Saudi Arabian Airlines launches new in-flight entertainment system during ATM

Saudi Arabian Airlines launches new in-flight entertainment system during ATM
Speaking at the ATM event, Saudia CEO said the company has fully recovered from the COVID-19 effects. (Supplied)
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Updated 09 May 2022

Saudi Arabian Airlines launches new in-flight entertainment system during ATM

Saudi Arabian Airlines launches new in-flight entertainment system during ATM

DUBAI: Saudi Arabian Airlines, known as Saudia, has launched a new in-flight entertainment system during the Arabian Travel Market 2022, which is being held at Dubai World Trade Centre.

The new IFE system, Beyond, entails over 5,000 hours of HD content, including, Western and Eastern films and TV shows, a library of e-books, weather reports, shopping, meal ordering, flight information and agenda timeline.

It also includes practical features, such as the ability to check the status of the flight while en route; and a real-time view of the sky during take-off and landing from cameras.

The airline said that Beyond will be implemented gradually across the Saudia fleet by the end of this year. 

Speaking at the ATM event, the airline’s CEO said the company has fully recovered from the COVID-19 effects and it has new demands coming in.

“Even with higher costs, it is not hindering travel, particularly in Saudi Arabia, and Saudia sees bookings and demands coming in,” Ibrahim S. Koshy said.

Speaking about the future, Koshy said the airline’s “commercial fleet size will have to double in the future.”

The company is aware of the gaps it experiences and it is working on providing a seamless experience, Koshy added. 

The ATM, the Middle East’s largest travel and tourism exhibition, is a four-day event that addresses the concerns and hopes of the industry in the wake of the COVID-19 pandemic. 

 


Saudi non-oil sector sees robust improvement business condition in June: S&P Global 

Saudi non-oil sector sees robust improvement business condition in June: S&P Global 
Updated 15 sec ago

Saudi non-oil sector sees robust improvement business condition in June: S&P Global 

Saudi non-oil sector sees robust improvement business condition in June: S&P Global 

RIYADH: Saudi Arabia has seen a robust improvement in business conditions across the non-oil sector in June, as the Kingdom steadily advances in its path of economic transition, according to the latest PMI data from S&P Global.

It said new business rose at the sharpest rate for eight months, despite evidence that intensifying cost pressures had led companies to mark up their prices. 

David Owen, Economist at S&P Global Market Intelligence, said: "Saudi Arabia's non-oil economy continued to go from strength to strength in June, with the PMI picking up to an eight-month high of 57.0 and posting well above the 50.0 no-change mark. 

He said the upturn was underlined by a robust increase in new business levels, which encouraged firms to expand their output sharply and make greater input purchases.


China plans $75bn infrastructure fund to revive economy — sources

China plans $75bn infrastructure fund to revive economy — sources
(Shutterstock)
Updated 22 min 39 sec ago

China plans $75bn infrastructure fund to revive economy — sources

China plans $75bn infrastructure fund to revive economy — sources

BEIJING: China will set up a state infrastructure investment fund worth 500 billion yuan ($74.69 billion) to spur infrastructure spending and revive a flagging economy, two people with knowledge of the matter told Reuters on Tuesday.

China’s economy has started a slow recovery from the supply shocks caused by extensive lockdowns since the second quarter, although headwinds to growth persist, including from a still subdued property market, soft consumer spending and fear of any recurring waves of infections.

The fund is expected to be set up in the third quarter, the sources said.

China has unveiled a raft of economic support measures in recent weeks, although analysts say the official gross domestic product target of around 5.5 percent for this year will be hard to achieve without doing away with its strict zero-COVID strategy.

Much of the economic support has come from fiscal stimulus to counter the impact from COVID-19 this year, with the central bank steadily easing liquidity conditions to lower financing costs.

Authorities are doubling down on an infrastructure push, dusting off an old playbook to revive the economy, pledging 800 billion yuan in new credit quota and 300 billion yuan in financial bonds for policy banks to support big projects.

Sources told Reuters that China will issue 2023 advance quota for local government special bonds in the fourth quarter, with the new quota likely bigger than 1.46 trillion yuan for 2022.

The Ministry of Finance and the National Development and Reform Commission did not immediately respond to Reuters’ requests for comment.

The cabinet has told local governments to ensure 3.45 trillion yuan in special bond issuance for infrastructure — part of the 2022 special bond quota of 3.65 trillion yuan — is completed by the end of June.

 


Oil rises as tight supply trumps recession fears

Oil rises as tight supply trumps recession fears
Updated 04 July 2022

Oil rises as tight supply trumps recession fears

Oil rises as tight supply trumps recession fears
  • OPEC misses target to boost output in June: Survey

LONDON: Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya and sanctions against Russia outweighed fears of a demand-sapping global recession.
Eurozone inflation hit yet another record high in June, strengthening the case for rapid European Central Bank rate increases, while US consumer sentiment hit a record low.
Brent crude rose $2.26, or 2 percent, to $113.89 a barrel by 12:47 p.m. ET (1648 GMT) after falling more than $1 in early trade. US West Texas Intermediate crude rose $2.20, or 2 percent, to $110.63, in thin volume during the US Independence Day holiday.
The Organization of the Petroleum Exporting Countries missed a target to boost output in June, a Reuters survey found.
In OPEC member Libya, authorities declared force majeure at Es Sidr and Ras Lanuf ports as well as the El Feel oilfield on Thursday, saying oil output was down by 865,000 barrels per day.
Meanwhile, Ecuador’s production has been hit by more than two weeks of unrest that has caused the country to lose nearly 2 million barrels of output, said state-run oil company Petroecuador.
Adding to potential supply woes, a strike this week in Norway could cut supply from Western Europe’s largest oil producer and reduce overall petroleum output by about 8 percent.
“This backdrop of mounting supply outages is colliding with a possible shortage in spare production capacity among Middle Eastern oil producers,” said Stephen Brennock of oil broker PVM, referring to the limited ability of producers to pump more oil.
“And without new oil production hitting markets soon, prices will be forced higher.”

