Riyadh Airport leads annual audit awards as service quality improves across the Kingdom

Riyadh Airport leads annual audit awards as service quality improves across the Kingdom
Interior of King Khalid International Airport in Riyadh, Saudi Arabia. Shutterstock
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Updated 21 May 2024
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Riyadh Airport leads annual audit awards as service quality improves across the Kingdom

Riyadh Airport leads annual audit awards as service quality improves across the Kingdom

RIYADH: King Khalid International Airport secured first place at Saudi Arabia’s annual Aviation Security Audit Awards, with the Kingdom’s terminals achieving an 80 percent overall average in service quality assessments for 2023.

Announced during the Future Aviation Forum held in the Saudi capital, the Riyadh-located facility secured the top ranking based on factors such as operational performance standards, evaluation of airport facilities and services, passenger satisfaction questionnaire, and passenger complaints. 

King Abdulaziz International Airport in Jeddah and Abha International Airport collected the second and third awards, respectively. 

The General Authority of Civil Aviation highlighted a 6 percent increase in Saudi airport performance in 2023 compared to the previous 12 months in its Comprehensive Airport Service Quality Assessment Program results. 

The program, one of GACA’s initiatives, aims to evaluate and enhance the quality of services provided to passengers at Saudi airports, improving the travel experience. 

The event was attended by Abdulaziz bin Abdullah Al-Duailej, president of GACA, along with CEOs of airport companies and directors general of Saudi airports.  

In his speech, Al-Duailej emphasized that passenger services and satisfaction are fundamental principles guiding the Kingdom’s airports. He also highlighted the annual event’s role in showcasing its commitment to enhancing service quality, creating competitive airport environments, and promoting continual improvement and development. 

“As part of its regulatory and supervisory role, GACA has taken numerous steps to develop the Kingdom’s aviation system for effective performance,” he said.  

Al-Duailej added that improving the passenger experience and providing services that meet international standards are among GACA’s top priorities, aligning with the objectives of the National Aviation Strategy. 

The president also noted that GACA is continuously working to improve the passenger experience at airports by implementing strict monitoring and supervision standards and indicators. 

He further stated that over 1 million samples of operational performance data have been collected, and feedback from service users and stakeholders has been incorporated into the service development process. 

Abdulaziz bin Abdullah Al-Dahmash, executive vice president for quality and passenger experience at GACA, noted that in 2023, the authority issued around 500 reports under the program.  

These included monthly and quarterly operational performance reports, passenger satisfaction surveys, semi-annual program results reports, and annual program review reports. 

During the event, Al-Duailej launched the ‘Bridges’ program, which aims to empower and connect the Saudi airport sector with local content, starting with 23 investment opportunities valued at SR7 billion ($1.87 billion) by 2030. The program is designed on several strategic pillars to develop national human capabilities. 


Aramco CEO among business leaders urged by China’s Xi to protect trade as Trump tariffs loom

Aramco CEO among business leaders urged by China’s Xi to protect trade as Trump tariffs loom
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Aramco CEO among business leaders urged by China’s Xi to protect trade as Trump tariffs loom

Aramco CEO among business leaders urged by China’s Xi to protect trade as Trump tariffs loom
  • China's Xi met with foreign CEOs in Beijing
  • Around 40 executives joined the meeting

BEIJING: China’s President Xi Jinping urged a gathering of multinational CEOs on Friday to protect global industry and supply chains, as Beijing seeks to assuage foreign firms’ concerns over the Chinese economy’s health amid threats of more US tariffs.

Beijing is battling to dispel fears that a renewed trade war with US President Donald Trump will further pinch growth in the world’s second-largest economy, which has been struggling to recover since the pandemic.

Longstanding unease over China’s tightening regulations, abrupt crackdowns on foreign firms, and an uneven playing field favoring state-owned Chinese companies are also sapping business sentiment.

