Red Sea Global launches Saudi Arabia’s 2nd water aerodrome after GACA approval

General Authority for Civil Aviation President Abdulaziz bin Abdullah Al-Duailej handed the license for the water aerodrome to Red Sea Global’s CEO John Pagano. SPA

Short Url

https://arab.news/pzfks

Updated 30 August 2024

Arab News

August 30, 2024 10:20

Red Sea Global launches Saudi Arabia’s 2nd water aerodrome after GACA approval

Updated 30 August 2024

Arab News

August 30, 2024 10:20

RIYADH: A second water aerodrome is set to be opened in the Red Sea tourist development after an operating license was secured, it has been announced.

The move means passengers will be able to arrive on Sheybarah Island, home to the Shebara resort, by seaplane – with the facility opening to guests in September.

General Authority for Civil Aviation President Abdulaziz bin Abdullah Al-Duailej handed the license for the water aerodrome to Red Sea Global’s CEO John Pagano, saying the granting of the permit forms part of GACA’s transformation program to boost competition and investment in support of Saudi Arabia’s Vision 2030 agenda.

Minister of Transport and Logistics Services Saleh AI-Jasser was also in attendance, according to the Saudi Press Agency.

RSG is one of Saudi Arabia’s giga-projects, and is set to boast 50 hotels across 28,000 sq. km, by 2030, with an ambition of hosting 300,000 guests a year.

“This license is one of the final stepping stones toward opening Shebara to the world. Soon, guests will be arriving by seaplane to this iconic resort in anticipation of enjoying a truly peerless escape,” said Pagano.

“As owners of the Kingdom’s first seaplane airline and its only two water aerodromes up until now, we are firmly establishing ourselves as leaders within tourism and aviation,” he added.

In 2023, RSG secured the first operating license for a water aerodrome in Saudi Arabia, at Ummahat Island.

It has been servicing passengers to and from the St. Regis Red Sea Resort and Nujuma, a Ritz Carlton Reserve, since they opened on the island earlier in 2024.

More than 520 flights carrying over 1,200 passengers were completed in the first half of the year on a fleet of Cessnas, and RSG expects to transport 3,800 passengers before the end of 2024.

In 2023, RSG also announced the launch of its subsidiary business Fly Red Sea, the Kingdom’s first seaplane company and water aerodrome operator.

It was established to enable the transport of guests to the Red Sea’s islands' resorts, and will eventually add connections to neighboring destinations and developments such as AMAALA and Al Wajh Airport.

Upon full completion in 2030, the destination will offer up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites.

The destination will also include luxury marinas, golf courses, and leisure facilities.

Saudi Arabia grants operator license for 1st international marina to Jeddah yacht club

Updated 39 sec ago

MOHAMMED AL-KINANI

November 26, 2024 13:50

Saudi Arabia grants operator license for 1st international marina to Jeddah yacht club

Updated 39 sec ago

MOHAMMED AL-KINANI

November 26, 2024 13:50

JEDDAH: Saudi Arabia has granted an operator license for its first international harbour to Jeddah Yacht Club and Marina, boosting tourism and strengthening its position as a leading regional and global maritime hub.

On Nov. 26, the Saudi Red Sea Authority announced that it had submitted the license to the organization, which is owned by Sela, a company under the Public Investment Fund.

Mohammed Bukhari, vice president of the coastal tourism operations at SRSA, presented the license to Amer Daggag, head of destinations at Sela, at the headquarters of the Jeddah-based club.

In line with the Kingdom’s Vision 2030, the authority began working in 2021 to develop and regulate the coastal tourism sector.

Its efforts include issuing licenses and permits, creating policies and strategies, and assessing infrastructure needs, as well as preserving the marine environment, attracting investments, and promoting navigational and marine tourism activities.

In a statement, SRSA said the move is part of its efforts to develop a thriving coastal tourism sector by issuing licenses and permits and establishing guidelines, rules, and standards for marinas’ development, management, and operation.

The release added that the initiative aims to encourage participation in these activities, attract and support investors, and promote coastal tourism projects along the Red Sea.

In May, SRSA granted licenses for three tourist marinas: the Al-Ahlam Marina in Jeddah, the Al-Ahlam Marina in Jazan, and the Red Sea Marina in Jeddah.

