Riyadh Air signs 11 deals to boost global reach and promote Saudi culture and hospitality

New Saudi airline Riyadh Air signed 11 strategic agreements this week it said will expand its global footprint, elevate the travel experience, and help promote the Kingdom’s culture and hospitality. (Supplied)

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Updated 02 May 2025

MOHAMMED AL-KINANI

May 01, 2025 22:14

Riyadh Air signs 11 deals to boost global reach and promote Saudi culture and hospitality

The airline, which is preparing to begin operations, plans to connect with more than 100 cities by 2030 and contribute $20bn to the Kingdom’s economy between now and then
Senior VP Osamah Al-Nuaiser said the deals will help deliver exceptional travel experiences across Europe, Africa, the Middle East, Asia, Australia and New Zealand

Updated 02 May 2025

MOHAMMED AL-KINANI

May 01, 2025 22:14

JEDDAH: New Saudi airline Riyadh Air signed 11 strategic agreements this week it said will expand its global footprint, elevate the travel experience, and help promote the Kingdom’s culture and hospitality.

The deals, finalized during the Arabian Travel Market in Dubai, which began on Monday and concluded on Thursday, involve sales and distribution service providers in more than 125 countries.

Riyadh Air, which is owned by Saudi Arabia’s Public Investment Fund, aims to connect with more than 100 international cities by 2030, and contribute more than $20 billion to the Kingdom’s economy between now and then, the Saudi Press Agency reported on Thursday.

The airline said it plans to enhance the travel experience by leveraging digital technologies to streamline bookings and airport procedures, thereby catering to the country’s young, tech-savvy population, as previously highlighted by CEO Tony Douglas.

Osamah Al-Nuaiser, senior vice president of marketing and corporate communications at Riyadh Air, said the agreements signed this week reflect the airline’s commitment to becoming a global leader in aviation.

They are designed to build long-term, mutually beneficial relationships that help deliver exceptional travel experiences across Europe, Africa, the Middle East, Asia, Australia and New Zealand, he added.

As authorities in the Kingdom continue to invest billions into massive development projects as they work to diversify the national economy and reduce its reliance on hydrocarbons, one of their goals is to gain a larger share of the global travel market, including business travel.

Riyadh Air received approval from the Kingdom’s General Authority of Civil Aviation in April to begin flight operations. It was granted its Air Operator Certificate after fulfilling all regulatory, safety, and operational requirements, marking a key milestone in the run-up to the official launch of commercial flights.

Riyadh Air said the flexibility offered by the adoption of the most modern technologies, free from the constraints of legacy systems, will enable the airline to innovate with agility and offer seamless booking, distribution and other services across its global network.

Douglas said recently that the startup is ready to purchase Boeing aircraft originally ordered by Chinese airlines, should they become available as a result of the escalating US-China trade dispute.

The fledgling airline has also placed major orders of its own with manufacturers, including a deal in October last year for 60 narrow-body A321-family jets from Airbus, and another in March 2023 for up to 72 Boeing 787 Dreamliners.

Oil Updates — prices up as demand expectations, economic data lift sentiment

Updated 17 July 2025

Reuters

July 17, 2025 10:31

Oil Updates — prices up as demand expectations, economic data lift sentiment

Updated 17 July 2025

Reuters

July 17, 2025 10:31

SINGAPORE: Oil prices rose on Thursday, reversing declines in the previous three sessions, buoyed by stronger-than-expected economic data from the world’s top oil consumers and signs of easing trade tensions.

Brent crude futures rose 8 cents, or 0.1 percent, to $68.60 a barrel at 8:30 a.m. Saudi time. US West Texas Intermediate crude futures were up 16 cents, or 0.2 percent, at $66.54. Both benchmarks fell more than 0.2 percent in the previous session.

US President Donald Trump has said letters notifying smaller countries of their US tariff rates would go out soon, and said on Wednesday that he would probably put a blanket 10 percent or 15 percent tariff on smaller countries.

New agreements with Indonesia and Vietnam were announced this week.

Trump also offered renewed optimism about prospects of a deal with Beijing on illicit drugs and hinted that a trade deal with India was very close, while an agreement could possibly be reached with Europe as well.

“Trump softened tones on China and proposed lower tariff rates on smaller countries, which are seen as positive developments in the global trade outlooks,” said independent analyst Tina Teng.