“We need to work together to maintain the stability of global industry and supply chains, which is an important guarantee for the healthy development of the world economy,” Xi told the business leaders, who included the bosses of AstraZeneca, FedEx, Saudi Aramco, Standard Chartered and Toyota.

Around 40 executives joined the meeting, the majority of whom represented the pharmaceuticals sector. The meeting ran for just over 90 minutes and seven companies were invited to speak, a source with direct knowledge of its planning said.

“The CEOs I spoke with, and I spoke with a lot of them, felt it was worth it,” said Sean Stein, president of the US-China Business Council and one of the meeting’s attendees. “Not only did the president acknowledge various challenges facing companies and industry, in many cases he pledged the government would take action.”

The executives sat in a horseshoe formation, with Mercedes-Benz CEO Ola Kallenius and FedEx’s Raj Subramaniam sitting directly across from Xi.

HSBC CEO Georges Elhedery, SK Hynix boss Kwak Noh-jung, Saudi Aramco president and CEO Amin Nasser, and chair of Hitachi Toshiaki Higashihara also sat in the first row.

“This meeting is a big illustration of business diplomacy. Now there is not just dialogue between bodies, WTO entities and states, but diplomacy being led by companies that are not just representing themselves, but also their sectors,” said Frank Bournois, VP and dean of the China Europe International Business School in Shanghai, adding that its success would depend on future actions and not just words.

The frequency of meetings between foreign executives and high-level Chinese officials has picked up over the past month, after official data showed foreign direct investment plummeted 27.1 percent year-on-year in local currency terms in 2024.

That marked the biggest drop in FDI since the 2008 global financial crisis.

“Foreign enterprises contribute one-third of China’s imports and exports, one-quarter of industrial added value and one-seventh of tax revenue, creating more than 30 million jobs,” Xi said.

“In recent years, foreign investment in China has also been interfered with by geopolitical factors ... I often say that blowing out other people’s lights does not make you brighter.”

Trump has renewed his trade war with China since taking office and has announced a wave of fresh “reciprocal” tariffs to take effect on April 2, targeting countries with trade barriers on US products, which could include China.

He imposed 20 percent tariffs on Chinese exports this month, prompting China to retaliate with additional duties on American agricultural products.

“The essence of China-US economic and trade relations is mutually beneficial and win-win,” Xi told the meeting.

The Chinese leader last year singled out American business leaders for an audience after the China Development Forum, but USCBC’s Stein said such meetings were unlikely to become a routine fixture at the annual business summit, which this year ran from March 23-24.

“China’s messaging is that it isn’t an annual event and that businesses shouldn’t expect it to be.” 


Oil Updates — crude holds near 1-month high, set for 3rd week of gains amid supply woes

Oil Updates — crude holds near 1-month high, set for 3rd week of gains amid supply woes
Updated 28 March 2025
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Oil Updates — crude holds near 1-month high, set for 3rd week of gains amid supply woes

Oil Updates — crude holds near 1-month high, set for 3rd week of gains amid supply woes

SINGAPORE: Oil prices eased a touch but held near one-month highs on Friday as they headed for a third weekly gain on a tightening global supply outlook after the US imposed tariffs against countries buying oil from Venezuela and placed curbs on Iranian oil trade.

Brent crude futures lost 14 cents, or 0.2 percent, at $73.89 a barrel. US West Texas Intermediate crude futures were down 12 cents, or 0.2 percent, to $69.80 a barrel at 7:31 Saudi time.

The moves were minor compared with the gains of over 2 percent for both contracts so far this week. They are up more than 7 percent since hitting multi-month lows in early March.

The main driver of the price rally has been the shifting landscape of global oil sanctions, BMI analysts wrote in a market commentary.

US President Donald Trump on Monday announced new 25 percent tariffs on potential buyers of Venezuelan crude, days after US sanctions targeting China’s imports from Iran.

The order added fresh uncertainty to buyers and saw trade of Venezuelan oil to top buyer China stall. Elsewhere, sources said India’s Reliance Industries, operator of the world’s biggest refining complex, will halt Venezuelan oil imports.

