Bahrain airshow sets stage for aerospace partnerships

The airshow will showcase Bahrain’s role as a hub for international aerospace events and its growing role in driving regional growth and innovation. Supplied
The airshow will showcase Bahrain’s role as a hub for international aerospace events and its growing role in driving regional growth and innovation. Supplied
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Bahrain airshow sets stage for aerospace partnerships

Bahrain airshow sets stage for aerospace partnerships
  • Event promises major deals, display of cutting-edge technologies

MANAMA: The Bahrain International Airshow 2024 is poised to elevate Bahrain’s position as a leader in the global aerospace industry, foster economic growth, and forge vital industry partnerships.

Under the patronage of King Hamad bin Isa Al-Khalifa, the seventh biennial event will take place from Nov. 13 to 15 at Sakhir Air Base, attracting key players from the world’s aviation, defense, and space sectors.

The airshow will be graced by Crown Prince Salman bin Hamad Al-Khalifa, along with prominent international thought leaders and industry experts.

The event will feature discussions on critical topics such as sustainability in aviation, cutting-edge technological innovations, infrastructure investment, space operations, gender equality in aerospace, and the future workforce challenges facing the industry.

With the participation of both civil and military aviation manufacturers, along with representatives from the fields of transportation, telecommunications, research, and space exploration, BIAS 2024 will serve as a major platform for global collaboration and knowledge exchange.

The airshow will also showcase Bahrain’s role as a hub for international aerospace events and its growing influence in driving regional growth and innovation.

The event will be hosted across a vast 14,000-sq. meter exhibition hall, 40 luxury chalets, and an 86,000-square-meter static aircraft display area. Major international exhibitors, including Lockheed Martin, Rolls-Royce, Thales, DHL, Indra Spain, Otokar, Defense Technology Equipment, and UAE’s Tawazan, will present the latest in aerospace and defense technologies. These displays will provide attendees with a firsthand look at the most advanced technologies shaping the future of aviation and defense.

Bahrain’s role as a strategic player in the aerospace sector has been reinforced in recent years through significant investments and partnerships that have propelled the country’s economic growth.

According to the event’s organizing committee, Bahrain’s gross domestic product grew by 4.9 percent in 2023, the highest rate since 2013. This growth is further supported by an increase in the performance of the non-oil sectors, which expanded by 1.3 percent year on year, reaching 3.7 billion Bahraini dinars ($9.8 billion) in the second quarter of 2024. These figures reflect the ongoing success of Bahrain’s economic diversification strategy, with the non-oil sector contributing more than 85 percent to the overall GDP.

For the first time, 13 companies from Europe, the US, China, Malaysia, and Thailand specializing in airport ground services will participate in BIAS 2024. This marks an expansion of the airshow’s scope, introducing new players and expertise to the event. Additionally, international aviation institutes will offer educational opportunities for attendees, further enhancing the event’s value by inspiring the next generation of aerospace professionals.

Key features

The airshow will also feature a series of impressive aerial displays. These include performances by the Royal Bahraini Air Force’s Copra Zolo by Bell, the Royal Saudi Air Force’s Typhoon and Saudi Hawks aerobatic display teams, as well as the Global Stars, Boeing 787-9, and the Indian Air Force’s Sarang helicopter team. These high-flying performances will showcase the technical capabilities of both military and civilian aircraft, captivating audiences and demonstrating the precision and skill of the world’s top aviators.

Since its launch in 2010, BIAS has grown significantly in both scale and prestige. Traditionally held in January, the event was moved to November in 2018 to better accommodate the needs of participants and the broader aerospace community. The 2022 edition attracted over 46,000 visitors from nearly 60 countries, with 186 companies participating and deals totaling $1.85 billion. The event also featured 100 aircraft on static display and was supported by 18 sponsors.

The final preparations for BIAS 2024 were reviewed in a meeting held two weeks ago, with Sheikh Abdullah bin Hamad Al-Khalifa, personal representative of King Hamad and chairman of the BIAS supreme organizing committee, confirming that everything is in place for the event.

Sheikh Abdullah emphasized that the ongoing success of BIAS reflects Bahrain’s growing role as a premier host for international events and highlighted the importance of continuing to organize specialized aviation affairs. These events not only help solidify the aviation sector’s role as a key economic growth driver but also create valuable opportunities for the youth in innovation and development.