British PM
British Prime Minister Boris Johnson on Monday called on the OPEC+ producer group to produce more oil to tackle a cost-of-living crisis.
Brent crude has come close this year to topping the 2008 record high of $147 a barrel after Russia’s invasion of Ukraine added to supply concerns.
Soaring energy prices on the back of bans on Russian oil and reduced gas supply have driven inflation to multi-decade highs in some countries and stoked recession fears.


Egypt In-Focus — Suez Canal’s revenues rise 20.7%; efforts on to develop sustainable transport sector

Egypt In-Focus — Suez Canal’s revenues rise 20.7%; efforts on to develop sustainable transport sector
Updated 04 July 2022

Egypt In-Focus — Suez Canal’s revenues rise 20.7%; efforts on to develop sustainable transport sector

Egypt In-Focus — Suez Canal’s revenues rise 20.7%; efforts on to develop sustainable transport sector

CAIRO: Egypt’s Suez Canal’s revenues increased 20.7 percent during the fiscal year 2021/22. The Ministry of International Cooperation has received $2.4 billion from bilateral and multilateral partners over the past two years for the development of sustainable transport sector.

Suez Canal

Suez Canal’s revenues increased by 20.7 percent during the fiscal year 2021/22, compared to the year earlier, to reach $7 billion, Asharq Al-Awsat reported citing Suez Canal Authority Chairman Osama Rabea.

Egypt’s fiscal year runs from July 1 to June 30.

Sustainable transport sector 

Egypt is working to provide development funds and technical support from multilateral and bilateral development partners in a bid to develop the transport sector, Asharq Al-Awsat reported citing the minister of international cooperation.

Rania Al-Mashat was quoted as saying that over the past two years, the ministry has received around $2.4 billion for the sustainable transport sector from the European Investment Bank, the French Development Agency, the European Bank for Reconstruction and Development, China, and the Kuwait Fund for Arab Economic Development.

BNPL service

Amazon Egypt has launched its buy now, pay later fintech platform valU, as part of its commitment to enhance shopping experience in the north African country and offer customers affordable and flexible payment options. 

 


Boubyan Bank and Visa celebrate launch of World Cup Qatar 2022 Prepaid Card

Boubyan Bank and Visa celebrate launch of World Cup Qatar 2022 Prepaid Card
Updated 04 July 2022

Boubyan Bank and Visa celebrate launch of World Cup Qatar 2022 Prepaid Card

Boubyan Bank and Visa celebrate launch of World Cup Qatar 2022 Prepaid Card
  • The card includes many events, exclusive discounts and offers for Visa cardholders

KUWAIT: Boubyan Bank and Visa announced the launch of Boubyan’s Visa FIFA World Cup Qatar 2022 Prepaid Card on Friday.

The launch event was attended by partners, media professionals, social media influencers, and bank customers.

“It is no secret that Kuwait, the region and the whole world are passionate about football,” Abdullah Al-Mejhem, Chief Private Banking and Consumer Banking, said.  “The fact it will be held in a GCC country makes us at Boubyan Bank proud of how far we have come as a region and our partnership with Visa.”

He continued: “We take pride in our collaboration with Visa in this special launch of Boubyan Visa Prepaid Card along with its various benefits. I would like to seize this opportunity to reiterate the importance of our special partnership with Visa that dates back to many years, and which, thank Almighty Allah, introduced outstanding services to better serve our customers of all segments.

“Boubyan Bank is keen on changing traditional concepts about banking products and services out of its endeavors to become a “Way of Life” and to be always closer to customers. This can be clearly seen through our constant tracking of sports’ activities, especially popular sports such as football.”

At the event, customers enjoyed the activities and many benefits such as being issued the card with no fees.

“We are proud to join our longstanding partner Boubyan Bank in offering football fans in Kuwait access to the digital economy through secure and rewarding digital payment solutions. These FIFA-themed Visa prepaid cards are contactless enabled for quick and easy payments in store and backed by Visa’s security technology so cardholders can pay with confidence. For travelers, they also promise the peace of mind of worldwide acceptance at our 100 million merchant partner locations” Shashank Singh, Visa’s General Manager for Kuwait and Qatar, said.

“There is no doubt that the FIFA World Cup ™ is an international event that draws the attention of people around the world for more than one month. This time, the event enjoys a special importance since it will be held very near to us, an hour away, which gives it more focus and attention.” Yousef Al-Majed, the bank's Executive Manager, stated.

According to Al-Majed, the card's design includes many events, exclusive discounts and offers for Visa cardholders, as well as the ability to use it with all modern payment Apps and smart wearables.

“The card is easily available for all Boubyan Bank’s customers. It is a limited edition, which gives it more glamour and importance. Customers can get the card through Msa3ed, our digital assistant on Boubyan App, or through any of Boubyan Bank’s branches, where they can apply for the card and choose whether the card be delivered to their homes within 5 business days, or to receive the card from any branch within 3 business days.” he pointed out.

“This ceremony comes as a part of the campaign organized by the bank for this card, which started months ago, including the organization of Boubyan Football Cup during the Holy Month of Ramadan. The coming period will witness many events to be announced in due time through our social medial platforms as a part of the marketing campaign for the card,” Al-Majed concluded.