Saudi Arabia and UK sign agreement to modernize aviation safety  

Saudi Arabia and UK sign agreement to modernize aviation safety  
The agreement was signed by GACA Executive Vice President of Safety and Aviation Standards Captain Sulaiman Almuhaimedi and the UK’s Civil Aviation Authority Director of the International Group Ben Alcott. (Supplied)
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Updated 15 February 2023

Saudi Arabia and UK sign agreement to modernize aviation safety  

Saudi Arabia and UK sign agreement to modernize aviation safety  

RIYADH: Saudi Arabia’s General Authority of Civil Aviation has signed an agreement with its UK counterpart to strengthen ties in the area of aviation safety while encouraging fresh investment in the Kingdom. 

Aimed at improving the quality of safety management of all aviation operators in Saudi Arabia, the deal will help GACA keep up to date with the latest developments in the sector.

The agreement will also help create an attractive environment for investors, while facilitating the expected economic growth in the sector as the Kingdom aims to diversify its revenue sources, reported the Saudi Press Agency.

The SPA report added that this deal underlines GACA’s keenness to ensure the transfer of knowledge and train national professionals in the field, in line with the objectives of the next stage, which will witness the introduction of new air transport types and with the Saudi Vision 2030.

The agreement was signed by GACA Executive Vice President of Safety and Aviation Standards Captain Sulaiman Almuhaimedi and the UK’s Civil Aviation Authority Director of the International Group Ben Alcott.

The signing ceremony was also attended by GACA President Abdulaziz Al-Duailej and UK Ambassador to Saudi Arabia Neil Crompton. 

The deal with the UK falls within the targets of Saudi Arabia’s national civil aviation strategy, which aims at building international partnerships and signing bilateral agreements.  

As part of the strategy, Saudi Arabia aims to enhance its air connectivity to 250 destinations around the world, transporting 330 million passengers by 2030. It also intends to serve as a global logistics hub by doubling its air cargo capacity to 4.5 million tons by the end of this decade.  

 


Saudi Arabia’s Red Sea Global reviews strategic partnership opportunities in Egypt

Saudi Arabia’s Red Sea Global reviews strategic partnership opportunities in Egypt
Updated 17 sec ago

Saudi Arabia’s Red Sea Global reviews strategic partnership opportunities in Egypt

Saudi Arabia’s Red Sea Global reviews strategic partnership opportunities in Egypt

RIYADH: The Saudi-based Red Sea Global company held its second promotional procurement exhibition in Cairo, in cooperation with its media partner, MEED Network, and in the presence of representatives from more than 100 Egyptian companies from the private sector, the Saudi Press Agency reported on Monday.
The exhibition is the second of its kind in a series of local, regional and international introductory meetings conducted by the company, which is wholly owned by the Kingdom’s Public Investment Fund.
The event aims to establish more partnerships with the private sector to enable the delivery of the company’s growing portfolio of projects.
Ben Edwards, group head of cost, commercial and procurement at Red Sea Global, said the opportunity to present projects and opportunities available to the Egyptian market is a major strategic step for Red Sea International this year.
“To achieve the innovative approach that we seek, especially with regard to sustainability, we had to identify organizations and companies that share the same vision to establish real partnerships with them, and we met today with many future partners,” he added.
Red Sea Global is one of the companies with continuous progress in implementing projects for its “Red Sea” and “Amaala” destinations, and the twelve future projects in the company’s portfolio, SPA added.
In March, it held its first regional induction tour in Doha, where the company met with representatives from more than 100 Qatari companies.
The company has awarded contracts worth more than SR40 billion ($10.6 billion) for its “Red Sea” and “Amaala” destinations so far and this year, contracts worth SR5 billion were awarded, with an additional SR20 billion expected to be awarded before the end of the year.


Riyadh Airports CEO joins international aviation body

Riyadh Airports Co. CEO Musad Aldaood (File)
Riyadh Airports Co. CEO Musad Aldaood (File)
Updated 29 May 2023

Riyadh Airports CEO joins international aviation body

Riyadh Airports Co. CEO Musad Aldaood (File)

RIYADH: In significant global recognition of the Kingdom’s aviation sector, Riyadh Airports Co. CEO Musad Aldaood has been elected to the board of the Airports Council International, Asia-Pacific.   

This assembly of airport authorities is dedicated to improving airport operations and standards, representing their collective interests with international organizations like International Civil Aviation Organization and International Air Transport Association.  

The announcement was made during the 18th meeting of the ACI Asia-Pacific Assembly in Kobe, Japan. 

Aldaood joined leaders from airports across mainland Asia, Australasia, the Pacific Ocean islands and key North American points such as Vancouver, San Francisco and Hawaii.  

Commenting on his appointment, Aldaood said he was looking forward to working with other board members, the World Executive Committee, regional advisers, and the management team to continuously make airports a great and safe place for travelers and airport partners.   

“We will devote our expertise and efforts to improve the aviation sector, raise the aspirations and expectations, and work with relevant sectors in a joint and integrated manner to develop our work through the ACI World Governing Board, Asia-Pacific and the Middle East,” he said.  

Aldaood brings over 21 years of experience managing and operating King Khalid International Airport under the RAC.   

