Saudi flight academy expands domestic training sites to accommodate 1000 Chinese students: CEO

Saudi flight academy expands domestic training sites to accommodate 1000 Chinese students: CEO
Captain Larry Wade, CEO of OxfordSaudia Flight Academy, speaking to Arab News (Arab News)
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Updated 13 May 2022

Saudi flight academy expands domestic training sites to accommodate 1000 Chinese students: CEO

Saudi flight academy expands domestic training sites to accommodate 1000 Chinese students: CEO

RIYADH: Saudi flight academy OxfordSaudia is expanding its domestic training sites to accommodate 1,000 Chinese students amid an agreement with the Civil Aviation Administration of China, its CEO said.

The Kingdom's Vision 2030 gave the potential to bring students and to initiate this training opportunity, Captain Wade told Arab News during the Future Aviation Forum held in Riyadh.

“We kept talking to the Chinese and we realized this vision of being able to bring them. We didn't expect it to be 1,000 students, we expected small numbers,” he said.

The agreement, struck with Maitland 175 and GTI Outreach Educational Resources INC, who represents the major 5 airlines in China, is worth SR350 million ($93.3 million) and marks the first time foreign students will  train to be pilots in the Kingdom.

Maria Hsueh, the President of Maitland 175 and GTI Outreach Educational Resources Inc, said in a statement: “We are also excited to know we are planning on partnering with them to open a flight school in China in an effort, staffed by OxfordSaudia Flight Academy graduates, focusing on creating additional capacity to train Chinese Students at home.”

Captain Wade said that there are 1,200 students in the school at the moment. 

“The opportunity here is for us to take the students that we have now and employ them, because at the moment, the airlines aren't hiring, so we can employ our own students to teach these Chinese students,” he said.

“It's exciting now that we have the first group coming in, you know, we're actually starting the process of working with that first group of students right now,” he added.

Saudi Arabia will see its men and women working as aviation expert trainers across the globe, and the academy graduates finishing this year will become flight instructors.

The Academy has announced an agreement with Oxford Aviation Academy to also hire instructors into those schools, he added.

“This gives us an opportunity to take Saudi men and women and use them around the world as expert trainers, develop their expertise, and then bring them back into the airline industry to further their career,” said Wade.


Saudi Arabia has its own unique food heritage, says Culinary Art Commission CEO Mayada Badr

Saudi Arabia has its own unique food heritage, says Culinary Art Commission CEO Mayada Badr
Updated 7 sec ago

Saudi Arabia has its own unique food heritage, says Culinary Art Commission CEO Mayada Badr

Saudi Arabia has its own unique food heritage, says Culinary Art Commission CEO Mayada Badr

RIYADH: Saudi Arabia has its own unique food heritage and there is no necessity to copy from other regions, according to Mayada Badr, CEO of the Culinary Arts Commission. 

“We want to do a lot more in Saudi cuisine. We have our own heritage and we don’t want to copy it. We are using what we have,” she said. 

While speaking at the Future Hospitality Summit in Riyadh on May 24, Badr revealed that several young Saudi nationals are entering the culinary art sector. 

According to Badr, international brands have made their presence felt in the Saudi market along with local brands, which is ultimately resulting in healthy competition in the food and beverage industry. 

Talking about the impact of Vision 2030 on the F&B sector, she added, “With Vision 2030, we Saudis decided to share more than ever. You go to those tiny towns and you feel welcomed. They share food and you get exposed to all sorts of traditional food.” 


PIF’s ROSHN plans to put downtown Jeddah on the map

PIF’s ROSHN plans to put downtown Jeddah on the map
Updated 4 min 11 sec ago

PIF’s ROSHN plans to put downtown Jeddah on the map

PIF’s ROSHN plans to put downtown Jeddah on the map

DUBAI: ROSHN, a real estate company owned by Saudi Arabia’s Public Investment Fund, has charted out master plans to develop downtown Jeddah, revealed Amr Khashoggi, chairman of Amkest Group.