“The potential loss of Venezuelan crude exports to the market due to secondary tariffs and the possibility of the same being imposed on Iranian barrels has caused an apparent tightness in crude supply,” said June Goh, a senior oil analyst at Sparta Commodities.

Oil was also underpinned by signs of better demand in the US, the world’s top oil consumer, as the country’s crude stocks fell more than anticipated.

Data by the Energy Information Administration showed US crude inventories fell by 3.3 million barrels to 433.6 million barrels in the week ended March 21, compared with analysts’ expectations in a Reuters poll for a 956,000-barrel draw.

The broader global dynamics for oil trade, however, pointed to a period of heightened uncertainty, as a blitz of US tariffs against trading partner countries raises fears of a sharp economic downturn in a blow to oil demand.

As a result, analysts don’t expect sharp gains in oil prices to be sustained in the current environment.

“While the market is suffering under extreme uncertainties, we are holding to our forecast for Brent crude to average $76 per barrel in 2025, down from $80 per barrel in 2024,” the BMI analysts wrote.


UAE unveils new dirham symbol and digital currency

UAE unveils new dirham symbol and digital currency
Updated 27 March 2025
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UAE unveils new dirham symbol and digital currency

UAE unveils new dirham symbol and digital currency

RIYADH: The Central Bank of the UAE on Thursday introduced a new symbol for the nation’s currency, both in its physical and digital forms, marking a significant step in reinforcing the UAE’s status as a leading global financial center.

According to the Emirates News Agency or WAM, the newly unveiled dirham symbol draws inspiration from the English letter “D” and features two horizontal lines that represent financial stability. The design is also a nod to the UAE flag, symbolizing national pride and resilience.

This symbol will serve as a global representation of the dirham, promoting the UAE’s currency across international markets.

The launch of the symbol coincides with the UAE’s adoption of the FX Global Code, which positions the CBUAE as the first central bank in the Arab region to join this important framework.

The FX Global Code is renowned for promoting best practices and ethical standards within the foreign exchange market, and this step further enhances the UAE’s commitment to integrity and transparency in financial dealings.

Alongside the physical dirham symbol, the CBUAE is advancing the issuance and circulation of the digital dirham, a core initiative of the Financial Infrastructure Transformation Program launched in 2023.

The digital dirham will feature a circular design, incorporating the UAE flag’s colors, which reinforces the nation’s sense of pride and modernity in the evolving financial landscape.

Khaled Mohamed Balama, governor of the CBUAE, expressed his enthusiasm for these transformative steps: “We are proud to unveil today the new symbol for the UAE’s national currency and the design of the digital dirham wallet,” he stated.

“The digital dirham, built on blockchain technology, is expected to enhance financial stability, improve inclusion, increase resilience, and help combat financial crime.”

He further emphasized that the digital dirham is set to drive innovation in the financial sector by enabling the creation of new digital products and services, while lowering costs and expanding access to international markets.

The digital dirham will be made available through licensed financial institutions, including banks, exchange houses, fintech firms, and other financial services providers. It will be legally recognized as a universal payment method, alongside physical currency, creating a seamless experience for both digital and traditional transactions.

Key features of the digital dirham include:

Tokenization: This innovative process will enhance financial inclusion by allowing fractionalized access to digital assets, thereby improving liquidity.

Smart contracts: The digital dirham will facilitate the use of smart contracts, automating the execution of complex transactions, including multi-party agreements and conditional obligations, with instant settlement.

To support the digital currency, the CBUAE has developed a robust and secure platform for its issuance and circulation. This platform includes a user-friendly digital dirham wallet, designed to handle a wide range of financial transactions, including retail and wholesale payments, cross-border transfers, withdrawals, and top-ups. It also ensures ease of access and a convenient user experience, adhering to industry best practices.

As the UAE continues to lead in the digital economy, the digital dirham platform is designed to adapt to emerging financial needs, facilitating innovative solutions and reinforcing the country’s position as a global leader in digital payments.


