Future Aviation Forum: Industry leaders laud Saudi Arabia’s new air travel policy 

Future Aviation Forum: Industry leaders laud Saudi Arabia’s new air travel policy 
Saudi's policy initiative has impressed industry experts and leaders attending the event.
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Updated 11 May 2022

Future Aviation Forum: Industry leaders laud Saudi Arabia’s new air travel policy 

Future Aviation Forum: Industry leaders laud Saudi Arabia’s new air travel policy 

RIYADH: Saudi Arabia’s newly developed international travel policy has received positive responses from the industry, with key aviation leaders calling it a crucial step at a time when the sector is recovering from the pandemic. 

Aimed at smoothing the process of international air travel, the Harmonizing Air Travel policy, which was developed in cooperation with the UN’s International Civil Aviation Organization, will be officially presented at the 41st ICAO General Assembly later in 2022 for approval from member states. 

Announced during the Future Aviation Forum in Riyadh, the policy initiative has impressed industry experts and leaders attending the event. 

A platform for swift communication between countries

Jean-Marc Bourreau, a partner at Consulum Aviation, told Arab News that the new policy will propose solutions to the current crisis, and will fuel Saudi’s Vision 2030.  




Jean-Marc Bourreau, partner at Consulum Aviation spoke to Arab News on the sidelines of the Future Aviation Forum. 

“The policy is about the harmonization of air travel, which means that instead of thinking of each country, communicating on its own regarding health requirements for travel, let’s put together a platform that will allow the swift communication between all countries regarding what the requirements are,” he said. 

Bourreau added, “If I am coming from country A, I have the nationality of country C, I am traveling from country D to country E, and the system will tell you what regulation you need to be complying with. And this will be the reference. You will not have to go again to a large number of websites or platforms or information, because everything will be there.” 

Stabilizing international air travel post-pandemic

Abdul Wahad Teffaha, secretary-general of the Arab Air Carriers Organization, also lauded Saudi Arabia’s new policy to ease and harmonize air travel requirements in the post-pandemic era. 




Abdul Wahad Teffaha, secretary-general of the Arab Air Carriers Organization, lauded Saudi Arabia’s new policy.

“It’s an excellent initiative and kudos to Saudi Arabia for bringing this to the International Civil Aviation Organization,” he told Arab News.

Meanwhile, the European Commission also expressed its hopes to strengthen aviation ties with Saudi Arabia. 

“We initiated the comprehensive air transport agreement with Oman. And I hope that next would be perhaps Saudi Arabia because that will be something that will be driving this vision," said Henrik Hololei, director general at the commission’s department for mobility and transport, while interacting with Arab News at the ongoing Future Aviation Forum. 




Henrik Hololei, director general at the commission’s department for mobility and transport, interacted with Arab News at the ongoing Future Aviation Forum.

“Europe will be an extremely important market for Saudi Arabia and aviation in the future,” he added.

A much-needed step from Saudi Arabian government

During the event, Mohamed Yousif Al Binfalah, CEO of Bahrain Airport Co. also spoke to Arab News in an exlusive interview, and he called the proposed new civil aviation policy a much-needed step to overcome future challenges.

“While most of the restrictions have been lifted across the world, I think there is a unique opportunity for the air transport community to learn from the lessons that we have experienced throughout the pandemic, and try to come up with harmonized plans and protocols to respond to the next crisis,” Binfalah said.

He added: “The sector is on the right track for full recovery, but there are a few challenges, one of them is the harmonization of protocols.”

 


Saudi tourism ministry signs deals to boost localization program

 Saudi Arabia’s Ministry of Tourism signs two agreements. (Twitter/@Saudi_MT)
Saudi Arabia’s Ministry of Tourism signs two agreements. (Twitter/@Saudi_MT)
Updated 20 May 2022

Saudi tourism ministry signs deals to boost localization program

 Saudi Arabia’s Ministry of Tourism signs two agreements. (Twitter/@Saudi_MT)

RIYADH: Saudi Arabia’s Ministry of Tourism has signed two agreements to enhance joint cooperation and support training and localization programs to qualify those wishing to work in the hospitality sector.
The move, which aims to support workers in the food, beverage and accommodation sectors, in support of achieving the Kingdom’s’ tourism human capacity development strategy.
Bandar bin Mohammed Al-Safir, director general of training and localization at the ministry, stressed that these two agreements aim to develop human resources in the tourism sector through quality training programs that will contribute to developing localized skills in the tourism sector.
Under the two agreements, which were signed with Kempinski Al-Othman Hotel and Carlton Al-Moaibed Hotel, the ministry will support dualifying Saudi nationals in the tourism sector within the “Your Future has Arrived” initiative.


Venture capital and microfinance firms should focus on startups, says Al Ahli Holding Group CEO

Venture capital and microfinance firms should focus on startups, says Al Ahli Holding Group CEO
Updated 19 May 2022

Venture capital and microfinance firms should focus on startups, says Al Ahli Holding Group CEO

Venture capital and microfinance firms should focus on startups, says Al Ahli Holding Group CEO

DUBAI: Mohamed Khammas, CEO of Al Ahli Holding Group, said that startup businesses are an excellent opportunity for investment in venture capital funds and microfinance banks.

