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Türkiye’s manufacturing sector continued to contract in May, with firms scaling back production, employment, and purchasing activity amid muted demand conditions, a survey showed on Monday. The Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers’ Index (PMI) fell slightly to 47.2 in May from 47.3 in April, marking the 14th consecutive month of moderation in the sector. A PMI reading below 50 indicates a contraction in activity. New orders declined, reflecting a persistently softening demand environment, and contributed to the most marked slowdown in manufacturing production since last October, the survey said. Employment and purchasing activity were also scaled back,…

In an industry often marked by bold promises, Tisoro Global has emerged as the rare entity that delivers—transforming investment migration from a bureaucratic challenge into a streamlined, tech-powered experience.At the Investment Migration Forum 2025 in Dubai, the company showcased exactly why it’s regarded as the global leader in this space.Guided by CEO Adnan Shoukat’s visionary leadership, Tisoro Global has redefined what’s possible through cutting-edge AI, elite partnerships, and an unwavering commitment to client success. Tisoro Global’s solutions are not just innovative—they’re transformative.From Complex to Seamless: The Tisoro ExperienceFor decades, investors seeking second citizenship or premium residency options have faced daunting…

Soaring borrowing demand Margins shrink with higher costs Intensifying competition Saudi Arabia’s big banks prospered in the first quarter thanks to soaring borrowing demand from companies. However, lending growth is likely to slow and margins are shrinking because of rising fund costs and intensifying competition. The kingdom’s six largest banks by assets are Saudi National Bank, Al Rajhi Bank, Riyad Bank, Saudi Awwal Bank, Banque Saudi Fransi and Alinma Bank. Their combined loan books grew 17 percent year on year and 5.7 percent versus the last three months of 2024, according to Citi. “Growth is mainly coming from corporate borrowing…

Trading resumed on the Damascus Securities Exchange Monday after a six-month closure, as Syria’s new leaders attempt to shore up the country’s battered economy and begin rebuilding after nearly 14 years of civil war. The stock exchange had closed during the chaotic days leading up to the ouster of former President Bashar al-Assad in a lightning opposition offensive. Syrian Finance Minister Mohammed Yisr Barnieh, who attended the reopening, said that it signals that the country’s economy is beginning to recover and that the stock exchange “will operate as a private company and serve as a genuine hub for Syria’s economic…

Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, has been awarded “Best Innovation in Operational Excellence” at the Operational Excellence Awards Middle East 2025, part of the Customer Experience Live Show in Dubai.The recognition was announced during the awards ceremony on Tuesday, May 13, which celebrates organizations driving meaningful transformation in operational excellence across the Middle East.The award highlights SAB’s exceptional progress in enhancing operational performance through its flagship Ops2.0 Transformation Programme. This transformation initiative has played a pivotal role in standardizing and digitizing end-to-end processes, enhancing employee capabilities, improving ways of working,…

Follows Central Bank of Iraq warning Fraud reported in Duhok province Forex companies also targeted The semi-autonomous Kurdistan region in northern Iraq has launched a crackdown on cryptocurrency trading, following warnings by the Central Bank of Iraq. The Kurdistan Regional Government has formed an interior ministry committee to enforce the closure of crypto and foreign exchange companies, it said in a statement at the weekend. The committee, which can order raids on company premises, was set up after reports of a crypto scam in the Kurdish province of Duhok. Last month the authorities in Duhok arrested two people suspected of running…

Asharq Al-Awsat learned that Saudi Arabia’s Ministry of Investment is launching a new service to strengthen its relationship with national businesses by providing them with direct access to a suite of investment-related services. The initiative will assign each company a dedicated relationship manager, who will serve as the main point of contact to streamline access to government programs and services. These include the Strategic Investor initiative, the enhanced services program “Meyza,” the Alignment Platform, and various services offered by government entities at the Business Center. The move is part of the Kingdom’s broader effort to create a more dynamic and…

The International Air Transport Association (IATA) said on Sunday that $1.3 billion in airline funds are blocked from repatriation by governments as of end of April 2025. “This is a significant amount, although it is an improvement of 25% compared with the $1.7 billion reported for October 2024,” it said in a statement. The announcement came during the 81st IATA Annual General Meeting (AGM) hosted in New Delhi by one of the largest airlines in India, IndiGo. At the meeting, airline executives will discuss challenges the sector is facing at the environmental level, in addition to the increased operational costs,…

Ford Motor Company is reinforcing its presence in the Middle East and North Africa by expanding its operations from Riyadh and reintegrating North African markets under regional oversight. The move is part of a broader strategy to enhance the company’s operational flexibility and drive faster growth across the region. Ravi Ravichandran, President of Ford Middle East and North Africa, told Asharq Al-Awsat that the decision coincides with the expansion of Ford’s Riyadh office, which now includes specialized teams tasked with supporting the diverse needs of regional markets, including Qatar and the Levant. According to Ravichandran, Ford’s offices in Riyadh and…

China said Monday it “firmly rejects” US claims that it had violated a sweeping tariffs deal, as tensions between the two economic superpowers showed signs of ratcheting back up. Beijing and Washington last month agreed to slash staggeringly high tariffs on each other for 90 days after talks between top officials in Geneva, said AFP. But top Washington officials last week accused China of violating the deal, with Commerce Secretary Howard Lutnick saying Beijing was “slow-rolling” the agreement in comments to “Fox News Sunday”. China hit back Monday, saying Washington “has made bogus charges and unreasonably accused China of violating…