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Uzbekistan’s Air Samarkand to operate regular flights to Saudi Arabia

Uzbekistan’s Air Samarkand to operate regular flights to Saudi Arabia
Air Samarkand operated its first scheduled flight on March 21. Air Samarkand
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Updated 29 July 2024
ARAB NEWS 
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Uzbekistan’s Air Samarkand to operate regular flights to Saudi Arabia

Uzbekistan’s Air Samarkand to operate regular flights to Saudi Arabia
  • Company to commence regular operations twice a week starting July 30
  • Move aims to strengthen connectivity and broaden Kingdom’s air transport network
Updated 29 July 2024
ARAB NEWS 
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RIYADH: Uzbekistan’s Air Samarkand has been granted approval to launch regular flights to Saudi Arabia, enhancing connectivity between the two nations.

The Kingdom’s General Authority of Civil Aviation authorized the company to commence regular operations twice a week starting July 30, according to a statement.

This initiative is part of GACA’s continuous efforts to strengthen connectivity and broaden Saudi Arabia’s air transport network as part of the objectives of Saudi Vision 2030.

It also aligns well with the Kingdom’s aim to transform the region into a global logistics hub and open new opportunities for the sector, aligning with the ambitions of the Saudi Aviation Strategy.

This move cements the Kingdom and Uzbekistan’s economic cooperation models, which reflect a mutual commitment to prosperity through shared goals in the two countries’ 2030 plans. 

In April, Saudi Arabia gave the aviation firm China Southern Airlines the green light to operate flights between Riyadh and three cities in the Asian country.

GACA, through its Air Transport and International Cooperation Sector, authorized the company at the time to commence regular operations from Beijing, Guangzhou, and Shenzhen to the Saudi capital, according to a statement.

The travel schedule announced at the time included four passenger or commercial flights, as well as three air cargo trips a week.

These developments come as a new air route between Riyadh and Shanghai was established in March, thanks to a collaboration between the Saudi Air Connectivity Program and China Eastern Airlines. 

The pair had agreed to enter into a partnership directly linking Shanghai Pudong International Airport to King Khalid International Airport in the Kingdom’s capital, the Saudi Press Agency reported at that time.

The services announced at the time were set to operate with an A330-200 aircraft, offering an annual capacity of 35,880 inbound seats.

This move was set to enhance air connectivity between Saudi Arabia and China and falls in line with the growing interest and demand for travel between the two nations.  

GACA’s mission is to contribute to the Kingdom’s gross domestic product while growing and modernizing its aviation sector. It also seeks to be a globally leading, innovative, and trusted aviation regulator.

Topics: Tourism & Transport Air Samarkand Uzbekistan General Authority of Civil Aviation (GACA)

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Pakistani energy giants increase investment in Reko Diq copper-gold mine project to $1.25 billion

Pakistani energy giants increase investment in Reko Diq copper-gold mine project to $1.25 billion
Updated 25 March 2025
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Pakistani energy giants increase investment in Reko Diq copper-gold mine project to $1.25 billion

Pakistani energy giants increase investment in Reko Diq copper-gold mine project to $1.25 billion
  • Reko Diq, one of the world’s largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan
  • Feasibility study shows project has a mining life of 37 years and is expected to yield 13.1 million tons of copper and 17.9 million ounces of gold
Updated 25 March 2025
Ismail Dilawar

