Saudi Arabia hosts key meetings aimed at improving aviation sector
Saudi Arabia hosts key meetings aimed at improving aviation sector /node/2576290/business-economy
Saudi Arabia hosts key meetings aimed at improving aviation sector
The Saudi Air Navigation Services Co. held the 13th meeting of the International Civil Aviation Organization Middle East Communications, Navigation, and Surveillance Sub-Group. SPA
Saudi Arabia hosts key meetings aimed at improving aviation sector
Kingdom has approved a strategy to develop its civil aviation industry and create a favorable investment environment
Updated 41 sec ago
Arab News
JEDDAH: Saudi Arabia is hosting two important international aviation meetings to improve air traffic management, further establishing its role in the global air travel sector.
Starting on Oct. 20, the Saudi Air Navigation Services Co. is conducting the 13th meeting of the International Civil Aviation Organization Middle East Communications, Navigation, and Surveillance Sub-Group, alongside the 10th meeting of ICAO’s Air Traffic Management Working Group in Jeddah.
This is the first time both meetings are held simultaneously, with sessions running until Oct. 23, the Saudi Press Agency reported.
The Kingdom has approved a strategy to develop its civil aviation industry and create a favorable investment environment. The initiative seeks to position Saudi Arabia as a leading player in the Middle East aviation sector, enhance its contribution to the gross domestic product, and support the goals of Vision 2030.
The strategy focuses on transforming the Kingdom into a logistical hub connecting three continents and facilitating air transport and freight.
Around 80 participants from 18 countries attended the meetings, including representatives from the International Air Transport Association, ICAO, and PCCW Global, with oversight from Saudi Arabia’s General Authority of Civil Aviation.
The inaugural meeting of the Flight and Flow Information for a Collaborative Environment working group is taking place under the Secretariat General of the Gulf Cooperation Council, to discuss developments and practical solutions in the aviation sector.
The meetings also coincide with International Air Traffic Controllers Day, which recognizes the crucial role of air traffic controllers in maintaining safe airspace.
Riyadh’s King Khalid Airport tops performance rankings in September: GACA
Jeddah’s King Abdulaziz International Airport followed closely and received a compliance rate of 73%
Dammam’s King Fahd International Airport maintained its top spot in the second category
Updated 22 October 2024
MIGUEL HADCHITY
RIYADH: Saudi Arabia’s King Khalid International Airport in Riyadh secured the top spot among the Kingdom’s airports for September, achieving an 82 percent compliance rate, official data showed.
According to the General Authority of Civil Aviation, the Riyadh air base, which serves over 15 million passengers annually, outperformed others in its category, which includes the Kingdom’s largest international airports.
In the same category, Jeddah’s King Abdulaziz International Airport followed closely and received a compliance rate of 73 percent.
The aviation body assesses the operational performance of airports based on 11 standards tracking passenger experience, including check-in, security, passport and customs control, alongside assistance for individuals with limited mobility and delays.
This reflects GACA’s commitment to transparency and continuous efforts to enhance the quality of services provided to passengers, contributing to an improved travel experience across the Kingdom’s airports.
Dammam’s King Fahd International Airport maintained its top spot in the second category, serving between 5 million and 15 million passengers annually, achieving a 91 percent compliance rate in September, as noted in the GACA report.
Madinah’s Prince Mohammad bin Abdulaziz International Airport also maintained its rating of 91 percent.
In the third category for international terminals with an annual passenger count between 2 and 5 million, King Abdullah bin Abdulaziz Airport in Jazan shared the lead spot with Abha International Airport at a 100 percent commitment rate.
Five airports received a 100 percent compliance rate in September in the fourth category of the international air base, receiving less than 2 million passengers annually.
The five air stations include Al-Ahsa Airport, Najran International Airport, Prince Naif Bin Abdulaziz International Airport in Al-Qassi, as well as Hail International Airport, and Taif International Airport.
Following closely in the same category were Al-Jouf International Airport and AlUla International Airport both receiving a 91 percent compliance rate.
