Saudi low-cost airline flyadeal launches 5 new summer destinations for 2022

The company operates a new fleet of 24 Airbus 320 aircraft with an age of only 2.1 years, CEO Con Korfiatis said. 
The company operates a new fleet of 24 Airbus 320 aircraft with an age of only 2.1 years, CEO Con Korfiatis said. 
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Updated 30 June 2022

Saudi low-cost airline flyadeal launches 5 new summer destinations for 2022

Saudi low-cost airline flyadeal launches 5 new summer destinations for 2022

RIYADH: Saudi Arabia’s low-cost airline flyadeal has launched new summer destinations for 2022.

The news destinations include Amman in Jordan, Tbilisi in Georgia, Baku in Azerbaijan, Sharm El Sheikh in Egypt and Khartoum in Sudan. 

The budget airline’s network currently includes 24 domestic and international routes. 

The company operates a new fleet of 24 Airbus 320 aircraft with an age of only 2.1 years, CEO Con Korfiatis said. 

He added the airline approached 15 million passengers in a period of less than 5 years, which is an unprecedented number for an emerging airline.


IMF sees Saudi inflation contained at 2.8% as GDP growth hits decade-high

IMF sees Saudi inflation contained at 2.8% as GDP growth hits decade-high
Updated 11 sec ago

IMF sees Saudi inflation contained at 2.8% as GDP growth hits decade-high

IMF sees Saudi inflation contained at 2.8% as GDP growth hits decade-high

RIYADH: Saudi Arabia’s gross domestic product is expected to grow at the fastest rate in almost a decade at 7.6 percent with inflation likely to remain at 2.8 percent in 2022, the International Monetary Fund’s Article IV Consultation report has predicted.
Saudi Arabia is rebounding strongly from the pandemic-induced recession, driven by the Kingdom’s pro-business reforms and higher oil prices, it said. 
Despite higher prices for imported commodities, the inflation rate in the Kingdom will be contained at 2.8 percent in 2022, as the central bank tightens policy in line with the US Federal Reserve, the report added. 
“Liquidity and fiscal support, reform momentum under Vision 2030, and high oil prices and production helped the economy recover with robust growth, contained inflation and a resilient financial sector,” the IMF said in a press release.

HIGHLIGHTS

The proportion of Saudi women in work has doubled in the past four years to 33% in the first quarter of 2022.

83 percent of the adult population now own a bank account as of 2021, up from 71 percent in 2019.

It added that the increase in interest rates is expected to have only a limited impact on the Saudi economy. 
It further noted that improvements in tax policy and revenue administration to raise more taxes from non-oil activities will help support fiscal consolidation in the Kingdom. 
According to the report, the Public Investment Fund should focus on high return projects with private involvement, as it continues to implement gigaprojects. 
The report added that Saudi Arabia is taking impressive steps to improve the business environment, which will attract foreign investments. 
It further stated that the proportion of Saudi women in work has doubled in the past four years to 33 percent in the first quarter of 2022, exceeding the 30-percent target set under the Vision 2030 plan. 

Improvements in tax policy and revenue administration to raise more taxes from non-oil activities will help support fiscal consolidation in the Kingdom.

IMF


“Priorities to foster a more inclusive and green economy include increasing further women labor force participation, making sure PIF interventions play a catalytic role, strengthening governance, and rolling out the Saudi green initiative,” the IMF said in the report. 
The impressive pace of digitization in the Kingdom has the potential to boost productivity and overall growth, it added. 

“The surge in digital account openings and online mobile financial transactions during the pandemic has helped in improving financial inclusion — 83 percent of the adult population now own a bank account as of 2021, up from 71 percent in 2019,” it said. 
According to the IMF, the Saudi Green Initiative, which was launched in 2021, requires policy measures to reduce greenhouse gas emissions and support greener growth. 
The report concluded that Saudi Arabia’s economic outlook is strong, and the Kingdom’s long-term prosperity strongly depends on sustaining the reform momentum.


Saudi Arabia's crude oil exports increase to 7.2 million bpd in June: JODI

Saudi Arabia's crude oil exports increase to 7.2 million bpd in June: JODI
Updated 3 min 11 sec ago

Saudi Arabia's crude oil exports increase to 7.2 million bpd in June: JODI

Saudi Arabia's crude oil exports increase to 7.2 million bpd in June: JODI

RIYADH: Saudi Arabia’s crude oil exports have grown by 146,000 barrels per day to 7.20 million in June, registering a 2.1 percent month-on-month growth over 7.05 million bpd recorded in May.


