Saudi Arabia’s flyadeal boosts Dammam network with 3 domestic routes

Saudi Arabia’s flyadeal boosts Dammam network with 3 domestic routes
The airline’s fleet comprises 36 modern Airbus A320 narrowbody aircraft. Shutterstock
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Updated 10 November 2024
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Saudi Arabia’s flyadeal boosts Dammam network with 3 domestic routes

Saudi Arabia’s flyadeal boosts Dammam network with 3 domestic routes
  • The new destinations, Najran, Tabuk, and Yanbu, are strategically significant
  • Expansion marks the first phase of flyadeal’s 2025 growth plan

RIYADH: Saudi Arabia’s low-cost airline, flyadeal, will launch three new domestic routes from Dammam starting in January, aligning with the Kingdom’s Vision 2030 objectives. 

The airline will launch daily flights from Dammam to Najran and four weekly services to Tabuk on Jan. 1, followed by three weekly flights to Yanbu starting Jan. 2.

The announcement was made by Steven Greenway, CEO of flyadeal, on the sidelines of the World Travel Market in London.

Greenway said the new routes are part of flyadeal’s mission to connect smaller towns and cities across the Kingdom, catering to populations under 400,000 that are underserved yet have a growing demand for air travel.

“Having well-established bases in Riyadh and Jeddah, flyadeal is now strengthening its presence in the Eastern Province by increasing frequencies on existing routes and adding three new destinations connected to Dammam,” Greenway said.

He added: “Our new flights will facilitate travel for business and leisure purposes, support the growing desire among Saudis and international visitors to discover the rich diversity that the country offers, and attract a growing expatriate population to explore the Kingdom.”

The expansion complements Vision 2030, which seeks to diversify Saudi Arabia’s economy and transform the Kingdom into a global transportation and logistics hub.

By enhancing access to remote and economically vital cities, flyadeal supports Vision 2030 objectives to strengthen tourism, stimulate business opportunities, and increase domestic mobility.

The new routes will also advance the nation’s strategy to welcome 150 million visitors annually by 2030.

The expansion marks the first phase of flyadeal’s 2025 growth plan, which includes adding more domestic routes and launching international flights from its primary hubs in Riyadh, Jeddah, and Dammam in the coming months.

The developments align with Saudi Arabia’s broad national efforts to establish itself as a key player in the aviation sector, with enhanced infrastructure, expanded air service networks, and a focus on customer experience.

Operating from its three main bases, Riyadh, Jeddah, and Dammam, flyadeal serves nearly 30 year-round and seasonal destinations across the Kingdom and select cities in the Middle East, Europe, and North Africa.

The airline’s fleet comprises 36 modern Airbus A320 narrowbody aircraft, optimized for efficiency and passenger comfort, reinforcing Saudi Arabia’s commitment to advancing sustainable and high-quality air travel.

The new destinations, Najran, Tabuk, and Yanbu, are strategically significant. Najran, an agricultural hub in the southwest, contributes substantially to the local economy.

Tabuk serves as a gateway to the Red Sea coast and plays a pivotal role in the Kingdom’s large-scale tourism and development projects.

Yanbu, Saudi Arabia’s second-largest port in the Madinah province, is a hub for petroleum and petrochemical industries, supporting national economic objectives and Vision 2030’s goals for diversified growth.

With international routes to Amman, Cairo, and Istanbul, flyadeal positions itself as a crucial connector between the Kingdom and key regional and international destinations, advancing Vision 2030’s ambition of creating an integrated, globally connected Saudi Arabia.


OPEC Fund in talks with Lebanon to launch key economic support initiative

OPEC Fund in talks with Lebanon to launch key economic support initiative
Updated 16 February 2025
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OPEC Fund in talks with Lebanon to launch key economic support initiative

OPEC Fund in talks with Lebanon to launch key economic support initiative

RIYADH: The OPEC Fund for International Development is currently in talks with Lebanese authorities for a significant intervention, the institution’s president announced.

In an interview with Arab News on the opening day of the AlUla Conference for Emerging Market Economies, Abdulhamid Al-Khalifa shared that the fund is working with Lebanon to determine the optimal timing and approach to ensure the greatest impact on the country’s development.