KARACHI: Pakistani state-owned Oil & Gas Development Company Ltd. (OGDCL) and Pakistan Petroleum Ltd. (PPL) have increased their investments in the Reko Diq gold and copper mining project to $1.25 billion, the energy firms said in separate filings in the Pakistan Stock Exchange (PSX).
The OGDCL and PPL, each holding 8.33 percent stake in the multi-billion-dollar project through Pakistan Minerals (Private) Limited, have completed their feasibility studies. The third state-owned shareholder is Government Holdings (Private) Limited, according to the stock filings.
Each of the two oil and gas explorers have decided to increase their funding commitment with respect to the project, reflecting their pro rata share of total capital investment, inclusive of project financing costs, to $627 million. The financing cost is to be adjusted according to the actual project cost and inflation.
On Tuesday, the Economic Coordination Committee (ECC) of the federal cabinet also approved a summary regarding the Reko Diq project and changes in its overall development plan, the Finance Division said in a statement.
“The ECC took up a summary by the Petroleum Division regarding the Reko Diq Project and changes in its overall development plan and related financial commitments and project finance considerations due to inflation and enhanced scope of the project concerning capacity, energy mix, alternative water supply options and updated processing plants and machinery,” the statement read.
“The ECC noted the factors leading to the project escalations, and approved the proposals contained in the summary with the directions to the Ministries of Petroleum & Finance to continue close coordination with a view to ensuring timely implementation of all agreed actions.”
Reko Diq, one of the world’s largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan. Out of the total shareholding of Reko Diq project, 25 percent is held by the provincial government of Balochistan — 15 percent on a fully funded basis through Balochistan Mineral Resources Limited and 10 percent on a free carried basis — and 50 percent is held by Barrick Gold Corporation which is the operator of the project.
As per the estimates, the increase in copper and gold prices has offset the impact of higher project costs, according to the two energy firms. The feasibility study of the project shows it has a mining life of 37 years and is expected to yield 13.1 million tons of copper and 17.9 million ounces of gold.
The project will be executed in two phases, with the phase one having an estimated capital outlay of $5.6 billion that is exclusive of the financing costs and inflation. It is planned to be funded through a limited-recourse project financing facility of up to $3 billion with the remaining funded through shareholder contributions, the OGDCL and PPL said.
The energy companies plan to fund the second phase through a mix of revenue generation from the project, additional project financing and shareholder contributions, if required. Under the updated feasibility study phase one is planned to process 45 million tons per annum (Mtpa) of mill feed from 2028. While phase two is planned to double the processing capacity to 90 Mtpa by 2034.
The project will leverage five of the currently identified 15 porphyry surface expressions within the current mining lease, highlighting substantial future growth potential. Negotiations for the proposed project financing are ongoing.

Topics: Pakistan economy Oil and Gas Development Company Limited Reko Diq project Reko Diq

Closing Bell: Saudi main index closes in red at 11,706

Closing Bell: Saudi main index closes in red at 11,706
Updated 25 March 2025
Nirmal Narayanan
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Closing Bell: Saudi main index closes in red at 11,706

Closing Bell: Saudi main index closes in red at 11,706
Updated 25 March 2025
Nirmal Narayanan

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, as it shed 71.87 points, or 0.61 percen,t to close at 11,706.21. 

The total trading turnover of the benchmark index was SR5.47 billion ($1.46 billion), with 72 of the listed stocks advancing and 161 declining. 

The Kingdom’s parallel market Nomu gained 3.11 points to close at 30,613.74, while the MSCI Tadawul Index edged down by 0.65 percent to 1,483.55. 

The best-performing stock on the main market was Umm Al Qura for Development and Construction Co. The firm’s share price surged by 7.69 percent to SR21.

The share price of Abdullah Saad Mohammed Abo Moati for Bookstores Co. increased by 3.54 percent to SR38, and Bawan Co. also saw its stock price rise by 2.9 percent to SR49.65.

Conversely, the share price of MBC Group Co. dropped by 5.51 percent to SR44.60. 

On the announcements front, Perfect Presentation for Commercial Services Co. said that its net profit for 2024 reached SR163.33 million, representing a rise of 26.33 percent compared to the previous year.

In a Tadawul statement, the company revealed that its gross profit increased by 19.26 percent year on year in 2024 to reach SR250.92 million. 

The share price of Perfect Presentation for Commercial Services Co. dropped by 1.19 percent to SR13.26.

Alamar Foods Co. said its net profit stood at SR35.01 million in 2024, representing a decline of 38.11 percent compared to the previous year. 

In a Tadawul statement, the food company revealed that the decline in net profit was due to weaker sales driven by ongoing regional geopolitical issues. 

The stock price of Alamar Foods Co. edged down by 1.39 percent to SR70.80.

Topics: Closing Bell Saudi Stock Exchange (Tadawul)

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Saudi PIF ranks 2nd globally for sovereign investor activity in Feb. with $3bn in deals

Saudi PIF ranks 2nd globally for sovereign investor activity in Feb. with $3bn in deals
Updated 25 March 2025
Dayan Abou Tine 
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Saudi PIF ranks 2nd globally for sovereign investor activity in Feb. with $3bn in deals

Saudi PIF ranks 2nd globally for sovereign investor activity in Feb. with $3bn in deals
Updated 25 March 2025
Dayan Abou Tine 

RIYADH: Saudi Arabia’s Public Investment Fund ranked as the world’s second most active sovereign investor by deal value in February, committing $3 billion in global transactions.

