Riyadh Airports Co. to improve travel experience with digital transformation

Riyadh Airports Co. to improve travel experience with digital transformation
RAC has partnered with tech giant Cognizant to strengthen its digital capabilities in the domains of finance, human resources, procurement, and planning, which will ultimately enhance the traveler experience. Shutterstock
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Updated 24 December 2023
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Riyadh Airports Co. to improve travel experience with digital transformation

Riyadh Airports Co. to improve travel experience with digital transformation

RIYADH: Saudi Arabia’s air travelers can expect an improved travel experience with Riyadh Airports Co. planning to enhance digital transformation in its core function, according to a statement.

To materialize this, RAC has partnered with tech giant Cognizant to strengthen its digital capabilities in the domains of finance, human resources, procurement, and planning, which will ultimately enhance the traveler experience. 

In the initial phase, Cognizant will leverage the Systems Applications and Products in the Data Processing Appian framework to establish process automation for operations at the King Khalid International Airport. 

Cognizant will also assist RAC in enhancing its back-office functions to streamline operations and elevate traveler satisfaction, the press statement added. 

“Establishing a strategic partnership with Cognizant is a transformative milestone for RAC. Cognizant’s unparalleled expertise in automation and enterprise applications perfectly aligns with our aspirations, empowering us to extend a warm welcome to the world,” said Osama Al-Fawaz, chief of information and communication technology at RAC.

He added: “Together, we are dedicated to creating a seamless experience that benefits the airport’s stakeholders, business partners and airlines, further solidifying Saudi Arabia’s position as a leading global aviation destination.”

Strengthening the aviation sector is crucial for Saudi Arabia, as the Kingdom is diversifying its economy away from oil and is concentrating on areas like tourism. 

Saudi Arabia anticipates welcoming over 150 million visitors by 2030, and an important aspect of RAC’s strategy is the integration of smarter processes and advanced automation to reinforce the position of King Khalid International Airport as the busiest airport in the country.

“Our collaboration with RAC exemplifies Cognizant’s commitment to helping raise global standards in digital engineering, airport operations, and customer experience within the aviation industry,” said Tarek Zarg El Aioun, Saudi Arabia general manager at Cognizant. 

He added: “We are excited to contribute to RAC’s vision for a technologically advanced and efficient airport management, enhancing the overall passenger and airline experience through innovative solutions.” 


GAMI, GACA sign deal to enable advanced air mobility in Saudi Arabia

GAMI, GACA sign deal to enable advanced air mobility in Saudi Arabia
Updated 5 sec ago
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GAMI, GACA sign deal to enable advanced air mobility in Saudi Arabia

GAMI, GACA sign deal to enable advanced air mobility in Saudi Arabia

RIYADH: Technology supporting vertical take-off and landing aircraft and unmanned planes will be developed in Saudi Arabia thanks to a new agreement between the Kingdom’s military and aviation authorities.

The General Authority for Military Industries has signed a memorandum of understanding with the General Authority of Civil Aviation to develop advanced technologies and boost industrial capabilities in these areas.

The agreement focuses on collaboration with the Advanced Air Mobility project, which aims to develop systems to enable advanced flight modes in the Kingdom, according to the Saudi Press Agency. 

The MoU was signed at GAMI’s headquarters in Riyadh by the authority’s Governor Ahmed bin Abdul Aziz Al-Ohali, and Abdulaziz Al-Duailej, president of GACA.

The agreement includes exchanging scientific and practical expertise between the two parties, emphasizing the development of working groups for related activities and conducting workshops, as well as providing training and sharing knowledge.

The partnership also covers traffic procedures for uncrewed airliners.

Additionally, the collaboration aims to expand opportunities for maintenance and repair service projects to support the aviation sector, contributing to the long-term sustainability and growth of the industry.