Al-Qaisumah International Airport and Prince Abdulmohsin bin Abdulaziz International Airport received an 82 percent rating, while Prince Sultan bin Abdulaziz International Airport in Tabuk received a 45 percent compliance rate.
The fifth category, dedicated to domestic terminals, saw all airports achieving a 100 percent compliance rate during September.
This category encompassed Gurayat Airport, Arar Airport, and Bisha Airport, as well as Turaif Airport, Rafha Airport, and Al-Dawadmi Airport. It also included Wadi Al-Dawasir Airport, King Saud bin Abdulaziz Airport and Sharurah Airport.
The Kingdom has recorded a 17 percent rise in passenger air traffic over the first six months of this year, to 62 million compared to 53 million in the same period in 2023.
Saudi Arabia aims to enhance air connectivity to 250 destinations, serving 330 million passengers, and double air cargo capacity to 4.5 million tons by 2030 through its National Aviation Strategy.
Oracle’s 2nd public cloud region in Riyadh now live, part of $1.5bn investment
Updated 27 min 19 sec ago
Nadin Hassan
RIYADH: Technology firm Oracle Corp. has officially made its second public cloud region in Riyadh available to clients, offering services for application modernization, data analytics, and artificial intelligence innovation.
The launch is part of a $1.5 billion investment to enhance Saudi Arabia’s digital infrastructure.
The Riyadh cloud region will provide the Kingdom’s public and private sector organizations access to Oracle Cloud Infrastructure, allowing them to upgrade applications.
In an interview with Arab News, Oracle’s Senior Vice President of Technology Cloud in the Middle East and Africa, Nick Redshaw, highlighted that the increasing usage and demand for virtual services have continued to grow.
As a result, the existing infrastructure in Jeddah wasn’t sufficient, leading to the need for a second region.
This expansion is part of the firm’s distributed cloud strategy and follows the earlier establishment of a region in Jeddah, as well as previously announced plans for another in NEOM.
“We’d always anticipated the three regions. There was a shift. It was originally NEOM was the second region, Riyadh came on live online sooner. The third region is still planned to be NEOM at the moment, probably toward the end of this year, early next year,” Redshaw said.
Redshaw highlighted that in addition to these regions, the company had introduced a sovereign capability in collaboration with stc, which is important for government clients who face stricter regulatory requirements.
“That’s supporting Vision 2030 and the growth that we’re anticipating, but we still see material momentum in this market,” he said.
The initiative is anticipated to significantly contribute to the Kingdom’s AI economy, which is projected to reach $135.2 billion by 2030.
Riyadh is the second of Oracle’s cloud regions in Saudi Arabia. AN
As the country accelerates its digital transformation efforts, Oracle has identified key industries that are increasingly adopting cloud technologies, underscoring the nation’s potential for exponential growth in this area.
“I think it’s every industry where we see growth. In the oil and gas is a very major contributor to the Saudi economy, but banking, insurance, retail, manufacturing, clearly, tourism and sport is a very material growth area for the Kingdom,” Redshaw said.
He continued: “Every single one of them is taking advantage of digital transformation, and many born on the cloud environments as well, and I think the piece that spans all of them, that everybody is trying to take advantage of now is, how do you use AI to really deliver business value or citizen value,”
Oracle’s cloud solutions are helping industries across Saudi Arabia, including the public sector, harness the full potential of AI and cloud technology, paving the way for the Kingdom’s digital future.
“The market demand here is very strong. When I look across the Middle East, Africa region, Saudi is the biggest and fastest growing market that we see, and that momentum has continued to expand, and we anticipate that continuing as well,” Redshaw said.
Oracle’s cloud infrastructure is paving the way for significant opportunities for startups and small and medium-sized enterprises in Saudi Arabia, with the potential to drive both business growth and employment opportunities.
Redshaw highlighted the flexibility and scalability of their cloud solutions, which are key to supporting the growth of emerging businesses in the Kingdom.
