Dammam’s King Fahd International Airport sees record 2023 with almost 11m passengers

Dammam’s King Fahd International Airport sees record 2023 with almost 11m passengers
King Fahd International Airport. Shutterstock
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Updated 17 January 2024
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Dammam’s King Fahd International Airport sees record 2023 with almost 11m passengers

Dammam’s King Fahd International Airport sees record 2023 with almost 11m passengers

RIYADH: Dammam’s King Fahd International Airport has set a new record for passenger numbers, catering to more than 10.9 million in 2023, according to the managing company. 

Dammam Airports Co. revealed in a post on X, that KFIA achieved a growth rate of 16.2 percent last year compared to 2022, where it accommodated around 9.4 million passengers. 

In December 2023, the airport retained its leading position in the second category, catering to an annual passenger range of 5 million to 15 million, as indicated by the latest report from the General Authority of Civil Aviation. 

It achieved a 91 percent compliance rate in November, unchanged over the previous month. 

Breaking the 10 million passengers record is part of the series of successes accomplished by the Dammam Airports Co., aligning with the goals of the National Transport and Logistics Strategy, represented by the National Aviation Strategy. 

Mohammed Al-Hassany, DACO’s CEO, revealed there were record-breaking flight numbers in 2023, exceeding 995,000, with a growth rate of 16 percent compared to the previous year, as reported by the Saudi Press Agency.  

He said that the number of airlines operating through the airport also increased by 17 percent compared to the previous year, reaching 48, including 45 foreign and three domestic carriers. 

The CEO also highlighted that both domestic and international destinations increased to 65, showing a growth rate of 12 percent compared to 2022, comprising 49 international and 16 domestic stops.  

Additionally, a new record was achieved during the operational peak season by transporting more than 3.3 million bags between June and the end of September 2023. 

Al-Hassany emphasized DACO’s commitment to enhancing the services provided and improving the traveler’s experience by implementing development plans associated with ongoing quality projects. 

He went on to express gratitude for the wise leadership’s support and also acknowledged the efforts of the company’s employees and partners from all parties working at the airport, commending their dedication to achieving these results. 


Saudi Arabia’s non-oil exports rise 7.3% in June: GASTAT 

Saudi Arabia’s non-oil exports rise 7.3% in June: GASTAT 
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Saudi Arabia’s non-oil exports rise 7.3% in June: GASTAT 

Saudi Arabia’s non-oil exports rise 7.3% in June: GASTAT 
  • Chemical and allied products led the non-oil exports, accounting for 27.7 percent of the total outbound shipments, a 3.8 percent rise from June 2023.  
  • The Kingdom exported SR4.46 billion worth of non-oil products to the UAE in June, followed by China at SR2.66 billion and India at SR1.74 billion.  

RIYADH: Saudi Arabia’s non-oil exports increased by 7.3 percent in June, reaching SR21.59 billion ($5.75 billion) compared to the same month last year, official data showed. 

According to data from the General Authority for Statistics, chemical and allied products led the non-oil exports, accounting for 27.7 percent of the total outbound shipments, a 3.8 percent rise from June 2023.  

Plastic products followed, comprising 25.7 percent of non-oil exports, up 2.8 percent year on year. 

Saudi Arabia’s focus on increasing non-oil exports is a key part of its Vision 2030 strategy to diversify the economy. By expanding sectors like chemicals and manufacturing, the Kingdom aims to reduce its reliance on oil, boost industrial growth, and build a more resilient economy. 

The report highlighted that the Kingdom exported SR4.46 billion worth of non-oil products to the UAE in June, followed by China at SR2.66 billion and India at SR1.74 billion.  

Bahrain imported SR983 million in non-oil goods, while Turkiye and Singapore received SR851.2 million and SR692.9 million worth of products, respectively. 

However, compared to May, non-oil exports decreased by 26.4 percent. 

GASTAT report also highlighted that the Kingdom’s overall merchandise exports fell by 5.8 percent in June to SR87.90 billion. This decline was attributed to a 9.3 percent drop in oil exports, following Saudi Arabia’s decision to reduce crude output as part of the OPEC+ agreement. 

To stabilize the market, Saudi Arabia cut its oil production by 500,000 barrels per day in April 2023, a reduction now extended until December 2024. 