Saudi Arabia’s job market strengthens as unemployment falls to 7% in Q4 2024

Saudi Arabia’s job market strengthens as unemployment falls to 7% in Q4 2024
Updated 27 March 2025
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Saudi Arabia’s job market strengthens as unemployment falls to 7% in Q4 2024

Saudi Arabia’s job market strengthens as unemployment falls to 7% in Q4 2024

JEDDAH: Saudi Arabia’s unemployment rate for nationals in the fourth quarter of 2024 reached 7 percent, marking a decrease of 0.8 percentage points compared to both the previous quarter and the same period last year, official data showed.

The data, released by the General Authority for Statistics, indicate a slight increase in the employment-to-population ratio for nationals, suggesting continued progress in the creation of job opportunities for the Kingdom’s growing workforce.

Although the overall labor force participation rate experienced modest declines, these figures underscore Saudi Arabia’s ongoing efforts to achieve the ambitious goals set forth in Vision 2030, particularly in terms of enhancing job creation and driving economic growth.

The improvement in the labor market is a critical component of Vision 2030, which aims to generate employment opportunities for Saudis while stimulating broader economic development. Strengthening the labor market remains a key pillar of the Kingdom’s long-term socio-economic strategy.

National labor market overview

The Labor Force Survey revealed that the overall unemployment rate for both Saudi nationals and non-Saudis reached 3.5 percent in Q4 2024, showing a decrease of 0.2 percentage points compared to the previous quarter. However, the figure marked a slight increase of 0.1 percentage points from Q4 2023.

The overall labor force participation rate for both Saudis and non-Saudis stood at 66.4 percent, a decrease of 0.2 percentage points from Q3 2024 and a 0.6 percentage point decline year on year.

Meanwhile, the employment-to-population ratio for Saudi nationals rose by 0.1 percentage points to 47.5 percent, reflecting a 1.0 percentage point increase from Q4 2023.

However, the labor force participation rate for Saudis decreased by 0.4 percentage points to 51.1 percent, although this still represented a 0.7 percentage point increase compared to the previous year.

Participation by gender

For Saudi females, the labor force participation rate decreased by 0.2 percentage points to 36 percent. Nevertheless, their employment-to-population ratio improved by 0.5 percentage points to 31.8 percent, and their unemployment rate dropped by 1.7 percentage points to 11.9 percent compared to the previous quarter.

Conversely, Saudi males experienced a 0.7 percentage point decrease in their labor force participation rate, which fell to 66.2 percent. Their employment-to-population ratio also declined, reaching 63.4 percent. However, the unemployment rate for Saudi males decreased to 4.3 percent compared to Q3 2024.

Youth employment trends

In terms of youth employment, GASTAT reported that the employment-to-population ratio for Saudi female youth (aged 15-24) increased by 0.3 percentage points to 13.9 percent in Q4 2024. In contrast, the employment-to-population ratio for Saudi male youth remained steady at 29.7 percent, although their labor force participation rate decreased by 0.8 percentage points to 33.8 percent.

The unemployment rate for Saudi youth also showed improvement, declining by 1.8 percentage points to 12.2 percent compared to the previous quarter.

Employment trends in core working-age group

For Saudis aged 25 to 54 years, key labor market indicators showed a slight increase in the employment-to-population ratio, which rose by 0.1 percentage points to 64.9 percent. However, the labor force participation rate for this group decreased by 0.2 percentage points to 69.2 percent. The unemployment rate in this age group also improved, falling to 6.2 percent compared to the previous quarter.

For Saudis aged 55 and above, labor market indicators for Q4 2024 indicated a decline in both the unemployment rate and labor force participation rate compared to the previous quarter.

Active job search

The GASTAT report highlighted that Saudi job seekers employ various methods in their active job search, with an average of 5.0 methods used per individual. The most common approach was inquiring with friends or relatives about job opportunities, utilized by 86.9 percent of jobseekers. This was followed by directly applying to employers (73.9 percent), and using the national unified employment platform, Jadarat (65.4 percent).

