Saudia, flyadeal rise high in Cirium’s June punctuality rankings

Saudia, flyadeal rise high in Cirium’s June punctuality rankings
The achievement supports the National Aviation Strategy’s goal of enhancing the travel experience. Shutterstock
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Updated 10 July 2025
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Saudia, flyadeal rise high in Cirium’s June punctuality rankings

Saudia, flyadeal rise high in Cirium’s June punctuality rankings
  • Marks Saudia’s second time in 2025 leading global rankings for arrival and departure punctuality
  • Achievement aligns with Kingdom’s ambition to become global aviation hub

JEDDAH: Saudia emerged as the world’s most punctual airline in June, topping global rankings for both on-time departures and arrivals, according to aviation analytics firm Cirium.

In its latest report, the London-headquartered independent aviation analytics company said that Saudia operated 16,733 flights in June, achieving a 91.33 percent on-time arrival rate and a 90.69 percent on-time departure rate — a 2.41 percent increase in arrival punctuality compared to May’s rate of 89.18 percent.

The achievement aligns with Saudi Arabia’s ambition to become a global aviation hub and a top destination for international travelers. Under Vision 2030, the Kingdom is investing heavily to boost private sector participation, expand connectivity, and reinforce its role in global aviation.

It also supports the National Aviation Strategy’s goal of enhancing the travel experience, which aims to target 330 million passengers annually, over 250 global destinations, and 4.5 million tons of air cargo by 2030.

Ibrahim Al-Omar, director general of Saudia Group, said, “Achieving exceptional on-time performance and maintaining operational excellence requires seamless coordination across all sectors and subsidiaries of the group.”

This marks Saudia’s second time in 2025 leading global rankings for both arrival and departure punctuality, following a similar achievement in March. It also mirrors the airline’s performance in June 2024, when it topped the rankings with an on-time arrival rate of 88.22 percent and a departure rate of 88.73 percent across 16,133 flights to more than 100 destinations.

Flyadeal, Saudia Group’s low-cost carrier, ranked first in the Middle East and Africa for on-time arrival performance, achieving a rate of 91.77 percent across more than 5,980 flights. The carrier’s performance surpassed that of Saudia within the region.

In a statement, Saudi Group said: “The accomplishment reflects Saudia and flyadeal’s unwavering focus in operational efficiency and excellence, achieved during the high-demand period of Hajj, summer travel, and Eid Al-Adha holidays.”

In the airport category, Cirium ranked Riyadh’s King Khalid International Airport as the world’s most punctual large airport for the same period. The travel gateway recorded a 90.41 percent on-time departure rate and an 86.99 percent on-time arrival rate, outperforming major global hubs in operational efficiency.

With 22,180 flights tracked, the Kingdom’s capital hub served 109 routes operated by 59 airlines, showcasing Saudi Arabia’s growing global connectivity and aviation excellence.

Meanwhile, Dammam’s King Fahd International Airport ranked seventh among medium-sized airports for on-time departures, achieving an 86.18 percent punctuality rate across 8,200 flights on 59 routes, according to Cirium.


Closing Bell: Saudi main index slips to close at 10,866 

Closing Bell: Saudi main index slips to close at 10,866 
Updated 21 August 2025
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Closing Bell: Saudi main index slips to close at 10,866 

Closing Bell: Saudi main index slips to close at 10,866 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged lower on Thursday, slipping 11.24 points, or 0.10 percent, to end at 10,866.83. 

The benchmark’s total trading turnover stood at SR5.21 billion ($1.38 billion), with 87 stocks advancing and 159 declining. 

Similarly, the Kingdom’s parallel market Nomu fell 94.16 points, or 0.35 percent, to settle at 26,535.79, as 42 stocks gained while 51 retreated. 

Meanwhile, the MSCI Tadawul Index inched up 2.43 points, or 0.17 percent, to close at 1,409.05. 

The best-performing stock of the day was Saudi Basic Industries Corp., which jumped 7.65 percent to SR61.90. 

Other notable gainers included Sahara International Petrochemical Co., up 5.32 percent to SR20.01, and Fawaz Abdulaziz Alhokair Co., which climbed 5.17 percent to SR23.99. 

On the other hand, Halwani Bros. Co. posted the sharpest loss, falling 4.92 percent to SR43.26. 

Jahez International Co. for Information System Technology fell 3.84 percent to SR22.31, while Saudi Awwal Bank declined 3.73 percent to SR30.96.   

