DACO lays ground for privatization of Dammam airport

The ceremony was attended by various government officials, businessmen, airport executives and representatives of several airlines.
Updated 26 June 2017
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DACO lays ground for privatization of Dammam airport

The new brand of Dammam Airport Company (DACO) was launched on Wednesday. The firm made public its objectives, in preparation for the privatization of Dammam-based King Fahad International Airport (KFIA), and its transference into a wholly-owned subsidiary of the Civil Aviation Holding Company, an affiliate of the General Authority of Civil Aviation (GACA), in early July.
KFIA Director-General Turki bin Abdullah Al-Jawini said, “Air transport has played, through time, an important role in the economic, social and cultural development in the eastern region, highlighting, in particular, KFIA’s significant role, since it has been laid into commission in 1999.”
The geographical advantage, he added, is a basic resource for the development of the whole region, as air transport provides the region’s citizens with employment opportunities through job creation and stimulating the movement of the national economy, trade and investment.
“The ambitious Saudi Vision 2030 has significantly contributed to defining the company’s core objectives, within the program of privatization of KFIA in Dammam,” Al-Jawini said.
The three-goal plan aims at enhancing airport infrastructure, adding new passenger baggage management systems and comprehensive development of the airport’s other facilities, such as improving the runways as a priority, providing all segments of travelers with a comfortable environment through commercial and recreational services, and finally, investing in local youth.
The plan aims to support local youth through training initiatives and suitable jobs.
Al-Jawini said DACO will raise the operational capacity and business-oriented efficiency of KFIA, making it state-of-the-art, with the addition of new passenger halls, runways and offices for various airlines.
He praised the efforts of Eastern Province Gov. Prince Saud bin Naif, and Minister of Transport and GACA Chairman Suleiman bin Abdullah Al-Hamdan.
The ceremony was attended by various government officials, businessmen, airport executives and representatives of several airlines.
KFIA was established in 1999, during the reign of King Fahd.


Top CEO Conference & Awards wraps up in Bahrain

Updated 17 April 2019
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Top CEO Conference & Awards wraps up in Bahrain

The Top CEO Conference & Awards 2019, organized by TRENDS magazine — Mediaquest and international business school INSEAD, has concluded at the Al-Areen Palace and Spa in Bahrain. The event, held on Thursday, included seven key panel discussions under the theme “Growth in a Volatile Future” as well as the Top CEO Awards 2019 ceremony, which recognized the region’s most successful and trendsetting CEOs from more than 700 companies listed on GCC stock exchanges.

Top business leaders and more than 30 speakers from across the GCC shed light on the Middle East’s dynamic but volatile region and the burning issues facing the corporate world today. This year’s theme focused on a score of relevant issues, such as oil price fluctuations, tech disruptions, armed and political schisms that pose new risks, and opportunities. Speakers such as renowned economist Professor Nouriel Roubini provided growth solutions and road maps for businesses in the GCC region.

Alexandre Hawari, CEO of Mediaquest, said: “In its fifth edition, the Top CEO Conference & Awards fully encapsulated the theme of ‘Growth in a Volatile Future’ by acknowledging and exploring the growth transformation that the region is undergoing through digitalization and the fourth industrial revolution amid geopolitical tensions, looming trade wars and a rapidly evolving business environment. Building on the huge success of the previous years, the Top CEO Awards 2019 recognized CEOs and companies who have raised the bar by navigating challenges, implementing new strategies, and have demonstrated unquestionable growth, profitability and excellence in corporate governance.”

The conference kicked off with an opening keynote from Jassim Al-Seddiqi, CEO of the Abu Dhabi Financial Group and chairman of GFH Financial Group, who delved into the potential of transforming the region into a fintech hub and the importance of jumping on the digital bandwagon. 

The prime panel discussion on the “Future of Growth Amid Volatility” brought together five CEOs who explored methods to create future-proof strategies that can not only tackle challenges but also boost growth in a tough geopolitical and economic climate. 

Hisham Al-Rayes, CEO and board member of the GFH Financial Group, said: “Investing in the future in areas such as fintech, education and technology, the foundations for strong, enduring knowledge-based economies, is a priority for the group and the governments of the region in which we invest.”

“The Blockchain Opportunity” and “The Human Factor and Tech Innovation” panels brought together industry experts from Facebook, the Bahrain FinTech Bay and King Abdul Aziz University. 

“The Future of Women’s Business Leadership” panel discussed positive strides taken by GCC governments and businesses in leveling the playing field for women professionals.