“We have a fintech startup model as well that we’re running, and it’s an opportunity for people to try things, test them, see what works, and then as they mature and they want to grow, they’ve got the flexibility and the capability for elasticity to start and then grow big,” he said.
Beyond the technical capabilities of cloud infrastructure, the company is also focused on developing the local talent ecosystem, which is crucial for supporting rapid growth, particularly in startups.
In December 2023, Oracle launched the Mostaqbali program to train 50,000 Saudi nationals in artificial intelligence with Future Work, which is supervised by the Kingdom’s Ministry of Human Resources and Social Development.
“Mostaqbali where it’s not just the technical capability, it’s how do you build the ecosystem of skills, investing in training people so they understand how to take advantage of the technology, particularly true in startups where you need to scale and scale up very rapidly, which is another part of the investment we continue to make in the game,” Redshaw said.
Multilateral action needed to promote sustainable economic growth, says Saudi finance minister
Updated 22 October 2024
Reem Walid
RIYADH: Multilateral action should be adopted to address current risks and promote future sustainable economic growth and human development, a top Saudi official reiterated.
While attending Macro Week at the Peterson Institute for International Economics on Oct. 21 in Washington, D.C., alongside the 2024 International Monetary Fund and World Bank Group Annual Meetings, Saudi Minister of Finance and Chair of the International Monetary and Financial Committee Mohammed Al-Jadaan highlighted that low-income nations are the most affected by challenges facing the global community.
During his speech, Al-Jadaan also underlined that it is essential that global financial institutions continue to adjust quickly and decisively to solve challenges such as poverty and inequality, according to a statement.
This commitment falls in line with the Kingdom’s Vision 2030 goal of a “Thriving Economy,” which stipulates generating diversified opportunities and attracting global talents and expertise to contribute to Saudi Arabia’s economic development.
It also aligns well with the Sustainable Development Goal of promoting inclusive and long-lasting economic growth and achieving full and productive employment, decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value by 2030.
“MDBs (Multilateral Development Banks) need to increase their focus on capacity-building, as well as provide the support and advice needed,” Al-Jadaan said during his speech.
“Today, I participated in the PIIE Macro Week on the sidelines of the 2024 Annual Meetings of the IMF and the World Bank, during which I stressed the importance of strengthening multilateral action to achieve sustainable economic growth.,” the minister said in a statement on X.
The SDGs cover several aspects, including strengthening the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all.
It also entails protecting labor rights and promoting safe and secure environments accessible to everyone, including migrant workers – mainly females – and those in precarious employment.
PIIE is recognized as a prominent global research institution that offers policy analysis and pragmatic approaches to bolster the resilience of the global economy.
The organization strives to enhance global economic stability through actionable solutions by engaging top-tier experts in the field.
PIIE Macro Week aims to assemble finance ministers, central bankers, governmental authorities, and industry influencers worldwide for deliberations on macroeconomic matters. This event also seeks to identify strategies to fortify global economic steadiness and advancement.
Oil Updates – prices dip as geopolitical risks stabilize, China demand weighs
Updated 22 October 2024
Reuters
TOKYO/SINGAPORE: Oil prices eased on Tuesday as the top US diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world’s top oil importer, continued to weigh on the market.
Brent crude futures for December delivery were down 19 cents, or 0.3 percent, at $74.1 a barrel at 6:50 a.m. Saudi time. US West Texas Intermediate crude futures for November delivery were 18 cents lower at $70.43 a barrel on the contract’s last day as the front month.
The more actively traded WTI futures for December, which will soon become the front month, lost 14 cents, or 0.2 percent, to $69.9 per barrel.
Both Brent and WTI settled nearly 2 percent higher on Monday, recouping some of last week’s more than 7 percent decline, with no letup of fighting in the Middle East and the market still nervous about Israel’s expected retaliation against Iran potentially leading to a disruption of oil supply.
Monday’s gains can be attributed to technical profit-taking and short covering given oil’s bearish trend with forecasts pointing toward softer demand and oversupplied oil markets, said Priyanka Sachdeva, senior analyst at Phillip Nova, a brokerage firm.