He also holds concurrent positions as the vice chair of the board of directors of Saudi Public Transport Co. and a board member of Altanfeethi Co., overseeing executive terminals and offices across the Kingdom’s airports.  


New shipping service added to Kingdom’s Dammam port

New shipping service added to Kingdom’s Dammam port
Updated 29 May 2023

New shipping service added to Kingdom’s Dammam port

New shipping service added to Kingdom’s Dammam port

RIYADH: Traffic at the King Abdulaziz Port in Dammam will soon ease thanks to the addition of Swiss-based Mediterranean Shipping Co.’s new service, the Saudi Press Agency reported.

The Upper Gulf Express shipping service aligns with the objectives of the National Transport and Logistics Strategy to position the Kingdom as a global logistics hub connecting three continents, the General Authority of Ports said. 

The shipping service connects Dammam with the ports of Abu Dhabi and Sharjah in the UAE as well as the Iraqi port of Umm Qasr.  

The service which is set to launch at the end of May also consolidates the position of the King Abdulaziz Port as the main port through which goods pass from all over the world. 

In January this year, the ports authority announced the launch of a new freight service at King Abdulaziz Port operated by MSC.    

The connection allows Dammam to enjoy weekly sailings to eight maritime destinations spanning the Arabian Gulf, South Asia, and Southern Africa.    

These include the ports of Khalifa bin Salman in Bahrain, Khalifa in the UAE, Qasim in Pakistan, Mundra and Hazira in India, Port Louis in Mauritius, and Durban and Coega in South Africa.    

The service started on Jan. 21 and features five vessels with an average carrying capacity exceeding 6,000 twenty-foot equivalent units.


UAE’s Dana Gas raises its foreign ownership limit to 100% 

UAE’s Dana Gas raises its foreign ownership limit to 100% 
Updated 29 May 2023

UAE’s Dana Gas raises its foreign ownership limit to 100% 

UAE’s Dana Gas raises its foreign ownership limit to 100% 

RIYADH: The UAE’s vision of strengthening its capital markets has become one step closer to reality as Sharjah-based energy company Dana Gas plans to raise its foreign ownership limit to 100 percent. 

Listed on the Abu Dhabi market, the firm announced that it had obtained the approval of the regulatory authorities to raise the percentage of foreign ownership from 49 percent to 100 percent of its capital, according to a regulatory filing on the Abu Dhabi Securities Exchange. 

The largest private sector natural gas company in the region disclosed that the move aligns well with the UAE’s new Commercial Companies Law that abolished a requirement that UAE nationals own 51 percent of onshore firms. 

“Opening our company fully to foreign ownership will support the UAE’s vision of strengthening its dynamic capital markets by attracting greater numbers of international investors and deepening market liquidity,” said Dana Gas Chairman Hamid Jafar in a press statement. 

According to Jafar, the company’s growth outlook remained rather sturdy in the Kurdistan region of Iraq, where the firm is seeking to increase production. 

It also maintained a strong growth outlook in Egypt, where the firm is working on maximizing the value of its assets by negotiating improved fiscal terms. 

However, Dana Gas’ recent earnings report was not favorable. The company generated a net profit of 183 million UAE dirhams ($50 million) in the first quarter of 2023 compared to 198 million UAE dirhams in the year-ago period. 

Profitability for the quarter dropped 7 percent compared to a 22 percent decline in the company’s realized prices. However, the impact of lower realized prices on the company’s profitability was partially offset by reduced operating costs by 14 percent. 

Revenue was 13 percent lower at 447 million UAE dirhams in the first quarter of 2023 compared to 513 million UAE dirhams in 2022.

The decrease in revenue, and subsequently net profit, was primarily due to a pullback in energy prices from high levels. 


Closing bell: Saudi stocks remain steady; TASI edges down 0.02%

Closing bell: Saudi stocks remain steady; TASI edges down 0.02%
Updated 29 May 2023

Closing bell: Saudi stocks remain steady; TASI edges down 0.02%

Closing bell: Saudi stocks remain steady; TASI edges down 0.02%

RIYADH: Saudi Arabia’s Tadawul All Share Index lost 2.38 points or 0.02 percent to close at 11,135.67 on Monday.

While the parallel market Nomu shed 45 points to close at 21,007.84, the MSCI Tadawul Index edged down by 0.58 percent at 1,483.55.

The total trading turnover of the benchmark index was SR4.76 billion ($1.27 billion) as 111 listed stocks advanced, while 95 retreated.

Yanbu Cement Co. emerged as the best performer as its share price surged by 8.05 percent to SR40.95.AYYAN Investment Co. and Saudi Pharmaceutical Industries and Medical Appliances Corp. were other top gainers, as their share prices advanced by 6.71 percent and 5.45 percent respectively.

Astra Industrial Group was the worst performer, as its share price dropped by 3.22 percent to SR72.20.

Leejam Sports Co.’s share price was down by 3.20 percent to SR114.80, while stocks of Naseej International Trading Co. dipped by 3.03 percent to close at SR48.

Mayar Holding Co. was the top gainer on the Kingdom’s parallel market. The company’s share price soared by 15.82 percent to close at SR79.80.

Future Care Trading Co. was the worst performer on Nomu, as its share price went down by 8.83 percent.