Riyadh’s King Khalid Airport tops performance rankings in September: GACA

Riyadh’s King Khalid Airport tops performance rankings in September: GACA
Saudi Arabia aims to enhance air connectivity to 250 destinations, serving 330 million passengers, and double air cargo capacity to 4.5 million tons by 2030. File/SPA
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Updated 22 October 2024
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Riyadh’s King Khalid Airport tops performance rankings in September: GACA

Riyadh’s King Khalid Airport tops performance rankings in September: GACA
  • Jeddah’s King Abdulaziz International Airport followed closely and received a compliance rate of 73%
  • Dammam’s King Fahd International Airport maintained its top spot in the second category

RIYADH: Saudi Arabia’s King Khalid International Airport in Riyadh secured the top spot among the Kingdom’s airports for September, achieving an 82 percent compliance rate, official data showed. 

According to the General Authority of Civil Aviation, the Riyadh air base, which serves over 15 million passengers annually, outperformed others in its category, which includes the Kingdom’s largest international airports. 

In the same category, Jeddah’s King Abdulaziz International Airport followed closely and received a compliance rate of 73 percent. 

The aviation body assesses the operational performance of airports based on 11 standards tracking passenger experience, including check-in, security, passport and customs control, alongside assistance for individuals with limited mobility and delays. 

This reflects GACA’s commitment to transparency and continuous efforts to enhance the quality of services provided to passengers, contributing to an improved travel experience across the Kingdom’s airports. 

Dammam’s King Fahd International Airport maintained its top spot in the second category, serving between 5 million and 15 million passengers annually, achieving a 91 percent compliance rate in September, as noted in the GACA report. 

Madinah’s Prince Mohammad bin Abdulaziz International Airport also maintained its rating of 91 percent. 

In the third category for international terminals with an annual passenger count between 2 and 5 million, King Abdullah bin Abdulaziz Airport in Jazan shared the lead spot with Abha International Airport at a 100 percent commitment rate. 

Five airports received a 100 percent compliance rate in September in the fourth category of the international air base, receiving less than 2 million passengers annually. 

The five air stations include Al-Ahsa Airport, Najran International Airport, Prince Naif Bin Abdulaziz International Airport in Al-Qassi, as well as Hail International Airport, and Taif International Airport. 

Following closely in the same category were Al-Jouf International Airport and AlUla International Airport both receiving a 91 percent compliance rate. 

Al-Qaisumah International Airport and Prince Abdulmohsin bin Abdulaziz International Airport received an 82 percent rating, while Prince Sultan bin Abdulaziz International Airport in Tabuk received a 45 percent compliance rate. 

The fifth category, dedicated to domestic terminals, saw all airports achieving a 100 percent compliance rate during September. 

This category encompassed Gurayat Airport, Arar Airport, and Bisha Airport, as well as Turaif Airport, Rafha Airport, and Al-Dawadmi Airport. It also included Wadi Al-Dawasir Airport, King Saud bin Abdulaziz Airport and Sharurah Airport. 

The Kingdom has recorded a 17 percent rise in passenger air traffic over the first six months of this year, to 62 million compared to 53 million in the same period in 2023. 

Saudi Arabia aims to enhance air connectivity to 250 destinations, serving 330 million passengers, and double air cargo capacity to 4.5 million tons by 2030 through its National Aviation Strategy. 


PIF acquires 15% stake in Heathrow Airport

PIF acquires 15% stake in Heathrow Airport
Updated 12 December 2024
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PIF acquires 15% stake in Heathrow Airport

PIF acquires 15% stake in Heathrow Airport
  • Statement says move underscores commitment to impactful global investments

RIYADH/LONDON: Saudi Arabia’s Public Investment Fund announced on Thursday it had finalized the acquisition of a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings.

The stake was purchased from Ferrovial SE and other shareholders of FGP TopCo.

Simultaneously, Ardian, a private investment firm, acquired a 22.6 percent stake in FGP TopCo through a separate transaction.

A PIF statement said the strategic investment underscored its commitment to impactful global investments that bolstered key sectors, and its broader strategy of supporting sustainable and long-term growth in major international markets.

Turqi Al-Nowaiser, deputy governor and head of international investments at PIF, said the fund was pleased to be investing in Heathrow, calling it a “vital UK asset and a world-class airport.”

He added: “We believe in the importance of infrastructure as a key sector in supporting the transition to net zero.

“Heathrow acts as a crucial gateway to the world, and we look forward to supporting Heathrow’s management in its efforts to secure the sustainable growth of the airport and to continue to maintain its position as a global aviation hub.”