On the corporate announcements front, Axelerated Solutions for Information and Communication Technology Co. released its interim financial results for the period ending June 30.

According to a Tadawul statement, the company posted a net profit of SR33.8 million during the first half of the year, up 94 percent from the same period last year.  

The profit growth was mainly attributed to a 91 percent surge in gross profit to SR45.4 million, compared to SR23.8 million a year earlier, alongside an SR86.8 million increase in revenue and an SR1.8 million boost in other income.   

The company’s board also recommended distributing SR8.4 million in cash dividends to shareholders for the first half of 2025.

A Tadawul filing showed that 28 million shares are eligible, with a dividend of SR0.30 per share, equivalent to 30 percent of the share’s par value. 

Axelerated Solutions closed the session at SR28, marking a 3.70 percent gain. 

Arriyadh Development Co. announced an update on its partnership agreement with Saudi Real Estate Co. and Riyadh Holding Co. to establish a special-purpose vehicle to develop educational complexes.  

Arriyadh Development Co. ended the day at SR32.70, up 0.86 percent.  


GCC Islamic insurers see growth but face 2025 profit squeeze, S&P says

GCC Islamic insurers see growth but face 2025 profit squeeze, S&P says
Updated 21 August 2025
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GCC Islamic insurers see growth but face 2025 profit squeeze, S&P says

GCC Islamic insurers see growth but face 2025 profit squeeze, S&P says
  • Saudi insurers led the surge, generating around $960 million last year
  • Credit ratings for Islamic insurers will remain largely stable

RIYADH: The Gulf Cooperation Council’s Islamic insurance sector is set to maintain around 10 percent annual growth in 2025 and 2026, buoyed by population expansion, infrastructure spending, and regulatory reforms, according to S&P Global Ratings. 

Saudi Arabia, the region’s largest Islamic insurance market, will continue to drive growth as Vision 2030 megaprojects fuel demand for coverage, S&P said in its latest white paper. 

Islamic insurance, or Takaful, has expanded rapidly across the GCC in recent years, logging 24 percent to 28 percent growth in 2022 and 2023. Strong government backing, mandatory health insurance regulations, and a rising awareness of Sharia-compliant financial products have supported the sector’s expansion. 

“Islamic and Takaful insurers in the GCC region continue to benefit from favorable growth prospects, and we therefore expect 2025 to be another year with solid top-line growth,” S&P said. 

However, the agency cautioned that “heightened competition in motor and medical lines, primarily in Saudi Arabia, the largest Islamic insurance market in the region, will likely weigh on overall earnings in 2025.” 

The sector posted record earnings in 2024, with aggregate net profit rising to about $1.1 billion, up from $940 million in 2023. Saudi insurers led the surge, generating around $960 million last year versus $853 million a year earlier, while earnings in other GCC markets climbed to over $120 million from $87 million. 

In 2024, insurers in the GCC region excluding Saudi Arabia recorded 13 percent revenue growth, while the Kingdom experienced a 14 percent expansion. 

S&P said that net earnings for the sector in the first half of 2025 fell 35 percent year on year, citing a 40 percent drop in profits in the Saudi market and weaker earnings in other regional markets. 

This is mainly attributed to “heightened competition in motor and medical lines, as well as a decline in investment returns,” it added. 

Strong credit ratings 

According to S&P, credit ratings for Islamic insurers in the GCC will remain largely stable over the next 12 months, as most players are well capitalized. 

The report added that total shareholder equity in the sector rose to approximately $8.5 billion in 2024, up from $7.5 billion in 2023, supported by strong earnings and capital injections. 

S&P Global Ratings projects that overall credit conditions for Islamic insurers will remain relatively stable over the next 12 months. However, it said that “some loss-making players will continue to face challenges relating to solvency and other regulatory demands,” which could prompt them to pursue mergers and acquisitions or raise capital to meet their needs. 

In June, Fitch Ratings echoed similar views, saying that mergers and acquisitions are set to accelerate in Saudi Arabia’s insurance industry as many firms struggle to meet new capital requirements or remain profitable amid intense competition and rising costs. 

Fitch also noted that several smaller insurers are already in discussions with larger rivals to strengthen their capital positions and ensure long-term survival. 

