, none of the three can leave for 10 years. [4][1] Help is not automatic. The country under attack must ask, and the three decide the scope by consensus; without unanimity there is no decision. [1] A Turkish deployment abroad would still need a separate mandate under Article 92 of the Constitution. [5][1]
From signature to ratification
Date | Step |
|---|---|
Aug. 7, 2026 | |
Oct. 20, 2026 | Full English text first reported by Middle East Eye [4] |
Oct. 27, 2026 | Foreign Affairs Committee approves the ratification bill [1] |
Nov. 4, 2026 | General Assembly adopts the bill’s first article [1] |
Nov. 5, 2026 |
Sources: ICWWM, Al Jazeera, Middle East Eye.
WHAT THE TEXT SAYS
The agreement has 16 articles and names no country or region as a threat. [4] Most of it builds a working alliance rather than scripting a war.
What the text commits Turkey to
Article | What it says |
|---|---|
2 | |
6, 7 | Joint training, exercises and deployments; joint production, research and technology sharing [4] |
8 | |
9, 10, 13 | Intelligence sharing; logistics including weapons, ammunition and fuel; nothing classified passed to outsiders [1] |
12 | Earlier treaty obligations are untouched [4] |
16 |
Sources: Middle East Eye (English text), ICWWM.
Article 12, which leaves earlier treaties untouched, keeps Turkey’s NATO obligations where they were. [4] Under Article 2, the scope of help is set “following an objective assessment” and “within the limits of their available resources, including military means and capabilities.” [4]
WHY IT MATTERS NOW
Reuters had framed ratification as a commitment of NATO’s second-largest army to Riyadh’s defense as Yemen’s Houthis step up attacks on the kingdom. Defense Minister Yaşar Güler has said he does not see Turkish troops in combat or offensive operations against the Houthis. Analysts expect Turkish air defenses, electronic warfare systems and the advisers to install and run them. [5][2]
There is an economic layer too. Intelligence Online reported in September that the pact had taken an economic turn: as Pakistan privatizes state assets, Riyadh and Ankara have put their business leaders to the task. [6] Our view: Article 7 on joint production and that privatization push are where the treaty will show up first for companies, long before any Article 2 test.
THE VOTE
The bill had the votes of the governing alliance and the main opposition. Habertürk, cited by ICWWM, gave the electronic tally as 279 in favor and 119 against. [1]
BEST MOVES
If you supply Turkish defense firms, map which of your products fit air defense, electronic warfare and logistics. Our view: those are the areas analysts expect Ankara to send first.
If you trade with Saudi Arabia or Pakistan, watch the Strategic Political and Defence Committee’s first meetings. Our view: its secretariat in Saudi Arabia will be where joint-production programs take shape.
If you follow Pakistan’s privatizations, look for Turkish and Saudi groups bidding together. Our view: the pact gives them political cover to do so.
If you have staff or projects in Saudi Arabia, read the separate deployment mandate when it comes. It, not the treaty, decides whether Turkish personnel go there.
WHAT TO WATCH
Coming weeks: Saudi and Pakistani ratification, then deposit of instruments with the secretariat. [1]
Coming weeks: a separate Turkish mandate to deploy military personnel to Saudi Arabia, if one is submitted. [5]
First year: the committee meets twice a year, with hosting in rotation; leaders may meet once a year. [1]
First year: appointment of the first secretary-general, a Pakistani national for a three-year rotating term. [1]
IN BRIEF
WEALTH & MARKETS · BRITAIN
Bank Rate Rises to 4%, the First Hike in Three Years
The Monetary Policy Committee voted 8–1 on Wednesday to raise Bank Rate by 0.25 percentage points, to 4%, the first increase since August 2023. One member preferred 4.25%. CPI inflation was 3.5% in September and is projected to reach around 5% by mid-2027 as energy prices stay high. [7]
Who feels a quarter-point rise, and when
Borrowers | Effect |
|---|---|
Tracker mortgages | At once: about £37 a month on a £250,000 loan with 25 years left (Moneyfacts, via MoneyWeek) [8] |
Standard variable | When the lender decides; usually slower than trackers [8] |
New fixed deals | Already priced in: average new mortgage rate 5.89%, a three-year high (Moneyfacts) [8] |
Sources: Bank of England, MoneyWeek, Moneyfacts.
Governor Andrew Bailey said today’s move “shouldn’t be seen as the first in an inevitable long sequence of hikes,” but that further rises remain likely unless the Middle East conflict is resolved. The next decision is Dec. 17. [8][7] See today’s Profile on The Other Page.
The move: If you hold a UK tracker or standard-variable mortgage, ask your lender what the new payment is and when it takes effect. If a fixed deal ends in the next 12 months, compare offers before you renew. Review your exposure; nothing here is lending advice.