NEOM partners with GMT Robotics to revolutionize construction

NEOM partners with GMT Robotics to revolutionize construction
Updated 12 December 2024
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NEOM partners with GMT Robotics to revolutionize construction

NEOM partners with GMT Robotics to revolutionize construction

RIYADH: NEOM has signed a landmark investment agreement with GMT Robotics, one of Europe’s leading innovators in advanced construction technology, to accelerate the delivery of its capital projects, the Saudi Press Agency reported on Thursday.

The deal, spearheaded by the NEOM Investment Fund, seeks to integrate robotics in construction. This collaboration highlights NEOM’s role as a trailblazer in modern construction techniques, including automation and robotics.

GMT Robotics, based in Copenhagen, specializes in robotic systems designed for the rebar market. Its robotic rebar cage assembly and handling systems significantly improve both productivity and safety in construction.

By reducing onsite workforce requirements by up to 90 percent through offsite prefabrication, GMT Robotics enhances efficiency while maintaining high safety standards.

Majid Mufti, CEO of NEOM Investment Fund, commented: “Our investment in GMT Robotics reflects NEOM’s commitment to advancing transformative technologies that will unlock next-generation industries. By localizing these cutting-edge technologies, we are laying the foundation for sustainable development, creating high-skilled jobs, and fostering the growth of commercially viable sectors. Partnerships like this are critical to turning NEOM’s visionary goals into reality, solidifying its position as a global innovation hub.”

As part of the agreement, the technology will be localized within NEOM, with rebar cages to be produced in local factories. This initiative also opens up new opportunities for Saudi engineers to apply robotics to other areas of construction.

Bandar Ashrour, sector head of design and construction at NEOM, added: “Aligning construction technology startups with NEOM’s ambitious goals is essential to our strategy. GMT’s expertise in robotics offers unprecedented efficiency, consistency, and sustainability in construction. We look forward to a dynamic collaboration that will contribute to safer, more sustainable infrastructure and enhance the next generation of NEOM-built assets.”

This partnership is yet another milestone in NIF’s strategic investment efforts, which focus on supporting NEOM’s sector strategies by fostering innovative technologies, establishing new businesses, and creating jobs to drive economic growth in the region.

The global market for construction robotics, valued at $168.2 million in 2022, is projected to grow over 360 percent to reach $774.6 million by 2032.


‘Uplifting’ Gulf development model will return to US, Eric Trump predicts

‘Uplifting’ Gulf development model will return to US, Eric Trump predicts
Updated 12 December 2024
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‘Uplifting’ Gulf development model will return to US, Eric Trump predicts

‘Uplifting’ Gulf development model will return to US, Eric Trump predicts
  • Security and stability make Saudi Arabia a safe bet
  • ‘Sky’s the limit’ in GCC, says Trump

RIYADH: The mindset in the Gulf region that fosters the development of iconic projects is “uplifting” and will make its way back to the US under Donald Trump’s next presidency, Eric Trump told Arab News on Thursday.

The president-elect’s second son, who serves as executive vice president of the Trump Organization, praised the region for its innovative approach, which he believes defies common misconceptions held by Western nations.

During a visit to the Saudi capital following an official launch event in Jeddah for a new Trump Tower, Eric Trump suggested that the Gulf’s no-limits mentality is something that the incoming US president will adopt.

“It’s a different mindset in the Gulf, and that mindset is going to return to America, believe me, in the next four years under my father. But that mindset really, it’s uplifting. It’s almost empowering. It makes you want to come over here and do something really great. And it kind of makes you want to say no to those other countries where it’s just impossible to navigate the political system. They’re just too cumbersome. They’re too lethargic.”

Trump went on to explain that Gulf countries actively encourage developers to realize their grand visions, offering not just permits but also support for larger, more ambitious projects.

 

“They tell you, ‘not only are we going to give you the permits, but we actually want you to make your project bigger. We want you to make it even more iconic. We want you to make it more luxurious. We want you to attract the greatest restaurants and the greatest amenities. Sky’s the limit.’ And that's a beautiful thing for a developer,” he said.

He also revealed that the Trump Organization is planning additional projects in Riyadh, though he did not disclose further details.

The Trump Organization has lent its branding to several properties across the Gulf region, including a hotel and golf club in Oman, a golf club and tower in Dubai, and most recently, the Jeddah hotel. Trump Tower Jeddah is being developed in partnership with Saudi developer Dar Global, with the two companies having previously collaborated on projects in Oman and Dubai.

