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Saudi airport operator Cluster2 achieves new record with 1.73m travelers in July

Saudi airport operator Cluster2 achieves new record with 1.73m travelers in July
This growth mirrors the broader trend in Saudi Arabia’s air traffic, which saw a 17 percent rise in the first half of 2024, reaching 62 million passengers, up from 53 million in the same period last year, according to the General Authority of Civil Aviation. Shutterstock
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Updated 13 August 2024
Arab News
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Saudi airport operator Cluster2 achieves new record with 1.73m travelers in July

Saudi airport operator Cluster2 achieves new record with 1.73m travelers in July
  • Company seeing a surge in traffic as part of its strategy to enhance network sustainability and boost tourism
  • Kingdom’s air traffic saw notable increases, with 446,000 flights in first half of 2024
Updated 13 August 2024
Arab News
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RIYADH: Cluster2, the Saudi airport operating firm, has set a new passenger milestone by handling 1.73 million travelers in July, marking a 9 percent increase from the previous record set in July 2019. 

Managing 22 airports across Saudi Arabia — including AlUla International, King Abdullah bin Abdulaziz Airport in Jazan, and King Saud bin Abdulaziz Airport in the Al-Bahah region — the government-operated firm is seeing a surge in traffic as part of its strategy to enhance network sustainability, boost tourism, and improve operational efficiency. 

This growth mirrors the broader trend in Saudi Arabia’s air traffic, which saw a 17 percent rise in the first half of 2024, reaching 62 million passengers, up from 53 million in the same period last year, according to the General Authority of Civil Aviation.

In the first half of 2024, Saudi Arabia’s air traffic saw notable increases, with 446,000 flights — a 12 percent rise from the 399,000 flights recorded in the same period in 2023. Airfreight volume also experienced a substantial boost, reaching 606,000 tonnes, up 41 percent from 430,000 tonnes the previous year. 

Cluster2 highlighted its focus on enhancing the economic impact of its airports and attracting investment. The firm is committed to continually upgrading infrastructure and delivering a superior travel experience. 

“This achievement reaffirms our commitment to providing the finest services and implementing best practices,” the company said in a post on X. 

“Our dedicated team works tirelessly to ensure that traveling through our airports is an unforgettable experience.”

“We treasure your trust and promise continuous improvements and enhanced facilities,” the firm added. 

The company also oversees operations at Najran Airport, Bisha Domestic Airport, Arar Domestic Airport, Sharurah Domestic Airport, and Gurayat Domestic Airport, as well as Dawadmi Airport and Hail International Airport. 

In May, Cluster2 received a prestigious global customer service award from the Airports Council International’s Customer Experience Accreditation for 2024. This accolade underscores the company’s dedication to delivering high-quality service. The ACEA program aids airports in enhancing customer experience through detailed reviews and targeted training, emphasizing stakeholder engagement and staff development.

Established in 2022, Cluster2 operates under Airports Holding Co., an entity formed by royal decree to advance airport development and investment in alignment with Saudi Vision 2030.

Topics: Tourism & Transport Airport cluster2 Saudi aviation

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Saudi Arabia’s POS transactions fluctuate in early September to reach $3.5bn

Saudi Arabia’s POS transactions fluctuate in early September to reach $3.5bn
Updated 8 sec ago
MIGUEL HADCHITY 
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Saudi Arabia’s POS transactions fluctuate in early September to reach $3.5bn

Saudi Arabia’s POS transactions fluctuate in early September to reach $3.5bn
  • Spending in the education sector led the dip, recording the highest decrease at 43.6%
  • Spending on public utilities saw the second-largest decline at 25.1%
Updated 8 sec ago
MIGUEL HADCHITY 

RIYADH: Saudi Arabia’s point-of-sale transactions dipped in the first week of September, dropping by 4.9 percent from the previous week to reach SR13.3 billion ($3.5 billion), with the education sector leading the decline.

The latest figures from the Saudi Central Bank, also known as SAMA, showed that spending in the education sector led the dip, recording the highest decrease at 43.6 percent, with total transactions reaching SR350 million.

This week marks the third time in a row the education sector witnessed a decrease in spending after surging for four consecutive weeks, coinciding with the start of the academic year on Aug. 18.

During the first week of September, spending on public utilities saw the second-largest decline at 25.1 percent to SR59 million.

Spending on culture and recreation recorded the third biggest dip with a 12.2 percent negative change, reaching SR293.4 million. 

Expenditure on miscellaneous goods and services recorded the smallest decline at 0.7 percent, reaching SR1.57 billion during this period. 

Saudis spent SR209.8 million on electronic and electric devices and SR1.92 billion at restaurants and cafes. These two sectors experienced the second and third smallest declines, dropping 0.8 percent and 1.3 percent, respectively.

Looking at the biggest value of transactions this week, the food and beverages sector saw the biggest share of the POS at SR2.10 billion, followed by restaurants and cafes and miscellaneous goods and services.

Spending in the top three categories accounted for 41.98 percent or SR5.6 billion of this week’s total value.