Willingness to work

Further insights into the unemployed Saudi population revealed that 94.1 percent are open to accepting job offers in the private sector. Among the unemployed, 61.9 percent of Saudi females and 45.2 percent of Saudi males are willing to commute for at least one hour. Additionally, 77.5 percent of unemployed Saudi females and 90.7 percent of unemployed Saudi males expressed a willingness to work for eight or more hours per day.


Saudi Arabia’s non-oil exports surge 10.7% in Jan.: GASTAT

Saudi Arabia’s non-oil exports surge 10.7% in Jan.: GASTAT
Updated 27 March 2025
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Saudi Arabia’s non-oil exports surge 10.7% in Jan.: GASTAT

Saudi Arabia’s non-oil exports surge 10.7% in Jan.: GASTAT

RIYADH: Saudi Arabia’s international non-oil exports, including re-exports, saw a 10.7 percent year-on-year increase in January, according to new data.

Released by the General Authority for Statistics, the figures also show that national non-oil exports, excluding re-exports, rose by 13.1 percent during the same period.
Additionally, the value of re-exported goods grew by 5.7 percent year on year.

This aligns with Saudi Arabia’s Vision 2030 goal of building a robust non-oil sector to transform the Kingdom’s economy and reduce its reliance on oil revenues. In November, Minister of Economy and Planning Faisal Al-Ibrahim revealed that non-oil activities now account for 52 percent of the country’s gross domestic product.

The GASTAT report said: “Meanwhile, merchandise exports increased by 2.4 percent in January 2025 compared to January 2024, while oil exports decreased by 0.4 percent. Consequently, the percentage of oil exports out of total exports decreased from 74.8 percent in January 2024 to 72.7 percent in January 2025.”

It added: “On the other hand, imports increased by 8.3 percent in January 2025, whereas the surplus of the merchandise trade balance decreased by 11.9 percent compared to January 2024.”

The data further indicated that the ratio of non-oil exports, including re-exports, to imports, increased to 36.5 percent in January 2025 from 35.7 percent in the corresponding month in 2024.

This is primarily linked to the rise in non-oil exports at a higher rate than the increase in imports, with non-oil exports increasing by 10.7 percent compared to an 8.3 percent surge in imports during the same period.

“Among the most important non-oil exports are ‘chemical products,’ which constituted 23.7 percent of the total non-oil exports, recording a 14.4 percent increase compared to January 2024. Followed by ‘plastics, rubber, and their products,’ which represented 23 percent of total non-oil exports, with a 10.5 percent increase compared to January 2024,” the report highlighted.

“However, the most important imported goods were “‘machinery, electrical equipment, and parts,’ which constituted 25.9 percent of total imports, rising by 27.4 percent compared to January 2024. Followed by ‘transportation equipment and parts,’ which represented 13.8 percent of total imports, with a 10.3 percent increase compared to January 2024,” it added.

The GASTAT data also disclosed that in January, China was the main destination for the Kingdom’s exports, amounting to 15.2 percent of the total.

India came next with 10.9 percent of total exports, and Japan followed with 10.2 percent of total exports.

South Korea, the UAE, and Egypt, as well as Bahrain, the US, Malaysia, and Singapore were among the top 10 export destinations. Together, exports to these countries account for 67.5 percent of the Kingdom’s total exports.

When it comes to the top customs for imports, the report explained that the King Abdulaziz Sea Port in Dammam is one of the most significant terminals through which goods crossed into Saudi Arabia, accounting for 28.8 percent of total imports in January.

Among the other major ports of entry for imports were Jeddah Islamic Sea Port with 23.1 percent, followed by King Khalid Int Airport in Riyadh with 12.4 percent, and King Abdulaziz Int. Airport with 8.6 percent, as well as King Fahad Int Airport in Dammam with 5.5 percent.

The report highlighted that these five ports together accounted for 78.4 percent of the Kingdom’s total merchandise imports.