“China’s better-than-expected economic data and the US’s larger-than-expected oil inventory draw have both been bullish factors for oil prices.”

US crude inventories fell by 3.9 million barrels to 422.2 million barrels last week, the Energy Information Administration said on Wednesday, a steeper decline than forecast for a 552,000-barrel draw, suggesting stronger refinery activity, tighter supply, and increased demand.

However, larger-than-expected builds in gasoline and diesel inventories capped price gains. This raised concerns of weakening demand from summer travel, ANZ analysts said in a note on Thursday.

The latest snapshot of the US economy by the central bank, released on Wednesday, showed activity picked up in recent weeks. However, the outlook was “neutral to slightly pessimistic” as businesses reported that higher import tariffs were putting upward pressure on prices.

Meanwhile, China data showed growth slowed in the second quarter, but not by as much as previously feared, in part because of front-loading to beat US tariffs, easing fears over the state of the world’s largest crude importer’s economy.

Data also showed that China’s June crude oil throughput was up 8.5 percent from a year ago, implying stronger fuel demand.

“Support has come from the positive news pertaining to some easing of trade tensions between China and the US with President Trump lifting the ban on the sale of AI chips to China along with the announcement of a trade deal with Indonesia,” said John Paisie, president of Stratas Advisers.

Topics: oil prices Oil Updates

Most Gulf markets in red on US inflation concerns, rate uncertainty

Updated 16 July 2025

Reuters

July 16, 2025 17:36

Most Gulf markets in red on US inflation concerns, rate uncertainty

Saudi Arabia’s benchmark index dropped 0.5%
Dubai’s benchmark index jumped 1%

Updated 16 July 2025

Reuters

July 16, 2025 17:36

DUBAI: Most Gulf markets ended lower on Wednesday as investors weighed US trade policy developments and signs that tariffs may be fueling inflation, while awaiting cues on the Federal Reserve’s interest rate policy.

US consumer prices rose at the fastest pace in five months in June, raising concerns that tariffs were beginning to pressure inflation.

On Tuesday, President Donald Trump said letters notifying smaller countries of their tariff rates would be sent soon.

Saudi Arabia’s benchmark index dropped 0.5 percent, hit by a 0.4 percent fall in Al Rajhi Bank. Oil giant Saudi Aramco fell 0.7 percent. About 217.4 million shares changed hands, compared with an average of 314.3 million shares over the previous 10 sessions.

Oil prices — a catalyst for the Gulf’s financial markets — fell by about 1 percent, as signs of stronger Chinese crude consumption were outweighed by investor caution about the wider economic impact from US tariffs.

Dubai’s benchmark index jumped 1 percent to 5,974 dirhams, having crossed the mark for the first time in nearly 17.5 years. Financial stocks led gains with a 3.7 percent jump in Emirates NBD after concluding 3.9 billion dirhams in syndicated loans for Dubai Metro’s Blue Line Project.

Abu Dhabi index added 0.3 percent, helped by a 2.6 percent increase in top lender First Abu Dhabi Bank. Strong bank earnings lifted sentiment across both Abu Dhabi and Dubai financials.

Qatar’s stock index inched 0.1 percent lower. In the US, data on Tuesday showed consumer prices rose 0.3 percent in June, in line with forecasts, but the largest gain since January.

Trump, however, reiterated his call for lower interest rates from the Fed, saying that consumer prices remain low. Monetary policy in the Gulf tends to mirror the Fed’s moves, given the region’s currency pegs to the US dollar.

Outside the Gulf, Egypt’s blue-chip index, which is trading at a near all-time high, dropped 1 percent, weighed by a 5.3 percent slide in tobacco monopoly Eastern Company.

Egypt’s progress on structural reforms under an $8 billion International Monetary Fund loan agreement has been mixed, the fund said, citing the public sector’s continued dominance of the economy as a problem.

Topics: Gulf Stock Markets

IMF says Egypt makes mixed reform progress, cites state dominance of economy

Updated 16 July 2025

Reuters

July 16, 2025 16:32

IMF says Egypt makes mixed reform progress, cites state dominance of economy

Updated 16 July 2025

Reuters

July 16, 2025 16:32

CAIRO: Egypt’s progress on structural reforms under an $8 billion International Monetary Fund loan agreement has been mixed, the fund said, citing the public sector’s continued dominance of the economy as a problem.