Saudi hotel spending rises 2.4% amid broader POS decline: SAMA

Saudi hotel spending rises 2.4% amid broader POS decline: SAMA
Updated 12 min 16 sec ago
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Saudi hotel spending rises 2.4% amid broader POS decline: SAMA

Saudi hotel spending rises 2.4% amid broader POS decline: SAMA
  • Spending on education saw the largest decline, plummeting 36% to reach SR125.9 million
  • Jewelry sector recorded the smallest decline at 0.8%, reaching SR261.4 million

RIYADH: Saudi hotel spending rose 2.4 percent in the week of Oct. 6—12 to SR270.7 million ($72.1 million), the only sector to grow amid an overall decline in point-of-sale transactions, official data showed. 

According to the latest figures from the Saudi Central Bank, POS transactions fell 10.6 percent to SR12.2 billion after a 2.6 percent rise the previous week. 

Spending on education saw the largest decline, plummeting 36 percent to reach SR125.9 million. Expenditures on furniture and electronic devices followed with declines of 21.4 percent and 16 percent, totaling SR274.6 million and SR199.8 million, respectively. 

The jewelry sector recorded the smallest decline at 0.8 percent, reaching SR261.4 million during this period. 

Saudis spent SR751.9 million on transportation, reflecting a 2.2 percent decline, and SR293 million on recreation and culture, marking a 2.7 percent decrease. Spending on construction materials and public utilities also declined by 9.3 percent and 10.3 percent, respectively. 

In terms of transaction value, the food and beverages sector maintained the largest share of POS transactions from the previous week, totaling SR1.9 billion, despite a 14.3 percent decrease in spending. 

This was followed by restaurants and cafes at SR1.8 billion and miscellaneous goods and services at SR1.5 billion. 

Spending in the top three categories accounted for approximately 43 percent, or SR5.2 billion, of this week’s total value. 

Riyadh dominated POS transactions, representing 34.9 percent of the total, with spending in the capital reaching SR4.28 billion, recording a decrease of 9 percent. 

Jeddah followed with a 9.1 percent dip to SR1.69 billion, accounting for 13.8 percent of the total, and Dammam came in third at SR627 million, down by 10 percent. 

Tabuk saw the biggest decrease in spending, down by 13.7 percent to SR238.4 million. Hail and Abha also experienced declines, with expenditures dipping 13.6 percent and 11.4 percent to SR194.1 million and SR149.4 million, respectively. 

In terms of the number of transactions, Hail recorded the highest decrease at 6.7 percent, reaching 3,776. Abha and Riyadh followed with declines at 4.7 percent and 4.4 percent, reaching 3,081 and 66,314 transactions respectively. 


‘Age of electricity’ to follow looming fossil fuel peak, IEA says

‘Age of electricity’ to follow looming fossil fuel peak, IEA says
Updated 16 October 2024
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‘Age of electricity’ to follow looming fossil fuel peak, IEA says

‘Age of electricity’ to follow looming fossil fuel peak, IEA says
  • Global oil demand to peak before 2030 at less than 102 million barrels/day
  • LNG demand growth to be outpaced by capacity growth to 2030

LONDON: The world is on the brink of a new age of electricity with fossil fuel demand set to peak by the end of the decade, meaning surplus oil and gas supplies could drive investment into green energy, the International Energy Agency said on Wednesday.
But it also flagged a high level of uncertainty as conflicts embroil the oil and gas-producing Middle East and Russia and as countries representing half of global energy demand have elections in 2024.
“In the second half of this decade, the prospect of more ample – or even surplus – supplies of oil and natural gas, depending on how geopolitical tensions evolve, would move us into a very different energy world,” IEA Executive Director Fatih Birol said in a release alongside its annual report.
Surplus fossil fuel supplies would likely lead to lower prices and could enable countries to dedicate more resources to clean energy, moving the world into an “age of electricity,” Birol said.
In the nearer term, there is also the possibility of reduced supplies should the Middle East conflict disrupt oil flows.
The IEA said such conflicts highlighted the strain on the energy system and the need for investment to speed up the transition to “cleaner and more secure technologies.”
A record high level of clean energy came online globally last year, the IEA said, including more than 560 gigawatts of renewable power capacity. Around $2 trillion is expected to be invested in clean energy in 2024, almost double the amount invested in fossil fuels.
In its scenario based on current government policies, global oil demand peaks before 2030 at just less than 102 million barrels/day, and then falls back to 2023 levels of 99 mb/d by 2035, largely because of lower demand from the transport sector as electric vehicle use increases.
The report also lays out the likely impact on future oil prices if stricter environmental policies are implemented globally to combat climate change.
In the IEA’s current policies scenario, oil prices decline to $75 per barrel in 2050 from $82 per barrel in 2023.
That compares to $25 per barrel in 2050 should government actions fall in line with the goal of cutting energy sector emissions to net zero by then.
Although the report forecasts an increase in demand for liquefied natural gas of 145 billion cubic meters between 2023 and 2030, it said this would be outpaced by an increase in export capacity of around 270 bcm over the same period.
“The overhang in LNG capacity looks set to create a very competitive market at least until this is worked off, with prices in key importing regions averaging $6.5-8 per million British thermal units, or mmBtu, to 2035,” the report said.
Asian LNG prices, regarded as an international benchmark are currently around $13 mmBtu.


