DUBAI: Wizz Air Abu Dhabi has announced three new routes connecting the UAE capital to Belgrade, Sohag and Luxor.
Fares to Luxor start from 129 dirhams ($35) with Sohag flights from 179 dirhams and Belgrade from 199 dirhams, it said on Monday.
"The new connection between the capital of the United Arab Emirates and these three new cities within Europe and the Middle East will continue to stimulate air traffic demand and support the growth of Abu Dhabi’s tourism sector and economic agenda," said Kees Van Schaick, managing director of Wizz Air Abu Dhabi.
Regional airlines are gradually adding new capacity as vaccinations programs are rolled out worldwide and more people resume flying.
Wizz Air Abu Dhabi is a joint venture between ADQ, one of the region’s largest holding companies and Wizz Air Holdings, the fastest growing European airline which operates a fleet of 137 Airbus A320 and A321 aircraft.
Wizz Air Abu Dhabi offers flights under $55 to Belgrade, Luxor and Sohag
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Wizz Air Abu Dhabi offers flights under $55 to Belgrade, Luxor and Sohag
- Fares to Luxor start from 129 dirhams ($35) with Sohag flights from 179 dirhams and Belgrade from 199 dirhams
- Regional airlines are gradually adding new capacity as vaccinations programs are rolled out worldwide and more people resume flying
Saudi Arabia restructures $32bn sukuk to strengthen debt strategy, local market
JEDDAH: Saudi Arabia has completed a sukuk restructuring and new issuance of over SR120 billion ($32 billion), advancing its strategy to enhance fiscal sustainability, optimize debt management, and deepen the local debt market.
According to the National Debt Management Center, the Kingdom finalized its sixth early repurchase transaction in the domestic market, involving the early redemption of government sukuk maturing between 2025 and 2029 valued at approximately SR60.4 billion.
To refinance these obligations, the NDMC issued new sukuk amounting to SR60.3 billion across five tranches with maturities stretching from 2032 to 2040.
The move supports Saudi Arabia’s broader efforts under Vision 2030 to diversify the economy, strengthen fiscal buffers, and develop domestic capital markets amid regional and global uncertainties.
In a release, the NDMC stated: “This initiative is a continuation of NDMC’s efforts to strengthen the domestic market and enables NDMC to exercise its role in managing the government debt obligations and future maturities.”
It added: “This will also align NDMC’s effort with other initiatives to enhance/optimize the public fiscal in the medium & long term.”
The new sukuk issuance was structured across five tranches with staggered maturity dates. The first tranche amounts to approximately SR21.5 billion and matures in 2032. The second tranche is around SR1.8 billion and matures in 2035, while the third tranche totals SR14.2 billion and matures in 2036. The fourth tranche is valued at SR5.9 billion and matures in 2039, while the fifth and final tranche is around SR16.9 billion, maturing in 2040.
To facilitate the transaction, the Ministry of Finance — as the issuer — and the NDMC appointed HSBC Saudi Arabia, SNB Capital, and Al Rajhi Capital, as well as AlJazira Capital and Alinma Investment, as joint lead managers.
The Kingdom’s current cost of debt stands at 3.6 percent per annum — among the lowest in emerging markets — and benefits from a low-risk profile, supported by a diversified financing strategy, the ongoing development of the domestic market, and conservative, transparent risk thresholds for managing the debt portfolio.
The move aligns with the country’s Vision 2030 and its Financial Sector Development Program, which targets expanding the banking sector’s assets from SR2.63 trillion in 2019 to SR3.515 trillion by 2025, increasing the stock market’s capitalization to 80.8 percent of gross domestic product, and growing the volume of debt instruments to 24.1 percent of gross domestic product.
The program also aims to promote digital financial innovation, boost SME financing from 5.7 to 11 percent of bank lending, expand the insurance sector’s role in the non-oil economy, and raise the share of non-cash transactions to 70 percent, while maintaining adherence to international financial stability standards.
It also ensures adherence to international standards on financial stability to safeguard the sector’s robustness.