In its long-delayed staff report for the fourth review of Egypt’s program, the IMF said there had been limited headway in reducing the role of state- and military-owned firms which enjoy preferential treatment in the form of tax exemptions, access to prime land and cheap labor.

These companies remain largely shielded from public scrutiny, with “very limited transparency about their financial condition,” the fund said.

Egypt’s reliance on a state-led growth model, centered on mega-projects and public investment, was curbing job creation and stifling the private sector in an increasingly volatile global environment, it said.

“The resulting financial and resource distortions have left Egypt with a large informal economy and few buffers against growing global financial, geopolitical and climate shocks,” the fund said.

The report was published late Tuesday, four months after the board approved the review and unlocked a $1.2 billion disbursement. Total disbursements are around $3.5 billion.

The 46-month facility was signed in March 2024 following more than a year of severe foreign currency shortages and inflation that peaked at 38 percent in September 2023.

The fund said last week it would merge the fifth and sixth program reviews into one later this year to give Egypt more time to implement critical reforms.

The fund forecast that Egypt’s external debt would rise from $162.7 billion in 2024/25 to $202 billion by 2029/30. Public debt overall “poses a high risk of sovereign stress,” it said, urging authorities to broaden the tax base, phase out untargeted subsidies and increase oversight of off-budget entities such as the state oil company EGPC and the urban development authority NUCA.

The report also cited “persistent and successive external shocks” that it said had “complicated policy execution,” including the war in Sudan which has pushed hundreds of thousands to flee to Egypt, as well as trade disruptions in the Red Sea which reduced foreign exchange inflows from the Suez Canal by $6 billion last year.

Egypt finance minister reacts

Egypt's Finance Minister Ahmed Kouchouk said on Wednesday he is confident Egypt is hitting targets set by the IMF over the country's $8 billion loan programme and expects the next review to be completed by September or October.

"Both sides, are working on the expectation that this should be happening in September, October," Kouchouk said on the sidelines of an event at the London Stock Exchange.

"The IMF is after certain targets - and that's what's important."

A successful agreement on a review and subsequent sign off by the Fund's executive board triggers payment of a tranche.

Kouchouk also said he expected the government to complete three to four privatisation transactions before the end of the current financial year that started earlier this month.

The IMF has made increasing the role of the private sector in the economy a requirement of an expanded $8 billion loan, and Egypt's cabinet said earlier this year it would offer stakes in military-owned companies through its sovereign wealth fund to help comply with the Fund's requirements.

"It will be across a lot of sectors, but we have shared also a very strategic plan, a medium-term plan with the international institutions, including the IMF and others, with a very clear, visible timeline," added Kouchouk.

Topics: International Monetary Fund (IMF) Egypt economy

Closing Bell: Saudi main index closes in red at 11,038

Updated 16 July 2025

Miguel Hadchity

July 16, 2025 16:24

Closing Bell: Saudi main index closes in red at 11,038

MSCI Tadawul Index decreased by 0.41% to close at 1,415.42
Parallel market Nomu gained 0.16% to close at 27,345.08

Updated 16 July 2025

Miguel Hadchity

July 16, 2025 16:24

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 56.67 points, or 0.51 percent, to close at 11,038.74.

The total trading turnover of the benchmark index was SR4.01 billion ($1.06 billion), as 51 of the listed stocks advanced, while 195 retreated.

The MSCI Tadawul Index decreased by 5.89 points, or 0.41 percent, to close at 1,415.42.

The Kingdom’s parallel market Nomu gained 43.62 points, or 0.16percent, to close at 27,345.08. This comes as 39 of the listed stocks advanced, while 43 retreated.

The best-performing stock was SHL Finance Co., with its share price rising by 4.77 percent to SR23.70.

Other top performers included Arabian Centers Co., whose share price rose by 4.19 percent to SR22.15, and Mutakamela Insurance Co., which saw a 3.71 percent increase to SR16.21.

The worst performer of the day was Emaar The Economic City, whose share price declined by 3.63 percent to SR13.02.

Arriyadh Development Co. and Alistithmar AREIC Diversified REIT Fund also saw declines, with their shares dropping by 3.33 percent and 3.31 percent to SR31.32 and SR8.75, respectively.