This initiative is in line with the OPEC Fund’s ongoing commitment to global development, having already invested around $27 billion in projects across more than 125 countries. It also aligns with the fund’s mission to foster development, strengthen communities, and empower individuals.

“As you know, OPEC Fund is, as I said, a development institution and those institutions are created to take additional risks when it comes to development and they are what they call it counter-cyclical, when a country faces major issues, these institutions, intervene with high risk, but their objective is maximizing development impact, not maximizing returns on their assets,” Al-Khalifa said.

The president further emphasized that such institutions are not political in nature; instead, their focus is solely on driving development.

Al-Khalifa explained that the OPEC Fund has both a public sector arm and a private sector arm.

He added that the fund was already involved in investment projects in Lebanon through both arms and windows.

However, he noted that the approach depended on the circumstances and the right timing for intervention.

He mentioned that the fund was working with the authorities in Lebanon and looked forward to carrying out the intervention in the near future.

During the interview, the president also highlighted that while the region as a whole has significant potential, it also faces major risks, including geopolitical ones.

Al-Khalifa mentioned that some countries in the region were emerging from such risks, and expressed hope that this would help the region move forward. He added that the future held great potential and significant economic prospects for the region, particularly for the countries emerging from conflicts.

He added: “But also, you have countries that are stable and they are also doing well when it comes to economic development like GCC countries and also some Middle Eastern and North African countries.”

Al-Khalifa expressed his optimism about the future of the region but said: “It depends on many circumstances and depends on many risks that has to be mitigated.”

The president also highlighted that the OPEC Fund was established 50 years ago, with Saudi Arabia being one of the most important establishing members.

Al-Khalifa stated that the fund was focusing its efforts on development in both middle-income and low-income countries. He noted that Saudi Arabia, as the fund’s major shareholder, was supporting these countries through the OPEC Fund platform, which was one of the platforms Saudi Arabia uses to promote global development.

“As you know, Saudi Arabia is one of the major donors around the world when we compare it to GDP and they are processing their assistance through their bilateral institutions, but also they are using multilateral platforms like the World Bank, OPEC Fund, Islamic Development Bank and other regional banks,” he added.


Pakistan sees Saudi Vision 2030 as model for its economic transformation

Pakistan sees Saudi Vision 2030 as model for its economic transformation
Updated 16 February 2025
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Pakistan sees Saudi Vision 2030 as model for its economic transformation

Pakistan sees Saudi Vision 2030 as model for its economic transformation

RIYADH: Saudi Arabia’s influence in regional economic transformation is expanding, with Pakistan acknowledging the Kingdom’s progress under Vision 2030 as a valuable model, according to a senior official.

In an interview with Arab News during the AlUla Conference for Emerging Market Economies, Pakistan’s Finance Minister Muhammad Aurangzeb emphasized that Saudi Arabia’s leadership in economic reforms offers important lessons for Pakistan as it embarks on its own structural changes.

“Pakistan and the Kingdom of Saudi Arabia have been long-standing partners, one of the strongest partnerships that we have,” Aurangzeb said.

“As we go through our own structural reforms at this point in time, on the back of the macroeconomic stability that we have achieved, there’s a lot to learn from Vision 2030,” the minister said.

He also stated that the Kingdom is well ahead of its targets of Vision 2030, “so there’s so much to learn in Pakistan from our partners in Saudi Arabia.”

Saudi investments 

The finance minister also highlighted the growing Saudi investments in Pakistan, particularly in the business-to-business sector. He pointed to recent developments such as Saudi Aramco’s foray into the downstream petroleum industry and ongoing talks concerning government-to-government agreements.

“We’ve already had a few investments coming through from Saudi Arabia in the B2B space, and then of course, we have just seen Aramco coming into downstream, so these are all very, very good investments,” Aurangzeb said.

“There are a number of G2G transactions which are underway at this point in time to be announced later in the year.”

Aurangzeb underscored the potential for boosting exports from Pakistan to Saudi Arabia, especially in the skilled labor sector.

He noted that this aligns with the Kingdom’s expanding workforce needs as it progresses toward its Vision 2030 objectives.

The minister added: “Meanwhile, we remain grateful for the support that we have received from Saudi Arabia, especially with respect to our IMF program.”

The minister noted that the conference serves as an important multilateral platform to discuss economic resilience and cooperation among emerging economies.