Global SWF, a data platform tracking activity in the sector, reported that Canada’s public pension fund topped the rankings with a $7 billion deal. The Kingdom’s PIF emerged as the most active sovereign wealth fund, completing three overseas deals through its portfolio companies.  

Globally, sovereign investors executed 22 deals worth a combined $16.5 billion. Alongside PIF and CDPQ, other major players included South Korea’s National Pension Service, which committed $1.6 billion to a real estate transaction, and Canada’s BCI, with a $1.3 billion infrastructure deal. 

This surge in cross-border activity highlights a growing trend among sovereign and public investors — particularly those in the Gulf region — to seize emerging global opportunities while hedging against domestic economic fluctuations. 

Established in 1971, PIF has undergone a dramatic transformation since 2015 under the leadership of Crown Prince Mohammed bin Salman. Once a primarily domestic fund, it has evolved into a globally influential SWF managing $925 billion in assets and driving the Kingdom’s Vision 2030 agenda. 

PIF’s rapid rise in less than a decade underscores the scale and ambition of Saudi Arabia’s investment-led economic diversification strategy. 

It began 2025 by continuing to expand its global footprint across sectors such as entertainment, aviation, and finance. 

This acceleration followed a series of strategic shifts during the fourth quarter of 2024, as the fund restructured its portfolio in line with long-term priorities and Vision 2030 goals. 

According to its latest 13F SEC filing, PIF’s US equity holdings stood at $26.71 billion at the end of 2024, marking a 24 percent year-on-year decline. This reflects a more cautious and selective investment stance, as the fund scaled back on consumer-focused positions while pivoting to sectors with perceived long-term resilience. 

Notably, PIF exited its holdings in Walmart and Marriott while ramping up exposure to healthcare and life sciences, including new or expanded stakes in Thermo Fisher Scientific, Abbott Labs, and Regeneron Pharmaceuticals. 

It also increased its stake in electric vehicle manufacturer Lucid Motors by $495 million, more than doubled its investment in Amazon, and reduced its exposure to Uber by $1.08 billion — moves that signal a recalibrated strategy emphasizing selectivity and long-term value. 

Building on this repositioning, PIF took steps in early 2025 to fund domestic giga-projects and extend its international reach. In January, the fund issued a US dollar-denominated bond, sold Thiqah Business Services to Elm for $907 million, and acquired a 23 percent stake in Saudi Re to bolster the Kingdom’s insurance sector and financial resilience. 

In capital markets, PIF made a $200 million anchor investment in the SPDR Saudi bond ETF, launched in January on the London and Frankfurt exchanges. 

This move aims to internationalize Saudi Arabia’s debt market, following similar ETF initiatives in Hong Kong in late 2023 and Tokyo in December 2024, helping deepen the Kingdom’s financial links with Asia and beyond. 

PIF has continued to strengthen its presence in sports and gaming in 2025. Its subsidiary, Savvy Games Group, acquired Niantic’s gaming division, including Pokémon Go, for $3.5 billion — marking a major move in mobile and AR gaming. 

The wealth fund also remains engaged in complex negotiations with the PGA Tour over integrating LIV Golf, a key element in its broader sports investment strategy. 

In the UK, the fund reaffirmed its long-term commitment to Newcastle United FC through “Project 2030” and is reportedly exploring a 49 percent stake in Newcastle International Airport, positioning itself to create synergies between its travel and sports portfolios. 

Topics: Saudi Public Investment Fund (PIF) Global SWF

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Egypt signs International Finance Corp. deal to expand private sector role in airports

Egypt signs International Finance Corp. deal to expand private sector role in airports
Updated 25 March 2025
Reem Walid
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Egypt signs International Finance Corp. deal to expand private sector role in airports

Egypt signs International Finance Corp. deal to expand private sector role in airports
Updated 25 March 2025
Reem Walid

RIYADH: Egypt’s airport sector is set for increased private sector participation thanks to a new agreement with the International Finance Corp., which aims to modernize infrastructure, boost capacity, and attract foreign investment. 

Prime Minister Mostafa Madbouly oversaw the signing ceremony at the government’s new administrative capital, where Egypt’s Planning Minister Rania Al-Mashat, Civil Aviation Minister Sameh Al-Hefny, and IFC Vice President for Africa Sergio Pimenta formalized the deal. 

The agreement builds on Egypt’s ongoing partnership with the World Bank’s private sector arm, extending advisory services that support the country’s privatization efforts. 

“The agreement signed today ... is an extension to strengthen cooperation with the International Financing Corp. to provide advisory services for the governmental proposals program,” Madbouly said in a statement posted on the government’s official Facebook page. 