As part of its commitment to engaging the next generation, BIAS 2024 will host approximately 5,000 students from public and private schools. These students will have access to the entertainment zone, where they can enjoy daily air displays and participate in educational programs and workshops. These initiatives are designed to spark interest in aviation, science, and technology, inspiring future careers in these fields.

The Supreme Organizing Committee for the event is chaired by Sheikh Abdullah bin Hamad Al-Khalifa and includes key figures such as Shaikh Abdullah bin Ahmed bin Abdullah Al-Khalifa, Bahrain’s newly appointed minister of transportation and telecommunications; Maj. Gen. Mohammed Al-Musalam, commander of Sakhir Air Base and head of the military committee; and Yousif Mahmoud, director general of BIAS.


Saudi firm launches carbon exchange platform at COP29 to drive emission reductions

Saudi firm launches carbon exchange platform at COP29 to drive emission reductions
Updated 30 sec ago
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Saudi firm launches carbon exchange platform at COP29 to drive emission reductions

Saudi firm launches carbon exchange platform at COP29 to drive emission reductions

BAKU: A new carbon exchange platform has been launched at the COP29 conference in Baku, aimed at channeling significant funding into global climate projects. 

Developed by Saudi Arabia’s Regional Voluntary Carbon Market Co., the platform will accelerate emission reduction efforts and strengthen the Kingdom’s role in the carbon credit market by 2030. 

The launch brought together 22 Saudi and international firms, signaling strong market interest and a commitment to sustainable development initiatives. The platform’s inaugural auctions aim to direct significant funding toward high-quality climate projects, particularly in the Global South. 

A Voluntary Carbon Market is a forum where organizations and individuals can purchase credits to offset their emissions by funding projects that reduce or capture greenhouse gases, such as reforestation or renewable energy. 

Unlike regulated markets, participation in VCMs is optional, allowing companies to support climate goals and compensate for emissions they cannot directly eliminate. 

VCMs are crucial for directing finance to environmental projects, especially in developing regions, and are considered a key tool in achieving global net-zero targets. 

The platform launched by RVCMC will offer auction and block trade functionalities, with plans to expand into spot markets by 2025. By providing a robust marketplace for carbon credits, RVCMC aims to bridge critical financing gaps in climate action, especially in regions most affected by climate change. 

The inaugural auction will see over 2.5 million tonnes of high-quality carbon credits traded, with participating companies including industry leaders such as Aramco Trading Co., Ma’aden, and Gulf International Bank. 

These transactions will fund a diverse portfolio of projects focused on emissions reduction and environmental preservation. Notable projects include methane capture in waste management, forest reforestation in Ethiopia, and carbon storage technology in construction in the US. 

A significant portion of the auction’s credits will focus on removal projects, enhancing their durability and environmental impact. 

RVCMC was established by Saudi Arabia’s Public Investment Fund and the Saudi Tadawul Group to foster a thriving voluntary carbon market within the Kingdom and the wider Middle East and North Africa region. 

Since its inception in 2022, the company has facilitated record-breaking auctions, underscoring the region’s growing role in global climate finance. 

This latest launch reinforces Saudi Arabia’s commitment to becoming a central player in the voluntary carbon market, leveraging its resources and infrastructure to address global emissions challenges in line with COP29 goals. 


Saudi Arabia needs 115k new homes a year to meet 2030 homeownership target: Knight Frank 

Saudi Arabia needs 115k new homes a year to meet 2030 homeownership target: Knight Frank 
Updated 49 min 25 sec ago
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Saudi Arabia needs 115k new homes a year to meet 2030 homeownership target: Knight Frank 

Saudi Arabia needs 115k new homes a year to meet 2030 homeownership target: Knight Frank 

RIYADH: Saudi Arabia will need to construct 115,000 homes annually over the next six years to address the demands of its growing population, according to new research by Knight Frank. 

In its latest release, the real estate consultancy firm emphasized that this substantial increase aims to fulfill the Kingdom’s 70 percent homeownership target by 2030, up from 63.7 percent at the end of 2023. 

Christopher Payne, partner and chief economist at Knight Frank MENA, said: “The Kingdom aims to create a nation of homeowners with all the attendant benefits that this brings, including economic stability and stimulus, wealth building, and community engagement.” 

An active housing market provides “greater choice, flexibility, and resilience for the Kingdom’s residents,” he added. 

The report underscored the collaborative approach of the Ministry of Municipalities and Housing and the National Housing Co. in working with both private and international stakeholders to deliver affordable and diverse housing options. 