On the import side, GASTAT noted a 5.1 percent decrease in June, with the total value falling to SR57.71 billion.  

China remained Saudi Arabia’s top trading partner for imports, with shipments worth SR12.08 billion, followed by the US, the UAE, and India at SR5.21 billion, SR3.79 billion, and SR2.78 billion, respectively. 

King Abdulaziz Sea Port in Dammam was the primary entry point for goods, with imports valued at SR15.69 billion, representing 27.2 percent of the total. 

The growth in non-oil exports reflects the Kingdom’s progress in reducing its reliance on oil and expanding its industrial base. This strategic shift is vital for ensuring long-term economic stability and enhancing global competitiveness.

 

 


Brands For Less partners sells 35% stake to US retail giant the TJX Cos.

Brands For Less partners sells 35% stake to US retail giant the TJX Cos.
Updated 21 August 2024
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Brands For Less partners sells 35% stake to US retail giant the TJX Cos.

Brands For Less partners sells 35% stake to US retail giant the TJX Cos.

RIYADH: UAE-based fashion, homeware, and toys retailer Brands For Less, has agreed to sell a 35 percent stake to the TJX Cos. in a deal that values the business at $1.2 billion.

BFL will use the partnership to receive valuable guidance from the US-based department store corporation, as it seeks to expand beyond the Gulf Cooperation Council.

The TJX Cos. has over 5,000 stores across nine countries on three continents, while BFL has over 120 outlets across the GCC and Europe – entering into the Saudi market in June 2022

“We are thrilled and honored to have TJX as an investor and we thank TJX CEO and President Ernie Herrman and his leadership team for placing their trust in our business,” said Toufic Kreidieh, executive chairman and co-founder of Brands For Less Group.

He added: “This is an exciting opportunity for growth, and with TJX’s international expertise, we are well placed to successfully execute our strategy while supporting the development and rewarding the dedication of our employees.”

In the last two years, BFL has opened more than 35 new stores in Saudi Arabia and is preparing for further international expansion. 

Speaking during the 10th Retail Leaders Circle MENA Summit in February, Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hojail highlighted that Saudi Arabia’s retail sector contributes 23 percent to the non-oil economy and is aiming to exceed SR460 billion ($122.6 billion) by the end of 2024.

He said this area holds utmost importance as it is a key driver in the economy and local gross domestic product.


Saudi minister seeks US expertise to boost Kingdom’s municipal, housing sectors

Saudi minister seeks US expertise to boost Kingdom’s municipal, housing sectors
Updated 21 August 2024
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Saudi minister seeks US expertise to boost Kingdom’s municipal, housing sectors

Saudi minister seeks US expertise to boost Kingdom’s municipal, housing sectors

RIYADH: Saudi Arabia is aiming to leverage US expertise to boost efficiency in its municipal and housing sectors after a government official met with American firms.

During his visit to the US, Saudi Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail held talks with infrastructure firm Parsons Corp. to discuss using data to improve project execution, site safety, and technology integration for better service access and connectivity to residential areas.

Al-Hogail also met with representatives from waste management systems company HDR,  where he and his accompanying delegation reviewed the firm’s global projects and discussed potential collaboration opportunities in specialized areas.

The minister commenced his US tour on Aug. 18, primarily aiming to attract prominent companies to the Saudi market, focusing on real estate development, financing, and supply chains, as well as modern construction technologies and urban infrastructure.

In a post on his X account, Al-Hogail said his meetings with Parsons Corp. and HDR took place “in the context of searching for innovative and integrated solutions and models for city management.”

He also said he wanted to “enhance the efficiency of work in the municipal and housing sectors and attract the best experiences and solutions.”

The meetings are part of Saudi Arabia’s initiative to integrate smart technology into urban development, with the Kingdom aiming to have at least 10 of its cities rank among the top 50 in the world. 

The minister also met with the Saudi-US Business Council team to review their scope of work and explore investment opportunities. He expressed interest in collaborating with the council to support his ministry’s municipal and housing initiatives and programs.

In another post, Al-Hogail said he held talks with leaders of the US Chamber of Commerce to discuss enhancing cooperation with Saudi Arabia and American firms.

“We focused on building effective partnerships and sharing expertise among specialized companies. We reviewed investment opportunities in the Kingdom and explored possibilities for strategic agreements in infrastructure, public health, and other areas.” the minister said.