Saudi Arabia emerging as an economic ‘powerhouse,’ says top IMF official

Saudi Arabia emerging as an economic ‘powerhouse,’ says top IMF official
Updated 16 February 2025
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Saudi Arabia emerging as an economic ‘powerhouse,’ says top IMF official

Saudi Arabia emerging as an economic ‘powerhouse,’ says top IMF official

RIYADH: Saudi Arabia’s role in the international financial system is growing, solidifying its position as an emerging economic “powerhouse,” according to a senior executive. 

In an interview with Arab News on the sidelines of the AlUla Conference for Emerging Market Economies, Jihad Azour, director of the Middle East and Central Asia department at the International Monetary Fund, stated that the Kingdom took a leadership role following the G20 summit in 2020. 

“The role of Saudi in the international financial system is growing. It’s an emerging global power. Now, after the G20 in 2020, Saudi is chairing the IMFC, which is the government body of the IMF,” Azour said. 

He continued: “Also, Saudi is very active in a certain number of global initiatives, like the debt relief initiative through the common framework, as well as also a certain number of important initiatives related to the role of emerging markets” and their contribution in setting global priorities.

Azour also noted that despite enduring multiple global economic shocks over the past five years, beginning with the COVID-19 crisis, the Kingdom has sustained strong economic growth. 

This resilience is largely attributed to government policies aimed at diversifying the economy beyond its reliance on oil. Fiscal policies have played a crucial role in strengthening economic management and stability. 

“Accelerating economic transformation has been beneficial to the GCC countries, in particular to Saudi. It helped maintain a high level of growth despite the various shocks that the region and Saudi economy faced over the last five years, starting from the COVID crisis and going on with several other global shocks,” he said, 

Azour added: “The investment in structural reforms that has increased women participation in the economy, improved the quality of infrastructure accelerated the trend in digitalization, has also contributed to accelerate the level of growth. 

Furthermore, large-scale infrastructure and development projects have played a key role in building a more prosperous future for the Kingdom by fostering economic expansion and modernization, Azour further elaborated.

The conference is set to deliver key recommendations to bolster financial stability and drive sustainable growth in emerging economies. 

Experts will also delve into the role of artificial intelligence and digital transformation in accelerating economic development across these markets.  

Discussions will focus on strategies to enhance economic resilience, fostering stronger collaboration between emerging and advanced economies to pave the way for a more equitable and sustainable global future.


Closing Bell: Saudi main index slips to close at 12,372 

Closing Bell: Saudi main index slips to close at 12,372 
Updated 16 February 2025
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Closing Bell: Saudi main index slips to close at 12,372 

Closing Bell: Saudi main index slips to close at 12,372 
  • Parallel market Nomu gained 121.76 points, or 0.39%, to close at 31,737
  • MSCI Tadawul Index lost 1.11 points, or 0.07%, to close at 1,537.16

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 12.93 points, or 0.10 percent, to close at 12,372.07. 

The total trading turnover of the benchmark index was SR4.1 billion ($1.09 billion), as 85 of the stocks advanced and 137 retreated.    

However, the Kingdom’s parallel market, Nomu, gained 121.76 points, or 0.39 percent, to close at 31,737, as 44 stocks advanced while 40 declined. 

The MSCI Tadawul Index lost 1.11 points, or 0.07 percent, to close at 1,537.16.     

The best-performing stock of the day was AYYAN Investment Co., whose share price surged 4.67 percent to SR17.48.   

Other top performers included Tanmiah Food Co., which climbed 4.27 percent to SR132, and Ash-Sharqiyah Development Co., which surged 4.16 percent to SR22.52. 

Saudi Reinsurance Co. declined 3.28 percent to SR56.00, while Savola Group slipped 2.84 percent to SR37.65. 

On the announcements front, Dr. Sulaiman Al-Habib Medical Services Group reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company posted a net profit of SR2.3 billion in 2024, marking a 13.16 percent increase from 2023. The growth was driven by higher revenue, attributed to a surge in patient numbers and increased inpatient occupancy. 

The firm also announced its board of directors’ recommendation to distribute SR430.5 million in cash dividends to shareholders for the fourth quarter of the 2024 fiscal year.