Oman’s non-oil exports surge 8.6% in Q1 2025
RIYADH: Oman’s non-oil exports rose by 8.6 percent year on year in the first quarter of 2025, reaching 1.618 billion Omani rials ($4.2 billion), according to newly released figures.
These exports now represent 28.6 percent of the country’s total exports, which stood at 5.659 billion rials during the same period, the Oman News Agency reported.
The growth reflects ongoing efforts to boost non-oil trade, support domestic industries, attract foreign investment, localize development initiatives, and offer incentives to the private sector.
This aligns with Oman Vision 2040, which aims to diversify the economy, reduce oil dependence, enhance industrial and logistics sectors, and strengthen overall financial stability.
Oman’s non-oil exports comprise a wide range of products, including industrial goods, metals, plastics, machinery, electrical equipment, and chemicals.
According to the statement, the UAE remained the top importer of Omani non-oil products, with imports totaling 292 million rials in Q1 2025 — 18 percent of total non-oil exports. Saudi Arabia followed with 259 million rials, India ranked third at 172 million rials, South Korea was fourth at 154 million rials, and the US came fifth with 88 million rials.
Meanwhile, Oman’s oil exports declined in the first quarter, falling to 3.69 billion rials from 4.39 billion rials a year earlier, in line with lower global oil prices. The average price of Omani crude dropped to $75.3 per barrel, compared to $79.7 per barrel in Q1 2024.
Re-exports also decreased, totaling 351 million rials in Q1 2025, down from 434 million rials in the same period last year. The UAE was the top destination for re-exported goods from Oman, with imports worth 126 million rials — 35.8 percent of the total. Iran followed with 63 million rials, Kuwait with 24 million rials, Saudi Arabia with 22 million rials, and Germany with 10 million rials.
Commodity imports into Oman rose 10.9 percent year on year, reaching 4.312 billion rials in the first quarter of 2025, up from 3.889 billion rials the previous year. The UAE was the leading exporter to Oman, accounting for 995 million rials (23 percent of total imports). Kuwait came second with 466 million rials, followed by China (437 million rials), India (338 million rials), and Saudi Arabia (306 million rials).
Oman’s inflation up
Oman’s general inflation index increased by 0.9 percent year on year in April 2025, based on 2018 as the base year, according to the Consumer Price Index released by the National Center for Statistics and Information.
The most significant price increases were recorded in the personal goods and miscellaneous services category, which rose by 7.0 percent. This was followed by the health sector (3.2 percent) and transportation (3.1 percent). Prices also climbed in restaurants and hotels (1.5 percent), clothing and footwear (0.6 percent), culture and entertainment (0.3 percent), and education (0.1 percent).
Conversely, the food and non-alcoholic beverages category saw a decline of 0.3 percent, while furniture, household equipment, and maintenance prices dipped 0.1 percent.
Prices in housing, utilities, communications, and tobacco remained stable with no notable changes.
Egypt’s manufacturing index rises 3.9% in March
- Egyptian exports to Arab nations rose by 18% to $16.2 billion, while imports grew by 14% to $14.3 billion
- Saudi Arabia remained Egypt’s top Arab trading partner, with bilateral trade surpassing $11.3 billion
RIYADH: Egypt’s manufacturing and extractive industries index — excluding crude oil and petroleum products—rose by 3.9 percent in March, reaching 120.47 points, up from 115.93 in February, according to the Central Agency for Public Mobilization and Statistics.
The increase was largely driven by seasonal demand for food and a significant boost in steel rebar production, CAPMAS reported.
The monthly index, which uses the fiscal year 2012-13 as its base and reflects producer prices from January 2020 onward, is part of Egypt’s ongoing efforts to enhance industrial measurement standards.
The rise in manufacturing activity also coincides with Egypt’s strengthening economic ties with Arab markets. Total trade volume with Arab countries reached $30.5 billion in 2024—a 16 percent increase from $26.3 billion in 2023.
Egyptian exports to Arab nations rose by 18 percent to $16.2 billion, while imports grew by 14 percent to $14.3 billion. Saudi Arabia remained Egypt’s top Arab trading partner, with bilateral trade surpassing $11.3 billion. Egyptian exports to the Kingdom totaled $3.4 billion, followed by the UAE at $3.3 billion and Libya at $2 billion. On the import side, Egypt received $7.9 billion in goods from Saudi Arabia, $2.7 billion from the UAE, and $947 million from Kuwait.