On the announcements front, Asas Makin Real Estate Development and Investment Co. has signed a contract with First Avenue for Real Estate Development Co. to execute the Jadah Al-Huda residential project in Riyadh.

According to a statement on Tadawul, the 23,199 sq. meters project will feature modern townhouse units designed to meet high-quality standards and urban integration, aligning with the growing demand in Saudi Arabia’s real estate market.

Valued at 14.5 percent of the actual construction cost, the 15-month contract is part of Asas Makin’s expansion strategy to enhance its portfolio and diversify revenue streams.

The company expects the project to positively impact its financial results while contributing to the development of the Kingdom’s real estate sector.

The firm’s shares traded 0.8 percent higher in Wednesday’s trading session on the main market to close at SR108.

First Avenue for Real Estate Development Co.’s shares traded 3.33 percent higher in the main market to close at SR8.99.

Al Yamamah Steel Industries Co. has announced the completion of construction and the start of trial operations at its new Al Yamamah Wind Power Systems Factory in Yanbu Industrial City.

The company confirmed in a statement that commercial operations will officially begin on Aug. 1, subject to regulatory approvals. The factory’s financial impact is expected to be reflected in Al Yamamah’s consolidated financial statements starting from the third quarter of 2025.

The company’s shares traded 3.61 percent higher on the main market to close at SR34.42.

Topics: Closing Bell Tadawul TASI MSCI 30 Tadawul Index NOMU Saudi Stock Exchange (Tadawul) Tadawul All Share Index (TASI)

Saudi PIF-backed Diriyah project awards $1.53bn arena contract to China Harbor

Updated 16 July 2025

MOHAMMED AL-KINANI

July 16, 2025 15:47

Saudi PIF-backed Diriyah project awards $1.53bn arena contract to China Harbor

District will include Diriyah Arena, three mixed-use office buildings, and parking facility
It is expected to contribute around SR70 billion to GDP

Updated 16 July 2025

MOHAMMED AL-KINANI

July 16, 2025 15:47

JEDDAH: Saudi Arabia’s entertainment landscape is set for a major boost with the awarding of a SR5.75 billion ($1.53 billion) contract to construct a 20,000-seat arena as part of the Diriyah development.

Diriyah Co., a subsidiary of the Public Investment Fund, has awarded the contract to a branch of China Harbor Engineering Co. for the Arena Block, a district that will include the Diriyah Arena, three mixed-use office buildings, and a parking facility, the company announced.

Spanning approximately 74,000 sq. meters, the Diriyah Arena is designed to host concerts, sports, esports, exhibitions, and live performances to attract residents and international visitors.

The Diriyah project, located on the northwestern outskirts of the capital, Riyadh, is one of five giga-projects backed by PIF under the Vision 2030 plan and aims to transform the Kingdom’s economic and tourism sectors.

Upon completion, it is expected to contribute around SR70 billion to the gross domestic product, generate nearly 180,000 jobs, and accommodate approximately 100,000 residents.

“The iconic Diriyah Arena will be a landmark entertainment complex in Diriyah that reinforces the City of Earth’s growing global role in shaping Saudi Arabia’s artistic and cultural future, in alignment with Vision 2030,” Jerry Inzerillo, group CEO of Diriyah Co., said.

The contract is the latest step in the company’s ongoing 2025 development drive, marking continued progress on the project.

Yang Zhiyuan, CEO of the Chinese firm for the Middle East, said: “CHEC will bring to the project a wealth of global experience, technical expertise, and a proven track record in delivering the complex.”

Designed by global firm HKS Inc., the structure blends traditional Najdi architecture with modern elements, reflecting Diriyah’s cultural heritage and global outlook.

The broader Arena Block will also include three mixed-use office buildings designed by John McAslan + Partners, covering 114,000 sq. meters, along with over 4,000 parking spaces to support the stadium and surrounding offices.

Topics: Diriyah Co. Jerry Inzerillo Diriyah project Saudi Arabia's Public Investment Fund (PIF) Saudi Arabia

Riyadh Air signs 11 deals to boost global reach and promote Saudi culture and hospitality

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Riyadh Air signs 11 deals to boost global reach and promote Saudi culture and hospitality

Riyadh Air signs 11 deals to boost global reach and promote Saudi culture and hospitality

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