He added that the IFC “will provide consultative services to expand the participation of the private sector of the airport sector” in the Egyptian market.

“This is an important partnership that will contribute to the improvement of the services provided and the capacity of Egyptian airports,” Madbouly added. 

The agreement aligns with Egypt’s broader strategy to leverage the IFC’s expertise in attracting both local and foreign investments, providing technical support to national agencies, and fostering public-private partnerships, the prime minister highlighted. 

Planning Minister Al-Mashat noted that “the government is aiming to expand private sector partnerships in the airport sector, coinciding with strong growth in the tourism, transport, and storage sectors during the first quarter of the current financial year.” 

She highlighted that private sector investments now account for a record 63 percent of total investment, driven by a surge in tourism in 2024, bolstered by Egypt’s preparations for the Grand Egyptian Museum’s opening — a reflection of rising airport traffic and growing opportunities for private sector involvement.

Al-Mashat noted that the government has paved the way for these steps by enhancing macroeconomic stability, implementing measures to control public finances, enacting structural reforms to stimulate the private sector, and fostering an investment climate to attract both local and foreign investors. 

Civil Aviation Minister El-Hefny stated that under the agreement, the ministry aims to develop a strategic plan to identify airport projects suitable for private sector partnerships. 

IFC’s Vice President for Africa Pimenta said that enhancing Egypt’s airport infrastructure through public-private partnerships will drive economic growth. He added that the program will help attract global investors to build modern, high-efficiency airports, strengthening Egypt’s position as a global hub for travel and trade. 

Between July 2023 and May 2024, Egypt saw an influx of $900 million in investments from the IFC — a testament to the sustained momentum of financial inflows into the country’s economic landscape, Al-Mashat said during the “IFC Day in Egypt” event held in May. 

Topics: Egypt International Finance Corp. aviation

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Thai firms eyeing investment in Saudi Arabia’s Qassim region, ambassador reveals 

Thai firms eyeing investment in Saudi Arabia’s Qassim region, ambassador reveals 
Updated 25 March 2025
MIGUEL HADCHITY 
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Thai firms eyeing investment in Saudi Arabia’s Qassim region, ambassador reveals 

Thai firms eyeing investment in Saudi Arabia’s Qassim region, ambassador reveals 
Updated 25 March 2025
MIGUEL HADCHITY 

RIYADH: Several Thai companies plan to invest in Saudi Arabia’s Qassim region, recognizing it as an attractive business hub, according to the country’s ambassador to the Kingdom.

Darm Boontam highlighted Qassim’s position as Saudi Arabia’s “food basket” and its role as a key trade and transport link connecting Riyadh, Madinah, and Hail, making it an appealing destination for Thai investors, he told Al-Eqtisadiah. 

Located near the geographic center of the Arabian Peninsula, the region produces approximately 1.22 million tonnes of agricultural products annually.

It is also home to the only bauxite mine in the Middle East, with estimated reserves of 183.4 million tonnes, making it a key player in the mining sector.

The investment push aligns with efforts to strengthen economic ties between Thailand and Saudi Arabia after both countries fully restored diplomatic relations in 2022. Since then, bilateral trade and investment have surged to $8.8 billion. 

According to Al-Eqtisadiah, Ambassador Boontham said the two sides are working on the possibility of concluding a free trade agreement between Thailand and the Gulf Cooperation Council in 2025, which would boost bilateral trade and investment. 

In 2024, Thailand’s key exports to Saudi Arabia included automobiles, which accounted for 57 percent of the total, followed by wood products and rubber and its derivatives at 7 percent and 5.6 percent, respectively, bringing the total export value to $2.8 billion, according to the top official. 

Conversely, Thailand primarily imported crude oil and petroleum products from Saudi Arabia, which made up a significant portion of the $5.56 billion total. 

In May, a delegation of over 100 Saudi companies visited Thailand to explore investment opportunities, underscoring the growing trade and investment relationship between the two nations. 

Saudi Minister of Commerce Majid bin Abdullah Al-Qasabi led the delegation, and held discussions with Thai leaders, including Prime Minister Srettha Thavisin. Both sides agreed to enhance cooperation in areas including agriculture, tourism, and manufacturing.

According to Boontam, Thai businesses across diverse industries — including food manufacturing, health and wellness, jewelry, and cosmetics — are increasingly interested in establishing a presence in Saudi Arabia. 

Topics: saudi-thai relations Qassim

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