Sector-wise, the food manufacturing index jumped 10.18 percent in March, rising to 160.02 from 145.24 in February—driven by Ramadan-related consumption. The base metals sector saw even sharper growth, climbing 22.89 percent to 65.92 from 53.64, largely due to heightened steel rebar production amid robust construction and infrastructure activity.
However, not all sectors fared equally. The tobacco products index plummeted by 27.44 percent to 118.84, down from 163.78 in February, reflecting a drop in cigarette consumption. Similarly, the printing and reproduction of recorded media sector fell 14.43 percent to 115.18, attributed to the seasonal completion of textbook printing contracts.
CAPMAS emphasized that the new figures reflect both seasonal trends and long-term structural shifts in Egypt’s industrial landscape.
Conflict-hit states suffer GDP losses of over 60%, says IMF’s Jihad Azour
- Ongoing conflicts have severely disrupted economic activities, infrastructure, and trade in these areas
- Azour says diversification efforts have helped GCC nations weather global uncertainty
RIYADH: Conflict-hit Middle Eastern countries have suffered severe economic shocks, with output losses surpassing 60 percent of gross domestic product in some cases, a senior International Monetary Fund official said.
Speaking at an event on Global and Regional Economic Developments and Outlook in Riyadh, Jihad Azour, director of the IMF’s Middle East and Central Asia Department, identified Lebanon, Syria, the West Bank, and Gaza as among the most affected.
The ongoing conflicts have severely disrupted economic activities, infrastructure, and trade in these areas, leading to deep recessions and humanitarian challenges that have compounded the economic fallout.
“Those countries over the last few years have been subjected to a lot of suffering, with a strong negative economic impact, with loss of outputs that could exceed 50 or 60 percent of GDP,” Azour said.
He noted that the ripple effects of these conflicts have extended beyond their immediate borders, saying: “Those conflicts did not only affect countries who were subjected … but also had an impact on the neighborhood.”
According to Azour, Egypt lost around $7 billion in Suez Canal revenues in under a year, largely due to disruptions in maritime trade routes. Meanwhile, Jordan saw a drop in tourism revenue, a sector crucial to its economic output and employment.
The director highlighted that global trade tensions are another major contributor to economic uncertainty, citing the sharp increase in tariffs.
“The rise in tariffs was extremely high. Went from something, for example, for the US — then less than 5 percent — to a peak of 30 percent. This is a big change in such a short period of time,” he said.
He emphasized that rapid developments, whether geopolitical or economic, are defining today’s global landscape, making it increasingly difficult for nations to maintain consistent projections.
“We are at a moment where history is accelerated and developments are shaped very quickly,” he said.
In contrast to the turmoil facing some countries, Azour highlighted the relative stability and resilience of the Gulf Cooperation Council economies.
Reflecting on the region’s evolving economic landscape, Azour said that diversification efforts have helped GCC nations weather global uncertainty.
“GCC economies have benefited from the effort of diversification to maintain a level of growth that could withstand any volatility in oil prices or any cut in oil production,” he said.
He continued: “Over the last three to four years, we had a sustainable level of growth around 3 to 4 percent, 5 percent in certain cases. Thanks to the reforms and to the acceleration of transformation, this has helped GCC countries to maintain a high level of growth, despite the fact that the agreement under the OPEC+ has been extended several times.”
Looking ahead, the IMF official expressed cautious optimism, suggesting that despite the current uncertain environment, the economic outlook across the region remains positive, particularly for oil-exporting nations.
“Let me first say that we expect, despite this maybe foggy background, we expect economies to recover this year across the board, in most of the countries in the region, yet the pickup of growth is going to be stronger in the oil-exporting countries, in particular in GCC, where we expect it also to increase by 1 percent this year and another 1 percent in 2026,” he said.
According to Azour, the anticipated recovery is largely fueled by strong performance and a stable contribution from non-oil sectors across the Gulf, driven by long-term diversification efforts.