INDEXES · TURKEY
S&P Freezes Turkish Index Changes and Puts Turkey on Its Watch List
S&P Dow Jones Indices said on Thursday it will freeze additions, deletions and other composition changes to its Turkish equity and fixed-income indexes, and has placed Turkey on its Country Classification Watch List. The move follows the firm’s 2026 country-classification consultation. [9][10]
A freeze does not remove Turkish names already in global or emerging-market benchmarks, but it pauses the usual flow of inclusions and weight changes until S&P revisits the classification. Passive funds that track those indexes will hold their current Turkish exposures rather than rebalance into or out of them on the normal schedule. [9]
The move: If you manage money that tracks S&P Turkey or emerging-market indexes, check which products are frozen and what your mandate says about tracking error. If you list or raise capital in Istanbul, ask your banker how a prolonged freeze would affect index demand for your shares. Our view: watch-list status is a signal to boards and CFOs, not a delisting.
ENERGY · TURKEY
Turkey’s National Energy 2040 Plan Seeks $500 Billion
Energy and Natural Resources Minister Alparslan Bayraktar unveiled a National Energy 2040 roadmap on Thursday that targets $500 billion in investment and 108,000 direct jobs. Installed electricity capacity would rise from 123 GW in 2025 to 281 GW by 2040, requiring about $190 billion. [11]
National Energy 2040, selected targets
Item | 2025 | 2040 |
|---|---|---|
Installed electricity capacity | 123 GW | 281 GW |
Solar | 26 GW | 112 GW |
Wind | 15 GW | 63 GW |
Nuclear | — | 10 GW |
Electric vehicles | — | 20 million |
Source: Anadolu Ajansı, citing Energy Minister Alparslan Bayraktar.
The plan aims for full self-sufficiency in oil and natural gas by 2040, and for five state companies — TEİAŞ, EÜAŞ, Eti Maden, TPAO and BOTAŞ — to invest a combined $210 billion. Network investment alone is put at $116 billion. [11]
The move: If you supply turbines, panels, grid gear or charging hardware, map which tenders TEİAŞ and EÜAŞ will open first. If you develop renewables in Turkey, read the network build as the bottleneck that decides when new capacity can connect. Our view: the $116 billion line is as important as the generation target.
If You Have Time · Four longer reads for the evening, the weekend or the flight.
PROFILE
Andrew Bailey, the Crisis Hand Who Just Raised Bank Rate
The historian who joined the Bank in 1985 now chairs both Threadneedle Street and the Financial Stability Board.
Andrew Bailey in 2022. Photo: U.S. Department of State, public domain, via Wikimedia Commons; cropped and toned
Andrew John Bailey was born in Leicester on March 30, 1959. He read history at Queens’ College, Cambridge, and took a Ph.D. on the Lancashire cotton industry in the Napoleonic Wars. After a research post at the London School of Economics he joined the Bank of England in 1985 and has spent almost his entire career there. [12]
He was Chief Cashier from 2004 to 2011, led the bank’s special resolution work through the 2008 crisis, became the first deputy governor for prudential regulation in 2013, and ran the Financial Conduct Authority from 2016 to 2020. He took over as Governor from Mark Carney on March 16, 2020; his term runs to March 15, 2028. Since July 2025 he has also chaired the Financial Stability Board. [12][13]
On Thursday he steered the first Bank Rate rise in three years, to 4%, and told markets it should not be read as the start of a long hiking cycle — while warning that further rises remain likely if energy prices stay high. [14] He is married to Cheryl Schonhardt-Bailey, a political scientist at the London School of Economics. [12]
PRIVATE JETS
Bombardier Raises Cash Guidance as Gulfstream Eyes 200 Jets a Year
Bombardier reported a strong third quarter on Thursday: 33 aircraft delivered, revenue of $2.373 billion, a $22.2 billion backlog and record services revenue of $701 million. The company further raised its 2026 free-cash-flow guidance. [15]
Two private-jet makers, one day FirmWhat it saidBombardier33 deliveries in Q3; revenue $2.37bn; backlog $22.2bn; services revenue a record $701m [15]Gulfstream / GDAiming for 200 deliveries a year by 2030; G300 certification late 2027, with a gap after the last G280 in mid-2027 [16] Sources: Bombardier, Aviation International News.
Two private-jet makers, one day
Firm | What it said |
|---|---|
Bombardier | 33 deliveries in Q3; revenue $2.37bn; backlog $22.2bn; services revenue a record $701m [15] |
Gulfstream / GD | Aiming for 200 deliveries a year by 2030; G300 certification late 2027, with a gap after the last G280 in mid-2027 [16] |
Sources: Bombardier, Aviation International News.
Separately, General Dynamics’ president told investors Gulfstream intends to deliver 200 jets in 2030 and that G300 certification is still aimed at late 2027, with deliveries possibly slipping into early 2028 depending on conditions in the Middle East; both the G280 and G300 are built by Israel Aerospace Industries in Tel Aviv. [16]
The move: If you buy or operate large-cabin jets, ask your OEM where 2027–28 delivery slots sit against these ramps. If you supply interiors or avionics, the services line is where Bombardier’s growth is clearest right now.
