Mideast airlines ‘will need 3,000 new planes by 2040’

Mideast airlines ‘will need 3,000 new planes by 2040’
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Updated 20 October 2021

Mideast airlines ‘will need 3,000 new planes by 2040’

Mideast airlines ‘will need 3,000 new planes by 2040’
  • Boeing says regional aviation industry likely to generate 223,000 new jobs

DUBAI: As regional and international travel and cargo demand recover, airlines in the Middle East will require 3,000 new aircraft valued at $700 billion and aftermarket services such as maintenance and repair worth $740 billion, Boeing predicted in a report on Wednesday.
In its 2021 Commercial Market Outlook — a forecast of 20-year demand for commercial airplanes and services — the aerospace company said more than two-thirds of airplane deliveries to the Middle East will accommodate growth, while one-third of deliveries will replace older airplanes with more fuel-efficient models such as the 737 MAX, 787 Dreamliner and 777X.
The report expects the Middle East passenger traffic and commercial fleet to more than double over the forecast period.
“The Middle East’s role as a global connecting hub continues to be important for developing markets to and from Southeast Asia, China, and Africa,” said Randy Heisey, Boeing managing director of commercial marketing for the Middle East. 
“The region has been a leader in restoring confident passenger travel through multi-faceted initiatives that aid international travel recovery.”
Airfreight represents an ongoing area of opportunity for Middle East airlines, with the freighter fleet projected to nearly double from 80 airplanes in 2019 to 150 by 2040. 
Air cargo traffic flown by Middle East carriers has increased since 2020 by nearly 20 percent, with two of the world’s top-five cargo carriers based in the region.
According to the report, regional airlines are expected to grow their fleets to 3,530 jets through 2040 to accommodate increased passenger and cargo traffic.
“The region will continue to see robust wide-body demand, with 1,570 deliveries supporting a growing network of international routes,” it added.
The report estimates the current single-aisle fleet of 660 airplanes to nearly triple to 1,750 jets.
Boeing’s 2021 Pilot and Technician Outlook forecasts that the region is estimated to require 223,000 new aviation personnel by 2040, including 54,000 pilots, 51,000 technicians, and 91,000 cabin crew members. 


16 more fintech firms enter Saudi market in Q3 of 2021

16 more fintech firms enter Saudi market in Q3 of 2021
Updated 15 sec ago

16 more fintech firms enter Saudi market in Q3 of 2021

16 more fintech firms enter Saudi market in Q3 of 2021

RIYADH: Saudi Arabia issued licenses to 16 fintech companies in the third quarter of 2021, Sabq quoted Saudi Central Bank governor as saying at an event on Monday.

Fahad Almubarak said 13 of those companies work in the field of payments and electronic wallets, and three firms are engaged in insurance and finance sector.

Saudi Arabia witnessed a 37 percent rise in the number of fintech firms entering the market and also recorded an increase in venture capital investments that exceeded SR680 million ($181 million).

Capital Market Authority chairman Mohammed Elkuwaiz said fintech companies develop technical ideas that challenge the current situation, which has an added value because it offers a product that did not exist before, Sabq paper reported.

Fintech in Saudi Arabia has competitive advantages over other countries, and 90 percent of transactions in the Saudi financial market are automated and have been conducted electronically for more than 10 years, Argaam reported.


Chinese developers to face $1.3bn of bond payments in December

Chinese developers to face $1.3bn of bond payments in December
Updated 14 min 43 sec ago

Chinese developers to face $1.3bn of bond payments in December

Chinese developers to face $1.3bn of bond payments in December

RIYADH: China’s developers face around $1.3 billion of bond payments in December, following a month of investors’ sentiment stabilising toward the property sector.

In November, the total bond payments was $2 billion, with no defaults reported, according to Bloomberg. 

Investors' scrutiny regarding principal and interest payments lingers as the cash crisis hits the real estate industry. 

China’s Evergrande group unit and Kaisa group’s grace periods are ending by mid-December on coupons of a total of $171 million. 


SMEs loans growth slows down in 3Q 2021

SMEs loans growth slows down in 3Q 2021
Updated 20 min 47 sec ago

SMEs loans growth slows down in 3Q 2021

SMEs loans growth slows down in 3Q 2021

RIYADH/MOSCOW: Annual growth in total credit provided to small and medium enterprises by Saudi banks slowed in the third quarter of 2021 to 12.9 percent from 25.3 percent in the previous quarter, the Saudi Central Bank report issued on Sunday showed.
Loans given to SMEs reached SR186.2 billion ($49.6 billion) in the third quarter of 2021 compared to SR165 billion in the same quarter a year ago.
A descending trend in quarterly growth rates has also been observed as the value of SME lending increased by just 0.8 percent in the third quarter of 2021, the lowest quarterly rate of growth recorded since the fourth quarter of 2019.
In addition, lending to SMEs from finance companies totaled SR14.2 billion in the third quarter of 2021 compared to SR13.5 billion in the previous quarter. It was also higher than last year’s SR10.8 billion in the same period.


Indian crypto unicorn plans IPO

Indian crypto unicorn plans IPO
Updated 26 min 20 sec ago

Indian crypto unicorn plans IPO

Indian crypto unicorn plans IPO

RIYADH: India's first unicorn cryptocurrency, CoinDCX, plans to list on the stock market  as soon as government regulations allow.

The share sale will be a major vote of confidence in India's digital asset industry, similar to the Coinbase listing earlier this year, co-founder Neeraj Khandelwal said in an interview with Bloomberg Television.

“As soon as the government or wider situation allows us, we will try for an IPO (initial public offering),” he said.

“An IPO gives legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets. Similarly we want to instill a similar level of confidence with an IPO of CoinDCX.”

Khandelwal said the company will decide an exact timeline depending on the incoming government regulations.

“We certainly will look at that in order to grow the industry further,” he added.


TASI closes 0.2% higher at 10,811 points

TASI closes 0.2% higher at 10,811 points
Updated 48 min 26 sec ago

TASI closes 0.2% higher at 10,811 points

TASI closes 0.2% higher at 10,811 points

RIYADH: The Saudi stock market ended the session on Monday up 0.2 percent, or 23 points, to close at 10,811 points.

Some 189 million shares changed hands in 355,000 deals, with heavy trading in Al Rajhi bank, Alinma Bank, SABIC. 

Saudi Enaya and Amana Insurance were among the top gainers.

Saudi Kayan, Advanced and Petrochem also rose by between 3 and 6 percent. 

The market's increase today was also influenced by a 0.9 percent rise in Al Rajhi bank shares, while Riyad bank rose by 1.9 percent to SR135 ($36). SABIC Agri-Nutrients was up by 4.45 percent. 

Baazeem and Maadaniyah were the top fallers, losing more than 6 percent.

Saudi Basic Industries declined 1 percent to close at SR111.20.

Savola, Almarai, eXtra and Al Kathiri fell between 1 and 3 percent.

Qassim Cement closed at SR77.90, down 1 percent after the end of the eligibility for cash dividends.

The parallel Nomu index was down 42.3 points, or 0.19 percent, closing at 22,331.94 points after traded 2.7 million shares.