Entertainment sector to benefit from Saudi Chambers deal with MENA Leisure and Attractions Council

Entertainment sector to benefit from Saudi Chambers deal with MENA Leisure and Attractions Council
Updated 21 August 2024
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Entertainment sector to benefit from Saudi Chambers deal with MENA Leisure and Attractions Council

Entertainment sector to benefit from Saudi Chambers deal with MENA Leisure and Attractions Council

RIYADH: A cooperation agreement has been signed between a Saudi business group and a regional entertainment body to develop the industry in the Kingdom and across the Gulf.

Inked between the Federation of Saudi Chambers of Commerce and the Middle East and North Africa Leisure and Attractions Council, the deal aims to connect buyers and suppliers in the industry through events and gatherings and provide ongoing education and training.

The federation explained on its X account that the agreement aims to promote safe practices, regional development, professional growth, and commercial success in the sector.

The signing comes as Saudi Arabia’s cultural landscape is being expanded as part of the Kingdom’s Vision 2030 economic diversification strategy, with the entertainment sector earmarked to contribute $23 billion – 3 percent – to gross domestic product by the end of the decade.

Key entertainment services, including licenses for facilities and talent and crowd management certifications, can now be accessed on Saudi Arabia’s new digital platform, launched by the General Entertainment Authority earlier in August.

The initiative is available through the Saudi Business Center’s digital platform and aims to streamline processes for entrepreneurs and companies, boosting business activity and investment in the sector.

The first phase, which started on August 11, targets essential services designed to help businesses operate efficiently and adjust to the Kingdom’s evolving entertainment sector.

The London-based global publishing, research, and consulting firm Oxford Business Group projects that the Saudi entertainment and amusement market will be valued at roughly $2.55 billion by 2024 and is expected to grow to $4.20 billion by 2029, representing a compound annual growth rate of 10.44 percent.

By 2030, the broader entertainment sector is projected to grow to approximately $1.17 billion, reflecting an annual increase of 47.65 percent.

This growth is fueled by a surge in projects in the sector, such as the Qiddiya entertainment city in Riyadh.


Dar Global eyes Saudi Arabia and London expansion with new projects

Dar Global eyes Saudi Arabia and London expansion with new projects
Updated 21 August 2024
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Dar Global eyes Saudi Arabia and London expansion with new projects

Dar Global eyes Saudi Arabia and London expansion with new projects

RIYADH: London Stock Exchange-listed Dar Global is set to explore new projects in Saudi Arabia and London, marking a strategic expansion in two key markets.  

The luxury international real estate developer, a subsidiary of Saudi-based Dar Al Arkan, has appointed Rothschild & Co. as its financial advisor to guide this growth, the company said in a press release. 

As part of its strategy, acquisitions and joint ventures will play a crucial role in the company’s expansion plans in both markets, it added.  

Dar Global will be assisted by Dar Al Arkan in facilitating these moves within the Saudi market.  

The developer aims to leverage its success in partnering with landowners, government organizations, and leading luxury brands to deliver high-end investment opportunities to affluent, internationally mobile clients. 

This move follows the company’s earlier announcement in November 2023 to expand its presence in Saudi Arabia.  

Ziad El Chaar, CEO of Dar Global, said: “Our partnerships are key to our success and our deep-rooted commitment to delivering high-end bespoke investment opportunities for our clients will stand us in good stead as we forge ahead.”  

He added: “We look forward to further enhancing our presence in the key London market even as we work alongside our major shareholder Dar Al Arkan to consolidate our acquisitions and joint ventures in the Saudi market. We are pleased to be working with the Rothschild & Co team on advancing our ambitions as we reinforce our brand presence in the region.” 

Dar Global’s expansion follows its February 2023 listing on the London Stock Exchange, which valued the company at SR2.25 billion ($600 million). The move aims to increase the firm’s visibility and access to new capital. 

Originally created to manage the non-Saudi assets of Dar Al Arkan Real Estate, Dar Global focuses on second homes for internationally mobile clients, having delivered over 15,000 residential units with total assets of approximately $8.5 billion. 

Looking ahead, the group plans to expand into the hospitality sector by acquiring or developing hotels, with a strategy to sell them after three to five years of operation once revenue stabilizes. Its target markets include Spain, Dubai, and the Maldives, as well as Athens, Marrakesh, and London.