During an interview with Arab News at the Top CEO event in Dubai, Khammas Mohamed Khammas, CEO of Al Ahli Holding Group, highlighted that startups are a good investment idea because the “ticket size is smaller, and the product ranges are higher.”

Khammas pointed out the risks that arise for startups are not in their early stages but rather when they become successful.

“The challenge is not when they’re trying to have a major impact on the economy; the problems occur when they become successful. All of those are calculated risks,” he said.

Khammas continued to add that regardless of these risks, investing in new, innovative startups is “absolutely the best opportunity.”

Also, during his talk at the event, Khammas  urged banks to fund new and innovative products and ideas in the area after he shed light on how banks are hesitant to invest in creative ideas.


Futurist says ‘virtual economies are already worth $130bn'

Futurist says ‘virtual economies are already worth $130bn'
Updated 19 May 2022

Futurist says ‘virtual economies are already worth $130bn'

Futurist says ‘virtual economies are already worth $130bn'
  • Investing in video games more rewarding than Metaverse: Raford

DUBAI: Even though the business world is increasingly fascinated by the Metaverse, Noah Raford, futurist-in-chief and chief of Global Affairs at Dubai Future Foundation, claimed games, Web3 and virtual economies is where the smart money is.

While speaking at the Top CEO event in Dubai, Raford argued that people should invest in video games, as it is the only successful digital economy so far.
In a statement to Arab News a day after the event, he said: “The metaverse has extraordinary potential and Dubai is moving rapidly to take advantage of it. Virtual assets and digital economies are a huge growth area. There is a lot of hype and wasted investment, but the best examples at the moment are video games and in-game virtual economies – especially connected to NFTs & Web3.”
Fady Kassatly, partner of Enterprise Solutions and Cloud, KPMG, said the Metaverse is nothing but the next evolution, which will make people live differently.

He also added the Metaverse is going to evolve quickly in different directions, and this is just the beginning of the journey.

On his part, Philippe Blanchard, founder of Futurous, stated the Metaverse will change the relationship between humans and nature.

Predicting an inevitable Metaverse future, Valerie Hawley, director of Sorbonne Center for Artificial Intelligence, said every business will look at the Metaverse space and consider using it in the coming years.

She also added the Metaverse is a projection of the world that humans would like to live in.


Egypt’s central bank, citing inflation, hikes interest rates 200 bps

Egypt’s central bank, citing inflation, hikes interest rates 200 bps
Updated 19 May 2022

Egypt’s central bank, citing inflation, hikes interest rates 200 bps

Egypt’s central bank, citing inflation, hikes interest rates 200 bps

CAIRO: The Central Bank of Egypt on Thursday raised its overnight interest rates by 200 basis points, seeking to contain inflation expectations after prices soared by their quickest in three years.

The bank’s Monetary Policy Committee increased the deposit rate to 11.25 percent from 9.25 percent and the lending rate to 12.25 percent from 10.25 percent, it said in a statement accompanying the decision.

It cited an increase in annual urban inflation to 13.1 percent in April from 10.5 percent in March, its highest since May 2019.

Prices were pushed up in part by a currency depreciation and higher wheat prices after the Ukraine crisis, the statement added.

“The MPC decided that raising policy rates is necessary to contain inflationary pressures which is consistent with achieving price stability over the medium term,” it said.

“The elevated annual headline inflation rate will be temporarily tolerated relative to the CBE’s pre-announced target” of between 5 percent and 9 percent before declining after the fourth quarter, it said.

Eighteen analysts polled by Reuters had expected the bank to raise the median deposit rate to 11 percent and its lending rate to 12.25 percent.


Eight injured in S. Korea’s S-Oil Ulsan refinery

Eight injured in S. Korea’s S-Oil Ulsan refinery
Updated 19 May 2022

Eight injured in S. Korea’s S-Oil Ulsan refinery

Eight injured in S. Korea’s S-Oil Ulsan refinery
  • Aramco Overseas Co., a subsidiary of Saudi Aramco, is S-Oil’s major shareholder

RIYADH: At least eight workers were injured in an explosion at an S-Oil refinery in Ulsan on Thursday, reported The Korean Herald.

Aramco Overseas Co., a subsidiary of Saudi Aramco, is S-Oil’s major shareholder. According to the local media, firefighters were notified of an explosion at the S-Oil refinery at 8:52 p.m. The facility is situated some 400 km southeast of Seoul.

The injured workers were shifted to a nearby hospital. The exact cause of the accident has yet to be determined. The Korean Herald quoted fire authorities as saying “the accident occurred inside S-Oil’s refinery at Onsan industrial park while crude oil was being processed into petroleum.”

The injured workers who were transferred to the hospital are being treated for second-degree burns to the face and the palms, according to authorities. S-Oil is the third-largest oil refiner in Korea.

The firefighters at the refinery appeared to be having trouble fighting the blaze, according to local reports.