It described this effort as “a national housing program” that will mobilize various partners to address both the demand and supply sides of the housing market. 

Recent initiatives include NHC’s partnerships, such as a deal with Egypt’s Talaat Moustafa Group to build over 27,000 homes, and an agreement with China’s CITIC Construction Group to establish an industrial city for construction materials. 

Payne added: “MOMAH’s initiatives helped to increase spending on residential construction from 5.5 percent of non-oil GDP to 8.5 percent in 2022.” 

Knight Frank projected that 65 percent of the anticipated 825,000 new homes by 2030 will be driven by household formation from marriage, while the remaining 35 percent will stem from the Kingdom’s goal to elevate homeownership rates. 

Additionally, it is noted that “existing platforms” will be utilized to ensure Saudi nationals have access to housing, reflecting the ministry’s aim to make homeownership more accessible to a young, expanding population. 

Further supporting this growth, the government’s Sakani program, launched in 2017, has helped low- and middle-income families access housing through mortgage guarantees, loan subsidies, and reduced payments. Sakani has facilitated over 800,000 housing contracts, spanning ready-made homes, self-construction, and off-plan units. 

With a significant portion of new housing developments projected in Riyadh due to rising demand from economic activity, Knight Frank noted that “urban centers like Riyadh” will play a crucial role in fulfilling the demand. 

This trend is already evident in the capital’s property values, where apartment prices have surged by 62 percent, and villa prices by 37 percent over the last three years. 

Future phases of the Sakani program aim to enhance housing affordability and availability through added incentives for developers and a wider range of housing options. Complementing these efforts is the ministry’s Etmam initiative, which facilitates “one-stop” online access for project approvals, streamlining processes and expediting construction. 

Knight Frank concluded that Saudi Arabia’s proactive housing strategies and Vision 2030 housing targets will unlock “the economic potential of a young, expanding population,” creating a “virtuous cycle” of economic stability and growth for the Kingdom. 


COP29 Day 2: World leaders gather in Baku for UN climate conference

COP29 Day 2: World leaders gather in Baku for UN climate conference
Updated 34 min 41 sec ago
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COP29 Day 2: World leaders gather in Baku for UN climate conference

COP29 Day 2: World leaders gather in Baku for UN climate conference

RIYADH: Dozens of world leaders convene in Azerbaijan on Tuesday for COP29 as the UN Secretary-General warned of the clock ticking for action to limit global temperature rises.

Speaking at the gathering in Baku Antonio Guterres said the world is in the “final countdown” to limit global temperature rise to 1.5 degrees Celsius.

He added that 2024 is “almost certain” to be the hottest year on record.

His comments came as leading figures from governments around the world arrived for the summit, although many top politicians are not attending this year’s summit.

US President Joe Biden, China’s Xi Jinping, India’s Narendra Modi and French leader Emmanuel Macron are among G20 leaders missing the event.

The top priority at COP29 is landing a hard-fought deal to boost funding for climate action in developing countries.

'Developing countries must not leave Baku empty-handed' - UN Secretary-General Antonio Guterres 

UN Secretary-General Antonio Guterres​​​​​. Supplied

Guterres used a speech at COP29 to say the forum “must tear down the walls to climate finance.” 

He set out five elements he believes are critical to success: 

  • A significant increase in concessional public finance.
  • A clear indication of how public finance will mobilize the trillions of dollars developing countries need.
  • Tapping innovative sources, particularly levies on shipping, aviation, and fossil fuel extraction. Polluters must pay.
  • A framework for greater accessibility, transparency, and accountability – giving developing countries confidence that the money will materialize
  • Boosting lending capacity for bigger and bolder Multilateral Development Banks. 

 

Voluntary Carbon Markets

An announcement away from the speeches as Saudi Arabia’s Regional Voluntary Carbon Market Co. today launches its voluntary carbon market exchange platform, bringing 22 domestic and international companies on board on its first day of trading.

The launch of the platform is a major milestone in Saudi Arabia’s ambition to become one of the largest voluntary carbon markets in the world by 2030. It aims to scale up the supply and demand of high-quality carbon credits across the Global South and beyond, driving funding to climate projects that require finance, supporting the transition to global net zero emissions.

