29 April Briefing

Turkey's gold demand reached a record high in value terms in the first quarter of 2026, driven by strong investor appetite for bar and coins amid market volatility and the Iran war. Bar and coin demand rose 29% year-over-year to 26.1 metric tons, with a record value of $4.5 billion. Jewelry demand fell 23% in volume due to high prices. The data comes from the World Gold Council. Globally, gold demand hit a record $193 billion in value, with physical investment up 42% to 474 tons.

Armenian Foreign Minister Ararat Mirzoyan announced a new era of peace with Azerbaijan, EU integration ambitions, and plans for major infrastructure projects including railways and pipelines to position Armenia as a key link in the Middle Corridor. He also noted normalizing ties with Turkey and maintaining relations with Iran and Russia.

Turkey has proposed mediating an arrangement involving Hezbollah between the United States and Lebanon, seeking to expand its regional influence. The US has not yet responded. The offer comes amid a fragile ceasefire between Israel and Hezbollah, with ongoing violations and displacement. Turkey has also pursued roles in Gaza and Syria, and recently delivered 360 tons of aid to displaced civilians in Lebanon.

Turkish Foreign Minister Hakan Fidan expressed confidence in Pakistan-mediated talks between the US and Iran to end the conflict, while noting that not all issues can be resolved within the expected two-week timetable. He also stated Turkey would be open to participating in multinational demining operations in the Strait of Hormuz after a peace agreement, but would avoid any role implying alignment if conflict resumes.

Turkish President Recep Tayyip Erdogan, during a speech at the International Quran Recitation Competition Awards Ceremony on 29 April 2026, called for Muslim unity in the face of ongoing conflicts and humanitarian crises in Palestine, Lebanon, Sudan, Somalia, and Yemen. He criticized the international community for inaction and urged Muslims to set aside internal divisions and support one another. The appeal underscores Turkey's active diplomatic role and highlights the deepening humanitarian toll across several Muslim-majority regions.

For the first time, military personnel from Libya's divided eastern and western forces are jointly participating in the EFES-2026 Combined Joint Exercise in Turkey. The Turkish Defense Ministry stated that 331 personnel from the east and 177 from the west are taking part, calling it a significant step toward a unified Libya. The exercise, which includes a live phase from April 20 to May 21 in Izmir, also features the Libyan naval attack boat LNS Shafak. This development underscores growing strategic cooperation between Turkey and Libya and may contribute to strengthening unity and stability in the country.

The Cyprus issue is experiencing renewed diplomatic activity ahead of a planned 5+1 meeting in July under UN auspices. The current phase is a preparatory stage where positions are being redefined, rather than a genuine breakthrough. Key developments include a France-Greece military cooperation agreement in Cyprus, the EU's growing strategic interest in the island, and Turkey's concerns about shifts in the military balance. The Turkish Cypriot side insists on political equality and effective participation as preconditions for negotiations.

IGA Istanbul Airport CEO Selahattin Bilgen announced plans to commission a fourth runway in the second half of 2026 and expand terminal capacity from 90 million to 120 million passengers. The airport handled 84.5 million passengers in 2025, becoming Europe's busiest in flights and cargo. Bilgen highlighted the airport's role as a safe harbor amid regional conflicts, noting that Gulf carriers have diverted planes to Istanbul. The airport also leads in sustainability, recycling over 35% of solid waste and 40% of water, and meeting all electricity demand from a 240 MW solar power plant.