Praising Saudi Arabia’s safety and political stability, Trump said: “Obviously, the people in this country love us, love our company, love our brand, love what we stand for. We have so much unbelievable support in this amazing country.”

Dar Global CEO Ziad El Chaar speaks to Arab News during an interview on Thursday. AN photo

Ziad El Chaar, CEO of Dar Global, told Arab News that the Trump brand is synonymous with success. “The Trump name is a global brand that people attach to it always a very big sense of success,” he said.

“You can see the projects of Trump; they always feature the best material, the best design, and are really created for a great living experience and customer experience.”

Eric Trump’s visit to the Kingdom came after attending a cryptocurrency conference in Abu Dhabi earlier in the week.

 

The Trump family has ties to a new cryptocurrency called World Liberty Financial, and Donald Trump has pledged to launch a strategic national crypto stockpile during his second term.

Bitcoin’s value surged following Trump's election win in November, and this week it surpassed the $100,000 mark for the first time.


Islamic Trade Finance Corp. allocates $566m to back Uzbekistan’s local banks

Islamic Trade Finance Corp. allocates $566m to back Uzbekistan’s local banks
Updated 12 December 2024
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Islamic Trade Finance Corp. allocates $566m to back Uzbekistan’s local banks

Islamic Trade Finance Corp. allocates $566m to back Uzbekistan’s local banks

RIYADH: Thirteen banks in Uzbekistan have secured a combined $566 million in financing through a key initiative by the International Islamic Trade Finance Corp., a member of the Islamic Development Bank Group.

The funding aims to foster job creation, drive economic development, and empower local communities, according to a report by the Saudi Press Agency.

ITFC is committed to using these funds to support the private sector’s import and pre-export requirements, with a particular focus on small and medium-sized enterprises, which are vital to the country's economic growth and resilience.

This initiative aligns with the ITFC's broader mission to provide integrated trade solutions to member countries of the Islamic Development Bank. The institution, which currently has 57 member states, is primarily funded by Saudi Arabia, the largest shareholder with a 22.5 percent stake in the corporation.

The funds will specifically target SMEs, which are globally recognized as key drivers of economic growth. The ITFC has already provided over $69 billion in financing to the member countries of the Organization of Islamic Cooperation, solidifying its position as a leading provider of trade solutions within the OIC community.

In addition to financial support, ITFC also focuses on improving access to trade finance and offering technical assistance programs. These efforts equip member-state entities with the tools they need to compete successfully in the global marketplace.


Closing Bell: Saudi main index sheds 50 points to 12,099

Closing Bell: Saudi main index sheds 50 points to 12,099
Updated 12 December 2024
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Closing Bell: Saudi main index sheds 50 points to 12,099

Closing Bell: Saudi main index sheds 50 points to 12,099

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day on Thursday as it shed 49.86 points or 0.41 percent to close at 12,099.33. 

The total trading turnover of the benchmark index was SR4.77 billion ($1.27 billion), with 101 of the listed stocks advancing while 123 declined. 

The Kingdom’s parallel market Nomu also slipped by 0.57 percent to 31,100.89, while the MSCI Tadawul Index shed 7.37 points to close at 1,519.01. 

Sumou Real Estate Co. was the best-performing stock of the day. The company’s share price soared by 9.98 percent to SR44.65. 

Zamil Industrial Investment Co. was another top gainer, as the firm’s share price increased by 6.62 percent to SR33.80.

Meanwhile, the share price of Al-Baha Investment and Development Co. increased by 6.45 percent to SR0.33, and Saudia Dairy and Foodstuff Co. also advanced by 5.88 percent to SR360.

Conversely, Makkah Construction and Development Co.’s share price slipped by 3.04 percent to SR114.80. 

The best performer on the parallel market was Riyadh Steel Co., as its share price increased by 17.37 percent to SR2.50. 

Other top performers on Nomu were Dar Almarkabah for Renting Cars Co. whose share prices increased by 12.90 percent to SR70 while Watani Iron Steel Co.’s share prices grew by 12.20 percent to SR3.03.

On the announcements front, Almasane Alkobra Mining Co. revealed that it received a license from the Ministry of Industry and Mineral Resources to explore chromium, manganese, copper, and nickel in the Al-Baha region. 

In a statement to Tadawul, the mining firm said the license is valid until Dec. 10, 2029. 

The company added that the timing of any potential development of this license will become clear after the completion of exploration work and studies within the legal period. 

AMAK’s share price, however, slipped by 2.49 percent to SR70.40.