The authority emphasized that regulating marina operations would enhance the quality of services for tourists and visitors while protecting and sustaining the marine environment, emphasizing that these operators must adhere to international standards to obtain their licenses.

SRSA also issued its first maritime tourism agent license to Cruise Saudi, a company owned by PIF, as part of its broader role in enabling tourism.

The licensed agent was stated to provide services to yachts and cruise ships, ensuring the sustainable development of marine tourism and facilitating vessel movements within the Kingdom’s waters in accordance with the highest environmental standards and practices.

Last year, the Saudi Sailing Federation and Sela signed a memorandum of understanding at JYC to enhance cooperation between the two parties. Under the agreement, Sela committed to providing consultancy services and logistical support for SSF events and activities held at the Jeddah Yacht Club and Marina.

Sela also agreed to collaborate with SSF to establish a strategic partnership to manage races and events at JYC. The agreement allows SSF to benefit from the JYC training academy, offering educational programs for those seeking to develop their sailing skills.

In December 2023, JYC hosted the first America’s Cup race on the Red Sea, which was attended by Prince Abdulaziz bin Turki Al-Faisal, minister of sport, along with dignitaries from across the Kingdom, the world’s top professional sailors, and global enthusiasts.

Topics: Jeddah Yacht Club and Marina Saudi Red Sea Authority (SRSA)

Saudi Arabia pledges $932m boost to 17 tourism projects in Al-Ahsa

Updated 2 min 59 sec ago

Reem Walid

November 26, 2024 12:17

Saudi Arabia pledges $932m boost to 17 tourism projects in Al-Ahsa

Updated 2 min 59 sec ago

Reem Walid

November 26, 2024 12:17

RIYADH: Saudi Arabia has committed over SR3.5 billion ($932 million) to develop 17 tourism projects in Al-Ahsa, positioning the region as a key destination in the Kingdom’s growing travel sector, according to a senior official.

During a meeting with investors and entrepreneurs as part of his broader tour across Saudi regions, Tourism Minister Ahmed Al-Khateeb outlined plans to enhance the governorate’s tourism infrastructure.

The projects will add more than 1,800 hotel rooms, leveraging Al-Ahsa’s natural and cultural assets to attract domestic and international visitors, the Saudi Press Agency reported.

The initiative aligns with the Kingdom’s National Tourism Strategy, which aims to attract 150 million visitors annually by 2030 and increase the tourism sector’s contribution to Saudi Arabia’s gross domestic product from 6 percent to 10 percent.

Al-Khateeb highlighted investment opportunities in the sector, reaffirming the ministry’s commitment to providing comprehensive services and facilities to encourage further private sector involvement.

As part of the tour, the minister visited the SR200 million Radisson Blu Hotel in Al-Ahsa. Spanning over 10,000 sq. meters and featuring more than 180 rooms, the hotel — supported by the Tourism Development Fund — combines international luxury with local authenticity, serving as a model for future developments in the region.

Other regions across the Kingdom are also experiencing significant growth in the tourism sector.

Earlier this month, the Ministry of Tourism announced that Saudi Arabia’s Hail region welcomed over 1.1 million tourists in the first half of 2024, including 170,000 international visitors, reflecting the Kingdom’s growing appeal as a travel hub.

The ministry also reported that over 907,000 visitors were domestic travelers, showcasing the region’s popularity among residents. Licensed hospitality facilities in Hail now offer around 2,600 rooms, meeting increasing demand.

The surge aligns with Saudi Arabia’s Vision 2030, which focuses on enhancing tourism infrastructure and attracting global travelers.

The Kingdom plans to develop Hail as the fifth destination under the Saudi Tourism Investment Co., known as ASFAR, a Public Investment Fund-owned entity.

According to the latest UN Tourism report, Saudi Arabia climbed 15 places to rank 12th globally in tourist spending for 2023 — the largest jump among the top 50 countries.

This follows a September report from the UN Tourism, which highlighted the Kingdom’s leadership among G20 nations with a 73 percent increase in international visitor growth and a 207 percent rise in international tourism receipts from January to July, compared to the same period in 2019.