A bourse filing showed that 350 million shares are eligible for dividends, with a payout of SR1.23 per share. The statement further noted that the dividend-to-par value ratio stood at 12.3 percent.  

Dr. Sulaiman Al-Habib Medical Services Group closed at SR300, down 0.87 percent.  

Umm Al-Qura for Development and Construction Co. announced the start of the institutional book-building period for its initial public offering, which comprises 130.7 million new ordinary shares for public subscription, representing 9.09 percent of the company’s shares post-capital increase. 

A Tadawul statement revealed that the price range for the offering has been set between SR14 and SR15 per share. The minimum subscription for participating parties is 100,000 ordinary shares, while the maximum allocation is 71.9 million shares. 

Meanwhile, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR95.8 million in 2024, marking a 26.2 percent increase from the previous year. The rise in profit was primarily driven by operational efficiencies and cost optimization. 


Gulf economies more resilient amid high energy prices: QCB governor 

Gulf economies more resilient amid high energy prices: QCB governor 
Updated 16 February 2025
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Gulf economies more resilient amid high energy prices: QCB governor 

Gulf economies more resilient amid high energy prices: QCB governor 
  • Bandar bin Mohammed bin Saoud said strong oil and gas revenues have allowed Gulf nations to build financial buffers over the past few decades
  • He was speaking at the AlUla Conference for Emerging Market Economies in Saudi Arabia

RIYADH: High energy prices have strengthened the economies of Gulf Cooperation Council countries, making them less vulnerable compared to other regions, according to the governor of the Qatar Central Bank. 

Speaking at a panel discussion titled “Resilience of the Financial System in Emerging Markets” on the first day of the AlUla Conference for Emerging Market Economies, Bandar bin Mohammed bin Saoud Al-Thani attributed this resilience to sovereign wealth funds, disciplined fiscal policies, and ongoing economic diversification efforts.  

The remarks align with projections that the region’s gross domestic product growth will nearly double to 3.6 percent in 2025, compared to a global forecast of 2.8 percent, according to Oxford Economics. Credit rating agency S&P Global also expects GCC banks to maintain strong asset quality, profitability, and liquidity through 2025.  

“In our region, which is the Middle East and North Africa, I look at it in two parts. The first part is GCC countries. GCC countries are less vulnerable, and they’re more resilient because of several factors,” Al-Thani said. 

He said that strong oil and gas revenues have allowed Gulf nations to build financial buffers over the past few decades, supporting their economies in times of uncertainty. “The third is the fiscal disciplines. Most of the GCC countries have a disciplined fiscal policy. Fourth, in my point of view, is that most of the GCC countries came up with a plan of diversifying their economies and they started to execute this plan,” he said. 

Al-Thani also provided a global comparison, noting that while the US economy remains strong, with robust job markets and contained — but still elevated — inflation, other regions face different challenges. 

The panel also explored financial sector trends in the Arab region, with Fahad Al-Turki, director general chairman at the Arab Monetary Fund, highlighting the dominance of banks. 

“The financial sector within the Arab region is dominated by the banking sector — around 93 percent of the financial sector is banking, which represents around 145 percent of the GDP from the region; this compares to 220 percent in advanced economies,” Al-Turki said. 

He said in the GCC, the banking sector’s contribution reaches about 240 percent of GDP. “There are three countries that account for almost two-thirds of the banking sector in the whole Arab region, and these countries are Saudi Arabia, the UAE, and Qatar,” he said. 

The governor of the Central Bank of Azerbaijan, Taleh Kazimov, addressed the broader economic implications of geopolitical tensions, citing inflation, changes in international settlements, and regulatory shifts as key concerns.   

Meanwhile, Andriy Pyshnyi, governor of the National Bank of Ukraine, underscored the distinct challenges facing his country’s financial system. 

“Their activity and operations of the National Bank of Ukraine are defined by the war. The country that has been resisting a full-scale invasion for three years and therefore all processes that in one way or another define the logic of our actions, our policies, decisions, position are determined with the aim to ensure macro-financial stability in the conditions of the full-scale war,” Pyshnyi said.  

The AlUla Conference for Emerging Market Economies, organized by the International Monetary Fund and Saudi Arabia, aims to tackle global economic challenges. The two-day event brings together finance ministers, central bank governors, policymakers, and leaders from the public and private sectors, alongside international institutions and academic experts.