Saudi ports record 16% growth in cargo volumes in July

Saudi ports record 16% growth in cargo volumes in July
Updated 4 min 9 sec ago

Saudi ports record 16% growth in cargo volumes in July

Saudi ports record 16% growth in cargo volumes in July

RIYADH: The cargo throughput at Saudi ports increased by 16 percent in July 2022 reaching 28 million tons compared to 24 million tons during the same period in the previous year, according to the Saudi Ports Authority, known as Mawani.

The rise in the throughput has been attributed to improved organizational performance, operational capacity and logistical efficiency.

The ports authority statistics also revealed a 45.4 percent growth in general cargo at 718,082 tons, a 30.3 percent increase in dry bulk cargo at 4.2 million tons and a 19.1 percent increase in liquid bulk cargo at 16.3 million tons.

Moreover, 1,140 vessels dropped anchor across the Kingdom’s trade hubs at a 12 percent annual growth rate. 

Automobile imports also soared to 31 percent reaching 78,438 units as compared to 60,052 vehicles in 2021, whereas foodstuff volumes recorded a 40 percent uptick last month at 2 million tons.

Passenger traffic stood at 95,000, a staggering leap of 70.3 percent from last year’s tally of 56,000. 

Meanwhile, 615,000 cattle heads were unloaded last month.


Saudi-based Al Salem Johnson Controls keen to explore opportunities in Uzbekistan: CEO

Saudi-based Al Salem Johnson Controls keen to explore opportunities in Uzbekistan: CEO
Updated 8 min 3 sec ago

Saudi-based Al Salem Johnson Controls keen to explore opportunities in Uzbekistan: CEO

Saudi-based Al Salem Johnson Controls keen to explore opportunities in Uzbekistan: CEO

JEDDAH: Saudi-based Al Salem Johnson Controls wants to expand operations in Uzbekistan, as the country offers a lot of opportunities for private companies, according to a top official.

Speaking to Arab News on the sidelines of the fourth meeting of Saudi-Uzbek Business Council in Jeddah on Wednesday, Mohanad Al-Shaikh, CEO of Al Salem Johnson Controls, said there are a lot of good synergies between Saudi Arabia and Uzbekistan in various sectors.

“Uzbekistan is focusing on agriculture, petrochemicals, pharmaceuticals. And I think we do have the base to supply many of those industries out of the Kingdom of Saudi Arabia, with the accumulated knowledge and experiences we developed here,” he said.

Al-Shaikh added: “I’m talking mainly about our field, HVAC, industrial refrigeration, the controls, fire suppressions and detections, systems.”

Talking about the opportunities in the refrigeration and air conditioning sector, the CEO noted that Saudi Arabia has the expertise to cooperate and help the knowledge transfer.

“Johnson Controls does have an office in Uzbekistan, and it’s mainly on the industrial refrigeration side. But I would like to see Saudi-made products exported to Uzbekistan. That’s where I see the wonders of opportunities taking place,” he added.

Al-Shaikh said that Saudi Arabia is the second largest market for Johnson Controls globally.

“Saudi Arabia is considered to be the second or third largest operations globally (for Johnson Controls). And we’re talking about a $40 billion company. We would be honored to be supporting Saudi Arabia and that is allowing us to build the right knowledge and expertise in our field,” he further noted.


Saudi minister stresses need to establish direct trade ties with Uzbekistan

Saudi minister stresses need to establish direct trade ties with Uzbekistan
Updated 7 min 14 sec ago

Saudi minister stresses need to establish direct trade ties with Uzbekistan

Saudi minister stresses need to establish direct trade ties with Uzbekistan

JEDDAH: Direct import and export relationship between Saudi Arabia and Uzbekistan is needed, as most of the trade between the two countries is happening through Turkey and the UAE, according to Saudi Investment Minister Khalid Al-Falih. 

While speaking at the Saudi-Uzbek Business Council in Jeddah on Aug. 17, Al-Falih said that Uzbekistan is a huge player in agriculture, real estate, hospitality, and human resources. 

“We want to make this relationship one of the most important for Saudi Arabia. We are here to facilitate. We are here to serve,” said Al-Falih. 

During the speech, Al-Falih added that the relationship between Saudi Arabia and Uzbekistan has reached new heights with the involvement of ACWA Power, as the firm will sign a $2.4 billion deal with the government of Uzbekistan for a 1,500MW wind project. 

He further added that Uzbekistan is a country full of opportunities, and ACWA Power is a firm that is exploring new horizons. 

Jamshid Khodjaev, Uzbekistan’s deputy prime minister, and the minister of investments and foreign trade, said that Saudi Arabia is on a path of transformation, and the Kingdom is now a very dynamic and developed country.

He lauded ACWA Power and said that the firm is one of the best in the world.

He further noted that Uzbekistan and Saudi Arabia are reliable partners, and made it clear that the country is committed to a long-term relationship with the Kingdom.