Topics: Al-Ahsa Saudi Tourism Minister Ahmed Al-Khateeb

Jordan forecasts $14.3bn in public revenues in 2025 budget

Updated 26 November 2024

Miguel Hadchity

November 26, 2024 12:03

Jordan forecasts $14.3bn in public revenues in 2025 budget

Updated 26 November 2024

Miguel Hadchity

November 26, 2024 12:03

RIYADH: Jordan’s public revenues for 2025 are projected at 10.2 billion dinars ($14.3 billion), slightly down from the 10.3 billion dinars forecast for 2024, according to the nation’s General Budget Department.

The 2025 draft budget estimated 9.5 billion dinars in local revenues and 734.3 million dinars from foreign grants, closely aligning with the figures for 2024.

The draft budget provided a detailed financial framework for the country, highlighting major national development projects, governorate-specific allocations, and a roadmap for spending during 2025–2027.

The document underscored the government’s commitment to balancing fiscal discipline with strategic investments aligned with Jordan’s Economic Modernization Vision.

The vision is centered on the slogan “A Better Future” and focuses on two main pillars: driving accelerated economic growth and enhancing the quality of life for all citizens.

Sustainability is also a key foundation of this vision.

Economic and fiscal overview

Total public expenditures for 2025 are estimated at 12.5 billion dinars, consisting of:

11.04 billion dinars in current expenditures allocated for operational and administrative functions, including salaries, pensions, and subsidies.
1.47 billion dinars in capital expenditures, reflecting a 16.5 percent increase compared to 2024. This allocation prioritizes infrastructure development, health care enhancements, and educational improvements.

The budget targets a reduction in the primary deficit to 2 percent of gross domestic product, compared to 2.9 percent in 2024.

Key national investments

The draft budget emphasized transformative projects to address critical national needs, including the National Water Carrier Initiative, which addresses Jordan’s chronic water scarcity and ensures long-term water security.

There is also a focus on a railway project that connects Aqaba Port to Al-Shidiya and Ghor Al-Safi. This initiative aims to boost logistical efficiency and economic integration.

Other key projects include investments in renewable energy and infrastructure upgrades and enhancements in public transportation networks to ease connectivity and reduce environmental impact.

Economic growth targets

The budget framework projects there will be 2.5 percent real GDP growth, driven by ongoing structural reforms.

It also forecases 4.9 percent nominal growth, supported by moderate inflation rates that contribute to financial and monetary stability.

Governorate budgets and modernization efforts

The budget allocates significant funds to governorates to ensure equitable development and address local priorities. Notable regional allocations include money for the construction and maintenance of hospitals, schools, and transportation infrastructure.

There is also funding for agricultural development, water management, and job creation initiatives tailored to local needs.

Specific projects detailed in the governorate budgets include road maintenance and expansions in Irbid, Al-Mafraq, and other regions, investments in health care facilities, including expansions of hospitals and primary care centers, and the development of educational institutions, such as building new schools and upgrading existing facilities.

In line with the “Public Sector Modernization The Roadmap,” the draft budget included funding for implementing updated job guidelines, creating new vacancies, and modernizing public administration to enhance service delivery.

This framework is a comprehensive roadmap to improve public administration and enhance the institutional approach to responding efficiently to domestic and global developments.

Topics: Jordan Jordan economy

Oil Updates – crude steadies amid possible Middle East ceasefire

Updated 26 November 2024

Reuters

November 26, 2024 10:43

Oil Updates – crude steadies amid possible Middle East ceasefire

Israel, Lebanon eye ceasefire in Israel-Hezbollah conflict
MidEast ceasefire cuts likelihood of US sanctions on Iran oil
Kyiv faces sustained Russian drone attacks

Updated 26 November 2024

Reuters

November 26, 2024 10:43

SINGAPORE: Oil prices edged higher in early trade on Tuesday after falling in the previous session as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil’s risk premium.

Brent crude futures rose 15 cents, or 0.21 percent, to $73.16 a barrel as at 10:05 a.m. Saudi time, while US West Texas Intermediate crude futures were at $69.09 a barrel, up 15 cents, or 0.22 percent.

