ANKARA: Turkey’s cabinet will discuss adopting a tighter lockdown on Monday as President Tayyip Erdogan tries to prevent a second lost year of tourism revenues, officials said.
After the last cabinet meeting two weeks ago, as coronavirus cases surged, Erdogan reined in social activities and travel.
Total daily cases then peaked above 63,000 on April 16 before dropping sharply to below 39,000 on Sunday.
But government officials said the fall was not enough and ministers would look into imposing new measures to last through a May 13-15 holiday at the end of the Muslim fasting month of Ramadan, in a way that does not hit economic production.
“Cases ... have been falling for a few days but this is not enough. A full shutdown will be on the cabinet’s agenda and this option should be implemented,” one official told Reuters, requesting anonymity.
The measures, while careful to allow economic production to continue, could close shopping malls and require special permits for intercity travel, the person said. Cafes and restaurants are already shut.
Last Friday, Health Minister Fahrettin Koca said the latest restrictions had shown some results including a 20 percent fall in cases in Istanbul and fewer hospital patients, though they were still a burden on intensive care units.
He also said measures would be tightened if the targeted fall in cases did not materialize.
Turkey has registered a total 4.63 million COVID-19 cases, with the death toll standing at 38,358. It is fourth globally in daily virus cases and first on a per-capita basis among major nations, while deaths peaked at 362 last week.
Both tallies have shot up since Erdogan launched a period of “controlled normalization” in early March.
In what it said was a response, Russia this month restricted flights to and from Turkey until June 1. Ankara said the move could cut tourist numbers by some 500,000.
A drop by two-thirds in tourism revenues last year ballooned Turkey’s current account deficit, putting pressure on its depleted FX reserves and sending the lira to a record low in November.
“Tourism is of critical importance for foreign exchange inflows,” the first official said. “So as not to miss out totally on the tourism season, these measures must be implemented strictly.”
The lira has fallen the last six straight trading days to near its low water mark over concerns about tense US ties, and also policy under a new central bank chief.
“If it’s the solution, we have to put up with a full shutdown. But this must be done without harming the production side,” a second official told Reuters.
“The closure of schools and shopping malls appears appropriate given the infection risk.”
Turkey said to mull tighter lockdown in bid to save tourism season
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Turkey said to mull tighter lockdown in bid to save tourism season
- Turkey has registered a total 4.63 million COVID-19 cases
- Russia this month restricted flights to and from Turkey until June 1
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