The most significant increase, at 7.8 percent, occurred in spending on jewelry, boosting the total to SR247.8 million. Expenditures on furniture came in second place, surging by 5.4 percent to SR309.3 million. In third place, hotel spending increased by 3 percent to SR245.3 million.

Geographically, Riyadh dominated POS transactions, representing 34.1 percent of the total, with spending in the capital reaching SR4.55 billion — a 4.6 percent decrease from the previous week. 

Jeddah followed with a 5 percent decline to SR1.82 billion, accounting for 13.6 percent of the total, and Dammam came in third at SR662.1 million, down 4.2 percent.

Tabuk saw the most significant decrease in spending, down by 9.9 percent to SR265 million. Buraidah and Abha also experienced downsticks, with expenditure dipping 7.9 percent and 7.7 percent to SR309.1 million and SR176.5 million, respectively.

In terms of the number of transactions, Makkah recorded the highest increase at 1.9 percent, reaching 8,613. Tabouk recorded the highest decrease at 2.7 percent, reaching 4,850 transactions.

Topics: Saudi Arabia PoS point-of-sale Finance

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Saudi Arabia calls for regional cooperation to tackle environmental challenges 

Saudi Arabia calls for regional cooperation to tackle environmental challenges 
Updated 30 min ago
Nirmal Narayanan
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Saudi Arabia calls for regional cooperation to tackle environmental challenges 

Saudi Arabia calls for regional cooperation to tackle environmental challenges 
Updated 30 min ago
Nirmal Narayanan

RIYADH: Regional and international cooperation is pivotal in addressing environmental challenges, especially in rehabilitating degraded lands, according to Saudi Arabia’s vice minister of environment, water, and agriculture. 

Speaking at the 26th meeting of Gulf Cooperation Council ministers responsible for environmental affairs in Qatar, Mansour Al-Mushaiti emphasized that collaboration is essential to strengthen the resilience of drought-prone communities, as reported by the Saudi Press Agency. 

The Kingdom is leading environmental protection efforts in the region through the Saudi Green Initiative, which aims to protect 30 percent of the nation’s land and marine areas by 2030. 

Saudi Arabia’s National Environment Strategy provides a framework focused on conserving biodiversity, preventing land degradation, and advancing global coral reef research. 

During the meeting, Jasem Mohamed Al-Budaiwi, secretary-general of the Gulf Cooperation Council, noted that environmental protection and addressing climate change impacts have become core priorities for countries in the region. 

“On the international front, collective cooperation to address climate change and other environmental challenges has become essential among all countries, with GCC states actively contributing to global cooperation and providing solutions to mitigate the effects of climate change while preserving the environment,” Al-Budaiwi said in a statement. 

He added that GCC nations are working to enhance environmental policies, promote renewable energy, and reduce carbon emissions to strike a balance between development and environmental preservation. 

Saudi Arabia’s Al-Mushaiti urged GCC nations to ratify the Middle East Green Initiative Charter and set national targets for tree planting and land rehabilitation. He also called for greater support from national development funds for vegetation projects across the region. 

In May, Saudi Arabia committed $2.5 billion to the Middle East Green Initiative to further environmental sustainability across the region. 

Al-Mushaiti also noted that the upcoming COP16 in Saudi Arabia this December will play a significant role in advancing international efforts to reduce land degradation and combat drought. 

Earlier this month, during the 10th Regional Forum of the International Union for Conservation of Nature for West Asia, Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadhli highlighted the Kingdom’s environmental progress through the National Environment Strategy and the Saudi Green Initiative. 

Topics: main Mansour Al-Mushaiti Saudi Green Initiative (SGI) Gulf Cooperation Council

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Oil Updates – prices recover on hurricane supply disruption fears

Oil Updates – prices recover on hurricane supply disruption fears
Updated 11 September 2024
Reuters
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Oil Updates – prices recover on hurricane supply disruption fears

Oil Updates – prices recover on hurricane supply disruption fears
  • Hurricane Francine causes offshore production shut-ins
  • About 24 percent of crude production in US Gulf of Mexico shut
  • API shows weekly US crude, gasoline stockpiles fall
Updated 11 September 2024
Reuters

TOKYO: Oil prices climbed more than 1 percent on Wednesday, paring some of the previous day’s losses, as concerns about Hurricane Francine disrupting output in the US, the world’s biggest producer, outweighed worries about weak global demand.

Brent crude futures were up 84 cents, or 1.2 percent, to $70.03 a barrel at 10:04 a.m. Saudi time, while US crude futures were at $66.56 a barrel, up 81 cents, or 1.2 percent.

Both benchmarks fell nearly $3 on Tuesday, with Brent hitting its lowest since December 2021 and WTI falling to a May 2023 trough, after OPEC revised down its demand forecast for this year and 2025.

“The market rebounded autonomously as Tuesday’s drop was substantial,” said Yuki Takashima, economist at Nomura Securities, adding supply disruption fears from Francine also lent support.

