Turkey’s Wildfires Hit Hopes for Tourism Rebound

A volunteer from a nearby village sprays water to cool down a recently burnt part of a forest during a wildfire near Kavaklidere a town in Mugla province, Turkey, August 5, 2021. (Reuters)
A volunteer from a nearby village sprays water to cool down a recently burnt part of a forest during a wildfire near Kavaklidere a town in Mugla province, Turkey, August 5, 2021. (Reuters)
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Turkey’s Wildfires Hit Hopes for Tourism Rebound

A volunteer from a nearby village sprays water to cool down a recently burnt part of a forest during a wildfire near Kavaklidere a town in Mugla province, Turkey, August 5, 2021. (Reuters)
A volunteer from a nearby village sprays water to cool down a recently burnt part of a forest during a wildfire near Kavaklidere a town in Mugla province, Turkey, August 5, 2021. (Reuters)

The first cancellations from tourists booked onto one of Ozkan Selcuk’s cruises off Turkey’s southern coast came when the forests near where he takes visitors turtle-watching caught fire.

A year after the global COVID-19 pandemic devastated Turkey’s tourism industry, the worst wildfires in living memory along its southern coast have delivered a fresh blow to the sector which makes up some 5% of the Turkish economy.

In ten days, the fires have destroyed tens of thousands of hectares of forest in Mediterranean and Aegean provinces, eight people died and thousands of Turks and tourists have fled.

In the province of Mugla, where major tourist resorts Marmaris and Bodrum are located, at least 36,000 people have had to be evacuated, including from some coastal resort towns.

The relaxation of COVID-19 travel restrictions this summer had led to hope of a rebound in Turkey’s tourism industry, but for Selcuk and others in his region, the wildfires put paid to that.

“I have two more bookings for Saturday but I’m not getting any new bookings,” said Selcuk. “I am scared that the fire will continue. We wake up to ashes falling on our houses and on our boats.”

Firefighters have contained most of the around 200 wildfires that broke out in the last ten days, but on Friday there were still some 12 blazes burning on the Mediterranean and Aegean coasts, according to official data.

“There are no new bookings due to wildfires. Existing bookings are being cancelled. The hotels are also empty, with early check-outs,” Bulent Bulbuloglu, head of the Southern Aegean Hoteliers Union said.

Britain’s decision on Wednesday to keep Turkey on a COVID-19 “red list” for another three weeks is a further blow to the industry.

Tourism Minister Nuri Ersoy said on Friday Turkey was sticking to its targets of 25 million visitors this year and $20 billion tourism revenue - still far short of the $34.5 billion in pre-pandemic 2019.

“We had the expectation that the British visitors would come back, but that is not happening,” Bulbuloglu said.

Most tourists who visit Turkey are British, followed by Russians and Germans. In 2019 more than 2.5 million visitors came from Britain, according to official data.

In 2021, foreign arrivals were 5.7 million in the first half of the year while revenues stood at $5.5 billion, official data shows.

Former tourism minister Bahattin Yucel said the government forecasts were not realistic. “On top of the outbreak now there are wildfires...it will take a long time for the southern Aegean coast to recover,” he said.

Gonca Umul, whose family run a guesthouse in the coastal town of Oren, had hoped that a packed July would jumpstart a recovery from last year’s slump, but her small hotel is now empty after many residents were evacuated.

“We were fully booked for July and even turned down guests. Now people are only calling to cancel their bookings,” Umul said.



Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 


IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.


US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.