“Consolidation is particularly evident among smaller and midsize players in Saudi Arabia and the UAE, as economies of scale become more important,” S&P said in its latest report, adding that thin capital buffers and rising regulatory and solvency requirements will continue to drive consolidation in the sector. 

Potential challenges 

S&P warned that a flare-up in the conflict between Israel and Iran, along with any regional escalation, could negatively affect business sentiment across the Middle East, including the GCC, and pressure insurers’ earnings. 

Although global tariff disputes have so far had minimal impact on GCC economies and insurers, S&P cautioned that ongoing volatility in capital markets could weigh heavily on earnings if trade tensions escalate. 


UAE central bank boosts gold reserves by 26% to $7.9bn in first 5 months

UAE central bank boosts gold reserves by 26% to $7.9bn in first 5 months
Updated 21 August 2025
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UAE central bank boosts gold reserves by 26% to $7.9bn in first 5 months

UAE central bank boosts gold reserves by 26% to $7.9bn in first 5 months

RIYADH: Gold reserves held by the Central Bank of the UAE increased by 25.9 percent during the first five months of 2025 to reach 28.93 billion dirhams ($7.9 billion).

The regulator’s statistical bulletin revealed that the UAE’s gold holdings also edged up on a monthly basis, recording a 0.49 percent rise in May to 28.79 billion dirhams, compared to 28.65 billion dirhams at the end of April, Emirates News Agency reported.

In addition to stronger gold reserves, the bulletin showed that demand deposits grew significantly, surpassing 1.16 trillion dirhams by the end of May. This was an increase from 1.10 trillion dirhams at the end of 2024.

Of the total, 892.57 billion dirhams were held in local currency, while 274.33 billion dirhams were in foreign currencies.

Savings deposits also registered a sharp increase, climbing to 359.57 billion dirhams by the end of May from 317.48 billion dirhams in December. Local currency savings accounted for 305.51 billion dirhams, while the figure for foreign currency stood at 54.06 billion dirhams.

Furthermore, time deposits surpassed the 1 trillion dirham mark for the first time by the end of May. Of this figure, 614.85 billion dirhams were denominated in local currency, while 398.35 billion dirhams were in foreign currencies.

The UAE’s banking sector continued its steady expansion, with total assets, including bankers’ acceptances, rising 0.6 percent in April to 4.75 trillion dirhams.

The increase was driven by resilient credit demand and a surge in non-resident deposits, Emirates News Agency reported.

Across the Gulf, banking performance was mixed. Kuwait posted a 6.7 percent year-on-year rise in assets to 93.5 billion dinars ($303 billion) in March, while Saudi Arabia saw a 7.4 percent jump to SR5.3 trillion ($1.41 trillion) in April. 

Qatar, however, recorded a marginal 0.1 percent monthly decline in total assets to 2.07 trillion riyals ($559 billion), reflecting weaker domestic holdings.

Global prices

Gold prices edged lower on Thursday after the US Federal Reserve’s July meeting minutes showed a majority consensus on holding interest rates steady.

Spot gold was down 0.2 percent at $3,340.09 per ounce, as of 11:02 a.m. Saudi time. US gold futures for December delivery also lost 0.2 percent to $3,382.30.

Minutes from the Fed’s July meeting showed the policymakers who dissented against last month’s decision to keep interest rates unchanged were alone in advocating for a rate cut.

Non-yielding gold typically performs well in a low interest rate environment.

The Fed has held rates steady since December, although investors still expect an 81 percent chance of a quarter-point cut by September, according to the CME’s FedWatch tool.

Fed Chair Jerome Powell is expected to speak on Friday at the Aug. 21-23 Jackson Hole symposium, with investors watching whether he backs measures to bolster the labor market or focuses on curbing inflation.


Saudi Industry Ministry, SIC partner to empower innovators

Saudi Industry Ministry, SIC partner to empower innovators
Updated 21 August 2025
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Saudi Industry Ministry, SIC partner to empower innovators

Saudi Industry Ministry, SIC partner to empower innovators

JEDDAH: Saudi entrepreneurs and innovators in the industrial and mining sectors are set to gain support through a new partnership aimed at driving development, creativity, and digital transformation.

The Ministry of Industry and Mineral Resources signed a cooperation agreement with the Saudi Innovation Club to implement joint programs and initiatives as part of efforts to empower national talent in the two sectors, the ministry said in a statement on Aug. 21.

