SaudiGulf Airlines selects V2500 engines for four new aircraft

Updated 15 July 2014
0

SaudiGulf Airlines selects V2500 engines for four new aircraft

SaudiGulf Airlines has selected the International Aero Engines’ (IAE) V2500 engine to power four A320ceo aircraft and also signed an eight-year V-ServicesSM maintenance service agreement with IAE.
SaudiGulf is a new airline based in Saudi Arabia with headquarters in Dammam and is planning to commence services in 2015.
"As a new airline, our success is dependent upon establishing a well-developed, quality fleet before we begin our operations," said Tariq Al-Qahtani, chairman, SaudiGulf Airlines.
"With the combined technology of Pratt & Whitney, Japanese Aero Engines Corporation and MTU Aero Engines, we know that we are powering and maintaining our aircraft with one of the best options on the market," he added.
"We are excited to expand our partnership with SaudiGulf to include A320ceo aircraft," said Dave Brantner, president, Pratt & Whitney Commercial Engines. "The V2500 engine has a long-standing track record of superior performance and will be a trusted power plant for the A320ceo aircraft for SaudiGulf."
Abdulhadi Al-Qahtani Sons Group of Companies acting through Al-Qahtani Aviation Company, a corporation organized and existing under the laws of Saudi Arabia, represented by Tariq Al-Qahtani as the chairman, announced in 2013 the launch of SaudiGulf Airlines, the first of several new domestic airlines serving passengers in Saudi Arabia.
SaudiGulf will operate three to four daily flights, beginning in 2015 to Riyadh and Jeddah departing from King Fahd International Airport in Dammam.


Saudi banks, Dubai shares give Gulf markets a timely boost

Updated 24 January 2019
0

Saudi banks, Dubai shares give Gulf markets a timely boost

  • The Dubai index was up by 0.9 percent with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent
  • Nasdaq-listed DP World increased 0.7 percent after increasing its stake in its Australia unit

DUBAI: The Dubai stock market snapped a three-day losing streak on Wednesday, boosted by its financial and property shares, while Saudi Arabia rose on the back of its banks.
The Dubai index was up by 0.9 percent with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent. Gulf Arab economies are expected to grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies. Amlak Finance rose 2.2 percent after announcing a renegotiation of restructuring terms with its financiers to allow more flexibility in adapting to “current market conditions.” Nasdaq-listed DP World increased 0.7 percent after increasing its stake in its Australia unit.
The port operator will spend at least $250 million buying back some shares in its Australian port terminals unit. Saudi Arabia’s index rose 0.8 percent, with nine out of 10 banks rising.
Al Rajhi Bank was up 0.6 percent and Samba Financial Group closed 1.7 percent higher. Petrochemical investor Alujain added 1.5 percent after an update on the fire at its affiliate’s plant.
The company said it now expects the NATPET plant to start operating all units by the end of September.
The Egyptian blue-chip index was up 0.2 percent with its largest listed bank Commercial International Bank gaining 4.2 percent.
The Egyptian Exchange on Wednesday canceled all transactions made the previous day in local firms Sixth of October Development and Investment Company (SODIC) and Madinet Nasr for Housing and Development (MNHD).
The move followed SODIC’s decision against a takeover of MNHD and involved their shares being suspended on Wednesday as the bourse reset prices. Global Telecom Holding jumped by 10 percent before trading on its shares were suspended, pending a statement from the company after VEON Ltd, a major shareholder in the firm, said it was considering taking it private.