GADGET
Apple’s First Touchscreen MacBook Pros Arrive Today
Apple is releasing five products on Friday, Nov. 6, including its first MacBook Pro models with OLED touchscreens. Pre-orders opened last week; most configurations are shipping for launch-day delivery, though the base 14-inch touchscreen in Space Black is quoted at three to four weeks. [17]
What ships on Friday ProductFromiPad mini (OLED, A20 Pro)$699iMac (M6)$1,49914-inch MacBook Pro (M6)$1,99914-inch MacBook Pro (OLED touchscreen)$2,89916-inch MacBook Pro (OLED touchscreen)$3,399 Source: MacRumors.
What ships on Friday
Product | From |
|---|---|
iPad mini (OLED, A20 Pro) | $699 |
iMac (M6) | $1,499 |
14-inch MacBook Pro (M6) | $1,999 |
14-inch MacBook Pro (OLED touchscreen) | $2,899 |
16-inch MacBook Pro (OLED touchscreen) | $3,399 |
Source: MacRumors.
The touchscreen MacBook Pros sit well above the M6 non-touch models. Reviews of the OLED touch line were still thin as of Thursday evening. [17]
The move: If you refresh executive or design fleets, compare the $1,999 M6 against the $2,899 OLED touch before you standardize. If you sell accessories, note five new ports-and-cases cycles landing on the same day.
CENTRAL ASIA
Kyrgyzstan Opens Review of Up to $500 Million in AIIB Loans
The Kyrgyz government has opened review of a draft law ratifying a framework with the Asian Infrastructure Investment Bank for up to $500 million in loans over 2026–2028, signed in Doha on Sept. 27. [18]
Where the AIIB money would go ProjectAmountKambarata-1 hydropower plant$200 millionGreen and affordable housing$65 millionIrrigation$50 millionOsh–Manas highway$50 millionGrowth, energy and food security$50 million Source: News.kg, citing the Finance Ministry’s note.
Where the AIIB money would go
Project | Amount |
|---|---|
Kambarata-1 hydropower plant | $200 million |
Green and affordable housing | $65 million |
Irrigation | $50 million |
Osh–Manas highway | $50 million |
Growth, energy and food security | $50 million |
Source: News.kg, citing the Finance Ministry’s note.
The largest slice would go to Kambarata-1, the hydropower plant that anchors Bishkek’s long-term power plans. [18]
The move: If you supply turbines, transmission gear or contractors for Central Asian hydro, the ratification calendar is the gate for the next tenders.
THE OTHER PAGE IN NUMBERS
4%
Bank Rate after Thursday’s vote [14]
33
Bombardier deliveries in Q3 [15]
200
Gulfstream’s 2030 delivery aim [16]
$2,899
starting price, 14-inch OLED touch MacBook Pro [17]
The Best of Elsewhere · What is worth your ears and eyes this week, and why.
LISTEN
The Voters Who Flipped Congress
The Daily (The New York Times) · Thu., Nov. 5 · about 29 min
Nate Cohn walks through who showed up in Tuesday’s midterms, where the money went and why the polls understated the Democratic wave. [19] The clearest audio briefing on the result behind this week’s front pages.
READ
Equal to the Task: A Life Forged Between America’s Promise and Its Truth
Kenneth Chenault · HarperCollins Leadership · Nov. 3, 2026
The former American Express chief’s first full memoir, on mentors, values and a career that ran from segregation-era America to the top of a global company and then into venture capital. [20] A straight leadership book for readers who want the arc, not the tips.
READ
Surplus: The History of Too Much and the End of Economic Primacy
Marc Chandler · Prometheus · Nov. 3, 2026
An economist’s argument that capitalism’s problem is no longer scarcity but abundance — overflowing capital, soaring asset prices and institutions that have not caught up. [20] A useful frame for boards that still plan as if the constraint is “not enough.”
Every pick links to the original. Our note says why it is worth your time; the work is theirs.
SOURCES: FRONT PAGE 1–11 · THE OTHER PAGE 12–18 · YET ANOTHER PAGE 19–22 (ACCESSED NOV. 6, 2026)
The Other Post: The Daily Briefing for the Conscientious Leader, through an Istanbul lens is independent analysis for decision-makers. Nothing here is investment, legal or medical advice. Issue No. 22 · © 2026 The Other Post
ISSUE NO. 22
The Daily Briefing for the Conscientious Leader, through an Istanbul lens
Clear sight. Best moves. More options. — For leaders in business, government and society across MENA
FRIDAY, NOVEMBER 6, 2026 · REPORTED THROUGH EARLY FRIDAY, NOV. 6 · GEOPOLITICS · TURKEY · WEALTH & MARKETS · ENERGY
Feet in the world. Heart in Istanbul.