The agreement, signed under the patronage of Assistant Minister for Planning and Development Abdullah Al-Ahmari, aims to foster new developments and create opportunities for pioneers. It was finalized during a ministry meeting under the ‘Innovative Industrial and Mining Products Program’ connecting inventors with service providers, incubators, and accelerators.

This initiative aligns with the ministry’s wider strategy to encourage advancement in industrial and mining activities, boost global competitiveness, and strengthen their role in diversifying the Kingdom’s economy.

It builds upon the Innovative Industrial and Mining Products Program, first unveiled in December, which focuses on accelerating sectoral progress and driving digital evolution within these industries.

“The agreement sets a joint framework for the two parties to organize activities and initiatives that foster a culture of innovation and showcase innovators’ success stories,” the statement said.

It added that the accord opens multiple avenues of collaboration, including sharing expertise, arranging business forums, conducting workshops, and launching initiatives to empower entrepreneurs and emerging talents.

The agreement was signed by Mohammed bin Saeed Al-Dughaim, general manager of the ministry’s innovation management department, and Majid bin Mohammed bin Anzan, chairman of the Saudi Innovation Club.

The ministry emphasized that this partnership underscores its commitment to advancing creative practices, raising public awareness, and creating a supportive environment for innovators in line with the Kingdom’s economic transformation goals.

According to the ministry, the Innovative Industrial and Mining Products Program represents “a key step toward fostering innovation in the industrial and mining sectors” and reflects its commitment to developing new solutions that “support the Kingdom’s industrial transformation and stimulate the growth and sustainability of the mining sector.”

Commenting on the program when first announced, Minister of Industry and Mineral Resources Bandar Alkhorayef said the program seeks to “provide an integrated environment that enables innovators to transform their ideas into executable and competitive products locally and internationally.”

He noted that the initiative will drive advancement — a cornerstone of economic growth — and advance digital transformation in the industrial and mining sectors, the minister stated in a post on his X handle at that time.


Kuwait inflation edges up to 2.39% in July on higher food, beverage prices 

Kuwait inflation edges up to 2.39% in July on higher food, beverage prices 
Updated 21 August 2025
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Kuwait inflation edges up to 2.39% in July on higher food, beverage prices 

Kuwait inflation edges up to 2.39% in July on higher food, beverage prices 

RIYADH: Kuwait’s inflation inched higher in July as rising food and beverage costs pushed the annual rate to 2.39 percent, up from 2.32 percent in June, data from the Central Statistical Bureau showed. 

The food and beverages group, a key component of the index, climbed 0.63 percent month on month, while miscellaneous goods and services rose 0.43 percent and clothing and footwear gained 0.27 percent. 

The latest data follows signs of economic recovery, with real gross domestic product expanding 1 percent year on year in the first quarter of 2025, ending seven consecutive quarters of contraction, according to the National Bank of Kuwait. The rebound has been supported by steady improvements in the non-oil sector. 

In its latest report, the Central Statistical Bureau stated: “The Consumer Price Index (CPI) increased by 0.22 percent at 137.2 as a result of the increase in prices of some major groups in the movement of the indices.” 

It added: “Prices of recreation and cultural group increased by 0.15 percent because of an increase in prices of audio-visual, photographic and information and tools and other recreational equipment, gardens and pets.” 

Prices of furnishings and household maintenance edged up 0.14 percent, reflecting cost increases in home textiles, glassware, and household utensils. By contrast, the transportation group dipped 0.07 percent, weighed by lower operating costs for personal vehicles. 

Housing, health, communication, education, and restaurants and hotels categories remained flat during the period. 

In March, Fitch Ratings reaffirmed Kuwait’s AA- long-term foreign currency rating with a stable outlook, citing its strong fiscal position and external balance sheet.

The US-based agency noted that the country’s external balance sheet remains the strongest among all Fitch-rated sovereigns, with net foreign assets projected to rise to 601 percent of GDP in 2025, up from an estimated 582 percent in 2024. 

This comes as Kuwait’s non-oil business activity continues to grow. The latest Purchasing Managers’ Index, released earlier this month by S&P Global, showed the PMI rising to 53.5 in July from 53.1 in June, signaling a solid monthly improvement in the non-oil private sector. 

S&P Global noted that inflationary pressures eased in July, with purchase prices and staff costs rising at their slowest pace in six and four months, respectively.

The survey also showed that Kuwaiti companies remain strongly optimistic about future growth, expecting output to rise further in the remaining months of the year.