Both benchmarks settled down $2 a barrel on Monday following reports that Lebanon and Israel had agreed to the terms of a deal to end the Israel-Hezbollah conflict, which triggered a crude oil selloff.

Market reaction to the ceasefire news was “over the top,” said senior market analyst Priyanka Sachdeva at Phillip Nova.

While the news calmed fear of disruption to Middle Eastern supply, the Israel-Hamas conflict “never actually disrupted supplies significantly to induce war premiums” this year, Sachdeva said.

“The vulnerability of oil prices to geopolitical headlines lacks foundational backup and, coupled with the inability to maintain recent gains, reflects weakening global demand for oil and suggests a volatile market ahead.”

Iran, which supports Hezbollah, is an OPEC member with production of around 3.2 million barrels per day, or 3 percent of global output.

A ceasefire in Lebanon would reduce the likelihood that the incoming US administration will impose stringent sanctions on Iranian crude oil, said ANZ analysts.

If President-elect Donald Trump’s administration returned to a maximum-pressure campaign on Tehran, Iranian exports could shrink by 1 million bpd, analysts have said, tightening global crude flows.

In Europe, Ukraine’s capital Kyiv was under a sustained Russian drone attack on Tuesday, Mayor Vitali Klitschko said.

Hostilities between major oil producer Russia and Ukraine intensified this month after US President Joe Biden allowed Ukraine to use US-made weapons to strike deep into Russia in a significant reversal of Washington’s policy in the Ukraine-Russia conflict.

Elsewhere, OPEC+ may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Sunday, Azerbaijan’s Energy Minister Parviz Shahbazov told Reuters, as the producer group had already postponed hikes amid demand worries.

On Monday, Trump said he would sign an executive order imposing a 25 percent tariff on all products coming into the US from Mexico and Canada. It was unclear whether this would include crude oil.

The vast majority of Canada’s 4 million bpd of crude exports go to the US Analysts have said it is unlikely Trump would impose tariffs on Canadian oil, which cannot be easily replaced since it differs from grades that the US produces.

“Contrary to today’s sell-off in risk assets, I think the tariff announcements are actually risk-positive because they are lower than consensus expectations,” said market analyst Tony Sycamore at IG.

Trump’s proposed additional 10 percent tariffs on Chinese imports are “well below” the 60 percent level he threatened pre-election, Sycamore said.

For the time being, markets are eyeing Trump’s plan to increase US oil production, which has been near record levels throughout 2022 to 2024 and absorbed supply disruption from geopolitical crises and sanctions, Phillip Nova’s Sachdeva said.

Topics: oil updates oil prices

Saudi Arabia’s NEOM giga-project a ‘generational investment,’ minister says

Updated 26 November 2024

Reuters

November 26, 2024 10:27

Saudi Arabia’s NEOM giga-project a ‘generational investment,’ minister says

Foreign investors starting to come to NEOM, minister says
On recent departure of NEOM’s CEO, minister says there is a time to pass baton
Risk-return ‘very fair’ for outside investors, Al-Falih says

Updated 26 November 2024

Reuters

November 26, 2024 10:27

RIYADH: Saudi Arabia’s NEOM gigaproject, a futuristic region being built in the desert, is a “generational investment” with a long timeline, the country’s investment minister told Reuters on Monday, adding that foreign investment will pick up pace.

“NEOM was not meant to be a two-year investable opportunity. If anybody expected NEOM to be foreign investment in two, three or five years, then they have gotten (it) wrong — it’s a generational investment,” Minister Khalid Al-Falih said on the sidelines of the World Investment Conference in Riyadh.

“The flywheel is starting and it will gain speed as we go forward, as some of the foundational assets come to the market,” he said.

The world’s top oil exporter has poured hundreds of billions of dollars into development projects through the Kingdom’s $925 billion sovereign fund, the Public Investment Fund, as it undergoes an economic agenda dubbed Vision 2030 to cut dependence on fossil fuels.

NEOM, a Red Sea urban and industrial development nearly the size of Belgium that is meant to eventually house 9 million people, is central to Vision 2030.

NEOM announced this month its long-time chief executive, Nadhmi Al-Nasr, had stepped down, without giving further details.