He also offered a more hopeful outlook for countries affected by conflict, noting signs of stabilization and early recovery.
“We expect the post-conflict countries to preserve a certain level of growth this year and for some to start recovering,” he said.
Azour added: “The good news is inflation is still under control in most of the countries except a few where the level of inflation is still at double-digit, but for most of the countries, it’s already now getting closer to their objective set in their monetary policy.”
In a region facing mounting challenges, the IMF’s outlook underscores that reform, stability, and smart investment aren’t just options — they’re imperatives for resilience.
Human-centered travel takes priority in Saudi Arabia’s tourism vision, says minister
- Minister says Kingdom’s tourism future lies in authentic human experiences, not just infrastructure
- Ahmed Al-Khateeb stresses technology should enhance — not replace — personal interaction
RIYADH: Saudi Arabia is placing human-centered travel at the forefront of its tourism strategy, focusing on authentic cultural experiences, meaningful interactions, and community engagement as it reshapes its global tourism identity.
Tourism Minister Ahmed Al-Khateeb emphasized that this people-first approach is designed to balance the Kingdom’s rapid infrastructure development with heritage preservation and stronger community connections. The strategy, he said, forms a cornerstone of Saudi Arabia’s broader ambition to become a leading international tourism destination.
Al-Khateeb’s remarks come amid the launch of TOURISE, a new platform introduced by the Kingdom to unite global leaders across tourism, technology, investment, and sustainability. The initiative aims to foster innovation and collaboration as Saudi Arabia accelerates its tourism growth while maintaining a focus on sustainable and inclusive development.
In an interview with CNN, Al-Khateeb emphasized the importance of human connection in travel, stating: “We want the experience in travel and tourism to be human.”
While acknowledging the role of innovation, Al-Khateeb stressed that technology should enhance — not replace — personal interaction. “We will definitely always use technology, but we will encourage and protect” human interaction because travel is all about people, he said.
The recently launched TOURISE platform, unveiled in late May, is designed to serve as a global forum bringing together key players in the tourism industry. According to Al-Khateeb, the initiative will unite regulators, operators, investors, and nongovernmental organizations to shape the future of a sector that accounts for “10 percent of global GDP and 10 percent of global jobs.”
He described the initiative as “unique” in its ability to bridge government and business to foster innovation and sustainable development in tourism.
The Kingdom welcomed 30 million international visitors in 2024, a 9.5 percent increase from the previous year. This influx is part of the kingdom’s broader strategy to diversify its economy beyond oil.
Riyadh is a focal point of the Kingdom’s destination development plans. “Riyadh is top priority. Riyadh winter is the most beautiful winter in the world,” said Al-Khateeb, referencing attractions like Diriyah, King Salman Park, and the entertainment hub Qiddiya, which he described as “the largest-ever built sport, entertainment and culture city.”
Al-Khateeb pointed to the Red Sea as a top priority, noting the launch of new resorts under Red Sea Global.
“People love to visit the Red Sea, to explore the Red Sea,” he said, highlighting the region’s appeal alongside heritage tourism and Arabian hospitality.
Despite geopolitical challenges, Al-Khateeb maintained that Saudi Arabia is moving forward with confidence.
“We’re happy to see that there’s de-escalation in many areas in the region. And I think what is happening in Syria is a very positive thing, and I hope the rest of the region will follow,” he said.
“It is very normal that you have some huge investment, upload investment in a country like Saudi Arabia, this investment is exposed to, sometimes, risk — capacity, availability risk, financial risk and so on.”
“However, we know this. We have all the mitigation in place,” he added.
Looking to the future, Al-Khateeb emphasized the Kingdom’s preparations for hosting the FIFA World Cup 2034 across multiple cities, including the mountainous south.
“We are holding the World Cup in many cities in Saudi Arabia that will give the chance for the fans to explore the nature and the topography,” he said.
Among the projects is the new Mohammed bin Salman Stadium in Qiddiya, which he described as “out of this world” and offering a “different experience for fans and for the players.”
This strategic focus on human-centered tourism aligns with Saudi Arabia's Vision 2030, aiming to position the Kingdom as a leading global tourism destination.