Iranian authorities working on controlling oil spill off Kharg Island, says IRNA

Iranian authorities working on controlling oil spill off Kharg Island, says IRNA
Updated 59 min 35 sec ago
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Iranian authorities working on controlling oil spill off Kharg Island, says IRNA

Iranian authorities working on controlling oil spill off Kharg Island, says IRNA

DUBAI: Iranian authorities are working to control an oil spill four miles (6.4 kilometers) off Iran’s Kharg Island, the country’s IRNA news agency reported on Wednesday.
The leak from oil pipelines was reported on Sunday and the required actions have been taken, IRNA cited a local official as saying.
“Two other spots have been identified by drones,” IRNA said, adding that procedures had been activated to stop the pollution spreading and the situation was being continuously assessed.
Iran is a member of the Organization of the Petroleum Exporting Countries with production of around 3.2 million barrels per day, or about 3 percent of global output.
Most of Iran’s oil and gas is in the south of the country, where the Kharg Island terminal is situated and from which around 90 percent of Iranian oil exports are shipped. 


Oil Updates – crude steadies after sharp fall, Middle East uncertainty persists

Oil Updates – crude steadies after sharp fall, Middle East uncertainty persists
Updated 16 October 2024
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Oil Updates – crude steadies after sharp fall, Middle East uncertainty persists

Oil Updates – crude steadies after sharp fall, Middle East uncertainty persists

SINGAPORE: Oil prices inched higher on Wednesday amid uncertainty over what may happen next in the Middle East conflict, after demand concerns knocked the market to its lowest since early October in the previous session.

Brent crude oil futures rose 19 cents, or 0.3 percent, to $74.44 a barrel by 9:30 a.m. Saudi time. US West Texas Intermediate crude futures climbed 24 cents, or 0.3 percent, to $70.82 per barrel.

Oil prices tumbled more than 4 percent to a near two-week low on Tuesday due to a weaker demand outlook and after a media report said Israel would not strike Iranian nuclear and oil sites, easing fears of a supply disruption.

However, concerns about an escalation in the conflict between Israel and Iran-backed militant group Hezbollah persist, with the US on Tuesday saying it opposed the scope of Israel’s air strikes in Beirut over the past few weeks.

“Following the recent retracement in prices, we may expect some room for prices to stabilize in the near term, as market participants reassess further developments on the geopolitical front,” said Yeap Jun Rong, market strategist at IG.

“More clarity over China’s fiscal policy awaits as well, and the lack of specifics seems to cast some uncertainties over the eventual impact on its oil demand outlook,” said Yeap.

China may raise an additional 6 trillion yuan ($850 billion) from special treasury bonds over three years to stimulate a sagging economy, local media reported, though that failed to revive sentiment in the country’s stock market.

On the oil demand side, both OPEC and the International Energy Agency this week cut their forecasts for global oil demand growth in 2024, with China accounting for the bulk of the downgrades.

For now, the market will be looking out for the latest US oil inventory data, with the American Petroleum Institute’s weekly report due later on Wednesday and Energy Information Administration data to come on Thursday. The reports are coming a day later than normal following a federal holiday.

Analysts polled by Reuters expected crude stockpiles rose by about 1.8 million barrels in the week to Oct. 11.