Asked what effect the departure would have on investors, the minister said the executive had done “a respectable job” but that “there is a time for everybody to pass on the baton.”

Asked if PIF will continue to do much of the spending on NEOM until more foreign funds come in, Al-Falih said it was not binary.

“I think foreign investors are starting to come to NEOM, they’re starting to channel capital. Some of the projects that the PIF will be doing will be financed through global capital pools, through some alternative and private capital. That’s taking place as we speak,” he said.

“So I urge you not to look at NEOM as being 100 percent PIF and then suddenly there will be a cliff and it will go private.”

Saudi Arabia, which is racing to attract $100 billion in annual foreign direct investment by the turn of the decade — reaching about a quarter of that in 2023 — has recently seen more co-investment deals between state entities and foreign investors.

“It’s always been the intent,” Al-Falih said of foreign inflows alongside state funds.

He noted that foreign investors were at times “still looking, still examining, still sometimes questioning,” but that now there was confidence in the profitability of investment opportunities and that “the risk-return trade-offs are very, very fair and positive to them.”

Topics: NEOM Saudi Investment Minister Khalid Al-Falih

Red Sea Global launches Saudi Arabia’s 2nd water aerodrome after GACA approval

Red Sea Global launches Saudi Arabia’s 2nd water aerodrome after GACA approval

Red Sea Global seals deals with Almosafer and Saudia to elevate tourism sector

RSG partners with Saudi Climbing and Hiking Federation to boost adventure tourism

Saudi Arabia grants operator license for 1st international marina to Jeddah yacht club

Saudi Arabia grants operator license for 1st international marina to Jeddah yacht club

NEOM unveils designs by Stefano Ricci for Sindalah Yacht Club

Saudi Red Sea Authority issues marina licenses

Saudi Arabia pledges $932m boost to 17 tourism projects in Al-Ahsa

Saudi Arabia pledges $932m boost to 17 tourism projects in Al-Ahsa

Saudi Arabia launches Ramlah Co. to boost tourism in Hail region

Tourism seen as key to advancing global climate action, UN official says

Jordan forecasts $14.3bn in public revenues in 2025 budget

Jordan forecasts $14.3bn in public revenues in 2025 budget

Jordan slashes EV tax rates to boost green transition

Jordan wholesale trade price index increases 1.3% in first 9 months of 2024

Oil Updates – crude steadies amid possible Middle East ceasefire

Oil Updates – crude steadies amid possible Middle East ceasefire

Oil Updates – prices ease but remain near 2-week highs on Russia, Iran tensions

Oil Updates – crude heads for weekly gains as Ukraine war intensifies

Saudi Arabia’s NEOM giga-project a ‘generational investment,’ minister says

Saudi Arabia’s NEOM giga-project a ‘generational investment,’ minister says

Webuild reports no hiccup on NEOM activities after mega project CEO’s departure

NEOM board of directors announces leadership change

Latest updates

Rawdah Mohamed promotes Dolce & Gabbana eyewear campaign

Prospect of Lebanon ceasefire leaves Gazans feeling abandoned

Saudi Arabia grants operator license for 1st international marina to Jeddah yacht club

Three bodies recovered from capsized tourist boat off Egypt’s Red Sea coast, 13 missing

Indonesia’s Supreme Court reverses acquittal of former official in slavery case

Recommended

Can Lebanon’s ancient cultural heritage be protected from war damage?

Frankly Speaking: Will President Trump be able to end the wars in Gaza and Ukraine?

How should Arab Americans deal with Trump administration?

Search form

Print Edition

Search form

Search form

You are here

Red Sea Global launches Saudi Arabia’s 2nd water aerodrome after GACA approval

Red Sea Global launches Saudi Arabia’s 2nd water aerodrome after GACA approval

Related

Saudi Arabia grants operator license for 1st international marina to Jeddah yacht club

Related

Saudi Arabia pledges $932m boost to 17 tourism projects in Al-Ahsa

Related

Jordan forecasts $14.3bn in public revenues in 2025 budget

Related

Oil Updates – crude steadies amid possible Middle East ceasefire

Related

Saudi Arabia’s NEOM giga-project a ‘generational investment,’ minister says

Related

Latest updates

Recommended

Search form

Print Edition