Deprived neighborhoods in Saudi Arabia’s coastal city are undergoing significant redevelopment after decades of relentless urbanization.

Jeddah’s municipal authorities are clearing districts and squatter settlements where planners say substandard infrastructure, crime, and disease are blighting the lives of roughly half a million people.

“Today, if you drive around in those areas, you will find flatlands available for development,” said Khashoggi on the sidelines of the Top CEO event in Dubai.

The area includes the historical region of the city, and Jeddah Islamic Port, the biggest gateway for Saudi Arabia’s imports and exports, with 75 percent of the country’s exports and inbound transshipment going through it.

“The biggest cost of development is the cost of land, and that’s available already, so it’s going to be easier for companies like ROSHN to come and develop high-quality housing and commercial investment,” he said.

Jeddah is also seeing other significant developments in the central of the city, led by Jeddah Central Development Company, including the coastal part known as the Jeddah waterfront. The area recently hosted Formula One, the highest class of international car racing.

“It will be a good area for people to entertain,” he said.

The city’s rebirth has led to a surge in demand for real estate and resulted in increasing prices.

“The demand is there, but the question is whether people can afford it or not,” said Khashoggi.

Banks today are contributing by offering mortgages in more accessible ways than before, which will help close the gap.

“We are in the building material business, and we see that the demand is increasing; many contractors have been awarded jobs,” he said.

To Khashoggi, the challenge today for the construction sector is not finding new projects; the challenge is finding enough labor.

There is a labor shortage; many have gone home during COVID-19 and never returned.

Amkest Group was founded by Amr Khashoggi in 1983, investing in sectors of landscaping, information technology, transportation, telecommunications, and building materials.

 


Saudi stocks flat as traders remain cautious: Opening bell

Saudi stocks flat as traders remain cautious: Opening bell
Updated 57 min 21 sec ago

Saudi stocks flat as traders remain cautious: Opening bell

Saudi stocks flat as traders remain cautious: Opening bell

RIYADH: The Saudi stock market opened flat in early trade on Tuesday morning as traders remained cautious.

Both the main index, TASI, and the parallel market, Nomu, were flat at 12,247 and 22,363, respectively, as of 10:09 a.m. Saudi Arabia.

The shares of Amana Cooperative Insurance Co. gained 7.08 percent, leading the gainers in the market.

Al Moammar Information Systems Co. fell 6.12 percent to lead the laggards, after the firm has reported a 50 percent drop in quarterly profit.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading down 0.89 percent.

Both L'azurde Co. for Jewelry and Kingdom Holding Co. gained 0.24 percent and 1.65 percent, respectively, as they reported profits for the first quarter of 2022.

The Alhokair Group rose 0.75 percent after reporting its losses narrowed by 48 percent in the first quarter.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged down 0.33 percent, while the Saudi National Bank gained 1.03 percent.

From the pharma sector, Aldawaa Medical Services Co. fell 0.26 percent, while Nahdi Medical Co. opened unchanged.

The energy market saw Brent crude trade at $112.03 a barrel and US West Texas Intermediate crude reached $108.96 a barrel, as of 10:09 a.m. Saudi time


Saudi developer Al Akaria’s losses widen by 539% despite higher sales

Saudi developer Al Akaria’s losses widen by 539% despite higher sales
Updated 24 May 2022

Saudi developer Al Akaria’s losses widen by 539% despite higher sales

Saudi developer Al Akaria’s losses widen by 539% despite higher sales

RIYADH: Saudi real estate developer Al Akaria has seen its losses widen by 539 percent in the first quarter of 2022, despite a surge in sales.

Saudi Real Estate Co., as the firm is formally known, reported SR29.4 million ($7.8 million) in net loss, compared to SR4.6 million in the same period last year, according to a bourse filing.

The company attributed the results to rising finance costs following the suspension of activities in Al Widyan Project as well as higher marketing and other expenses.

Revenues, on the other hand, soared by 54 percent on the year to SR282 million.

Established in 1976, Al Akaria is one of Saudi Arabia's leading real estate firms with a track record of delivering residential, retail, and commercial projects.


Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
Updated 24 May 2022

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi Arabia’s main stock market ended Monday with another steep decline, as concerns over the global economy and mixed earnings reports tempered investor optimism.

TASI lost 0.8 percent to 12,235, while the parallel market Nomu added 0.15 percent to 22,363.

Dubai’s stock market led the fall in the Gulf as it shed 2.5 percent, followed by indexes of Abu Dhabi and Kuwait, with a 2.2 and 1.5 percent decline, respectively.

Bourses of Bahrain and Oman edged lower, while Qatar’s QSI bucked the trend to close 1.4 percent higher.

Elsewhere in the Middle East, the Egyptian main index was up 0.5 percent in the previous session.

In energy trading, concerns over a possible recession and China’s COVID-19 curbs caused oil prices to drop on Tuesday.

Brent crude went down to $112.06 a barrel and US West Texas Intermediate retreated to $108.97 a barrel as of 9:06 a.m. Saudi time.

Stock news

SATORP, a joint venture between oil giant Aramco and France’s Total Oil Co., has turned in a profit of SR1.43 billion ($382 million) in the first quarter of 2022

Saudi Real Estate Co.’s losses widened by 539 percent to SR29.4 million in the first quarter despite a surge in sales

Shareholders of Etihad Etisalat Co., known as Mobily, approved the board’s proposal to pay out SR0.85 per share in dividends for 2021

Alkhaleej Training and Education Co.’s losses were trimmed by 33 percent to SR5.09 million in the first quarter of 2022

Alhokair Group saw its losses narrowing by 48 percent in the first quarter to SR31 million

National Gypsum Co.’s profit dropped by 77-percent to SR3.2 million in the first quarter

Basic Chemical Industries Co. said it will not distribute cash dividends to shareholders for 2021

Al Moammar Information Systems Co., also known as MIS, reported a 50 percent drop in quarterly profit to SR4.6 million

Shareholders of Riyadh Cement Co. approved a dividend distribution of SR0.75 for the second half of 2021

Al-Babtain Power and Telecommunication Co. posted a 43 percent profit decline to SR8.7 million in the first quarter

Allied Cooperative Insurance swung into a net loss before Zakat of SR29.6 million in the first quarter, compared to SR3.4 million in profit a year ago

National Metal and Manufacturing Co. slightly widened first-quarter losses from SR7.08 million to SR7.14 million

Raydan Food Co.’s losses were narrowed by 49 percent to SR4.7 million in the first quarter as its accumulated losses reached 48 percent of capital

Scientific & Medical Equipment House reported a 10-percent drop in first-quarter profit to SR16.8 million

Jazan Energy and Development Co. posted a 75 percent profit jump to SR3.56 million for the first quarter of 2022

Salama Cooperative Insurance Co. turned into a net loss of SR6.8 million before Zakat in the first quarter of 2022

Al Jouf Cement Co. submitted a filing to the Capital Market Authority as it seeks to cut capital by SR343 million

Saudi Arabia Refineries Co. swung into losses of SR658,446 in the first quarter of 2022

Middle East Specialized Cables Co.’s first-quarter profits dropped from SR900,000 to SR100,000 despite a 68-percent jump in sales

Amana Cooperative Insurance Co.  got approval from CMA to raise its capital by SR300 million through a rights issue

Development Works Food Co. turned into losses of SR2.26 million last quarter on the back of higher costs

Arabia Insurance Cooperative Co.’s request to raise capital by SR265 million was approved by CMA

Calendar

May 24, 2022

Naseej for Communication and Information Technology Co.’s listing on Nomu

May 25, 2022

End of Amwaj International Co.’s IPO subscription

Aqaseem Factory for Chemicals and Plastics Co.’s listing on Nomu

May 26, 2022

End of Ladun Investment Co.’s IPO book-building

May 30, 2022

Close of Anaam International Holding Group’s rights trading

June 2, 2022

Close of Anaam International Holding Group’s new shares subscription