US Secretary of State Antony Blinken headed to the Middle East on Monday seeking to revive talks to end the Gaza war and defuse the spillover conflict in Lebanon.
“Crude oil prices have been fluctuating in response to mixed news from the Middle East, as the situation alternates between escalation and de-escalation,” Satoru Yoshida, a commodity analyst with Rakuten Securities.
“The market is expected to rise if there are clearer signs of China’s economic recovery, bolstered by Beijing’s stimulus measures and improvement in US economy following interest rate cuts,” he said. But gains are likely to be limited by persistent uncertainty about the overall global economic outlook, he added.
China on Monday cut benchmark lending rates as anticipated at the monthly fixing, following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy.
The move comes after data on Friday showed China’s economy grew at the slowest pace since early 2023 in the third quarter, fueling growing concerns about oil demand.
China’s oil-demand growth is expected to remain weak in 2025 despite recent stimulus measures from Beijing as the world’s No. 2 economy electrifies its car fleet and grows at a slower pace, the head of the International Energy Agency said on Monday.
Still, Saudi Aramco is “fairly bullish” on China’s oil demand especially in light of the government’s stimulus package which aims to boost growth, the head of the state-owned oil giant said on Monday.
Also contributing to the downward pressure on oil market was the US dollar strength driven by a gradual easing of global inflation, Phillip Nova’s Sachdeva said.
A stronger dollar normally weighs on oil prices as it makes the greenback-priced commodity more expensive for non-dollar holders to buy.
US crude oil stockpiles likely rose last week, while distillate and gasoline inventories were seen down, a preliminary Reuters poll showed on Monday.
Saudi Arabia announces $13.3bn of investment deals at Global Health Exhibition
Key agreements include SR4bn pharmaceuticals-manufacturing deal, SR5bn expansion by Fakeeh Care Group, and SR3bn Almoosa Health Group plan for new medical facilities
Goal is for Kingdom to become ‘hub for addressing global challenges,’ through a unified government approach focusing on innovation, digital solutions and AI, minister says
Updated 22 October 2024
Arab News
RIYADH: Speaking on the opening day of the Global Health Exhibition in Riyadh on Monday, the Saudi minister of health, Fahad Al-Jalajel, announced imvestment deals in the sector worth more than SR50 billion ($13.3 billion).
Key deals include a SR4 billion pharmaceuticals-manufacturing agreement between NUPCO, Novo Nordisk and Sanofi, a SR5 billion expansion by Fakeeh Care Group, and a SR3 billion investment by Almoosa Health Group to establish five primary care centers and two hospitals.
Other major agreement included Dallah Health’s acquisition of Al-Salam and Al-Ahsa hospitals, which adds 749 beds to the healthcare system in the Eastern Province. Dallah is also planning a new hospital in Riyadh with a capacity of 250 beds and expansion potential, a project valued at SR4 billion.
The seventh Global Health Exhibition, the theme of which is “Invest in Health,” began on Monday at the Riyadh Exhibition and Convention Center and continues until Wednesday. It brings together government leaders, industry experts and healthcare professionals to explore transformative investments in Saudi Arabia’s healthcare sector, organizers said.
During his opening address, Al-Jalajel highlighted Saudi Arabia’s position as a leading regional investor in healthcare, as guided by the Health Sector Transformation Program under the Kingdom’s Vision 2030 plan for national development and diversification.
“Our goal is for the Kingdom of Saudi Arabia to serve as a hub for addressing global challenges by establishing a unified government approach, focusing on innovation, digital solutions and artificial intelligence,” he said.
Investment in the private health insurance sector in the country has surged, Al-Jalajel said, with more than 12 million people insured by the end of 2023, compared with only 3 million in 2011. He projected that this market, currently worth SR40 billion, would double in value by 2030.
In addition to investment deals, several strategic partnerships and other agreements across the healthcare sector were announced on the opening day of the exhibition, including collaborations between universities, healthcare institutions and the private sector that aim to boost research, innovation and the development of healthcare professionals in the Kingdom.