“Still, downward pressure will likely continue in the near term as investors are worried about a slowdown in demand due to economic slowdown in China and the United States,” he said, adding he had this week lowered his forecast range for WTI for the rest of the year to $60-$80 from $65-$85.

Francine strengthened into a hurricane in the Gulf of Mexico, the US National Hurricane Center said on Tuesday, prompting Louisiana residents to flee inland and oil and gas companies to shut production.

About 24 percent of crude production and 26 percent of natural gas output in the US Gulf of Mexico were offline due to the storm, the US Bureau of Safety and Environmental Enforcement  said on Tuesday.

On Tuesday, OPEC cut its forecast for world oil demand to rise by 2.03 million barrels per day in 2024, from last month’s forecast for growth of 2.11 million bpd, it said in a monthly report.

OPEC also cut its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd.

But the US Energy Information Administration said on Tuesday global oil demand is set to grow to a bigger record this year while output growth would be smaller than prior forecasts.

Oil prices were also supported by a withdrawal in US crude inventories.

US crude oil stocks fell by 2.793 million barrels in the week ended Sept. 6 while gasoline inventories declined by 513,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Eleven analysts polled by Reuters estimated on average that crude inventories rose by about 1 million barrels and gasoline stocks fell by 0.1 million barrels..

China’s daily crude oil imports rose last month to their highest in a year, customs data and Reuters records showed on Tuesday, but that was still 7 percent less than a year ago and year-to-date imports are 3 percent less than the year before period.

That has led Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, to predict the market will remain bearish due to fears about slowing global demand, including China’s.

Topics: energy oil updates Oil oil prices

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Visa aims for 10-fold rise in Pakistani use of digital payments

Visa aims for 10-fold rise in Pakistani use of digital payments
Updated 11 September 2024
Reuters
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Visa aims for 10-fold rise in Pakistani use of digital payments

Visa aims for 10-fold rise in Pakistani use of digital payments
  • Partnership with 1Link to enhance remittances and payment security
  • Pakistan has 120,541 point of sales machines, according to central bank data
Updated 11 September 2024
Reuters

KARACHI: Visa plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa and Levant told Reuters.

The comments from Leila Serhan came as Visa announced a strategic partnership with 1Link, Pakistan’s largest payment service provider, aimed at streamlining remittances into the South Asia country and encouraging digital transactions.

Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations. Only 60 percent of its 137 million adult population, or 83 million adults, have a bank account, based on central bank estimates.

Visa is investing in building digital payment infrastructure in the country, aiming to make digital payments less costly and more manageable.

Currently, Pakistan has 120,541 point of sales (POS) machines, according to central bank data.

Visa intends to significantly increase this number. 

“Some businesses have more than one POS machine. We’re aiming at ten-folding businesses’ acceptance (of digital transactions),” said Serhan.

The strategy involves technology that transforms phones into payment instruments and accepting various forms of payment, including QR and card tap. Visa aims to expand beyond large cities and mainstream businesses to include smaller merchants.

The 1Link deal aims to improve the process for sending and receiving remittances, including bolstering payments security, boosting such transactions via legal channels.

As one of the top remittance recipients globally, Pakistan relies heavily on funds from overseas Pakistanis, which constitute a vital source of foreign exchange and significantly contribute to the country’s GDP.

“We’re really looking forward to finishing this technical integration in the coming months, and I think it’s going to be a game changer for a lot of the consumers in Pakistan,” said Serhan.

The partnership with 1Link will also enable 1Link’s PayPak cards to be accepted on Visa’s Cybersource Platform for online transactions, despite PayPak being a competitor in digital payments.

Pakistan signed a $7 billion bailout deal with the International Monetary Fund in July, which includes reforms such as raising revenue and documenting the economy.

“Digital payments are going to be at the heart of what the government wants to do from a digitization perspective, and we will continue to partner with them,” Serhan said. 

Topics: visa Pakistan Digital payments PoS 1Link

Standard Chartered starts custody services for digital assets in UAE

Standard Chartered starts custody services for digital assets in UAE
Updated 10 September 2024
Reuters
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Standard Chartered starts custody services for digital assets in UAE

Standard Chartered starts custody services for digital assets in UAE
Updated 10 September 2024
Reuters

DUBAI: Standard Chartered said on Tuesday it had begun offering digital asset custody services in the UAE, with Brevan Howard Digital, the crypto and digital asset division of the British hedge fund, as an inaugural client.

The emerging markets focused bank said it launched the business in the country because of its “well-balanced approach to digital asset adoption and financial regulation.”

“Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption,” Brevan Howard Digital CEO Gautam Sharma said in a joint statement.

The UAE has been working hard to attract some of the world’s biggest crypto firms, luring business from Binance, OKX, among others. It has also been trying to develop virtual asset regulation to attract new forms of business.

It has also managed to attract big hedge funds.

Standard Chartered is among several banks that have been extending their foray into the crypto sector as more institutional investors adopt the asset class.

Topics: Finance

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