Speaking in Baku, Riham El-Gizy, RVCMC’s CEO said: “The message coming into COP is clear: To accelerate global decarbonization we must unlock financial flows to critical climate projects on an enormous scale. High integrity voluntary carbon markets can play an important role in bridging the climate finance gap this decade. But institutional grade infrastructure must be put in place to help buyers and sellers scale up private sector participation and achieve the market’s potential.”

RVCMC was established by the Public Investment Fund and Saudi Tadawul Group Holding Co. in October 2022. PIF holds an 80 percent stake and Tadawul Group holds a 20 percent stake in the company. 


Oil Updates – crude slips on China stimulus concerns, oversupply outlook

Oil Updates – crude slips on China stimulus concerns, oversupply outlook
Updated 12 November 2024
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Oil Updates – crude slips on China stimulus concerns, oversupply outlook

Oil Updates – crude slips on China stimulus concerns, oversupply outlook

BEIJING: Oil prices eased on Tuesday as investor disappointment over China’s latest stimulus plan and oversupply concerns weighed on the market, along with a stronger dollar.

Brent crude futures fell 17 cents, or 0.2 percent, to $71.66 a barrel, by 8:50 a.m. Saudi time. US West Texas Intermediate crude futures were at $67.84 a barrel, down 20 cents or 0.3 percent.

Both contracts had fallen by more than 5 percent over the previous two trading sessions.

China unveiled a 10-trillion-yuan ($1.4 trillion) debt package on Friday to ease local government financing strains, as the world’s biggest oil importer faces fresh pressure from the re-election of Donald Trump as US president.

But analysts said it fell short of the amount of stimulus that would be needed to boost growth.

While crude oil prices extended losses on a stronger US dollar, concerns also emerged over demand in China, ANZ Research analysts said in a note.

“Data released over the weekend showed anaemic consumer inflation in October and another decline in factory gate prices,” they said.

The market is now looking ahead to the release of monthly oil market reports from OPEC, the International Energy Agency and the Energy Information Administration, the analysts added.

“Any further downgrades on demand, particularly from OPEC, could weigh on sentiment.”

The OPEC monthly report is set to be released later on Tuesday.

The market will be looking out for further downward revisions in demand from the group’s outlook through 2025, which would add to downward pressure on prices.

“We think OPEC+ will be forced to keep delaying the decision to roll back their voluntary cuts. This decision will still result in surplus pressures building,” said Vivek Dhar, an analyst with Commonwealth Bank of Australia.

“The key risk to our outlook is that OPEC+ look to unwind their voluntary supply cuts from January, thereby exacerbating oversupply pressures,” he added.

“Any hint that OPEC+ are opting to defend market share over targeting higher oil prices has the potential to see oil prices tumble.”

The US dollar held around four-month highs on Tuesday, as it is expected to benefit from policies that are likely to keep US interest rates relatively higher for longer.

Markets are also bracing for further signals from US inflation data and Federal Reserve speakers this week.

A stronger dollar makes commodities denominated in the US currency, such as oil, more expensive for holders of other currencies, and tends to weigh on prices. 


UrbanV joins forces with Cluster2 to revolutionize air mobility in Saudi Arabia

UrbanV joins forces with Cluster2 to revolutionize air mobility in Saudi Arabia
Updated 11 November 2024
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UrbanV joins forces with Cluster2 to revolutionize air mobility in Saudi Arabia

UrbanV joins forces with Cluster2 to revolutionize air mobility in Saudi Arabia

RIYADH: Saudi airports under Cluster2’s management will soon begin feasibility studies to explore the implementation of advanced air mobility solutions.

This initiative is part of a new partnership with UrbanV, an Italian vertiport operator.

The two sides have signed a memorandum of understanding aimed at developing both advanced air mobility and urban air mobility services within Saudi Arabia.

The agreement, signed by Ali Masrahi, CEO of Cluster2, and Carlo Tursi, CEO of UrbanV, focuses on creating an integrated ecosystem for AAM across Cluster2’s network of airports.

Beyond feasibility studies, the partnership will establish a framework for the design, development, and management of AAM and UAM solutions. This will ensure compliance with regulations set by the Kingdom’s General Authority of Civil Aviation, as well as safety standards and environmental sustainability goals.

UrbanV will contribute its expertise in AAM operations, providing technical training, knowledge transfer, and collaboration with key stakeholders.

As part of the collaboration, pilot programs will be launched to test electric vertical take-off and landing services in areas such as medical emergencies, VIP transport, and logistics. These trials will allow the partners to assess the operational feasibility of AAM in real-world conditions.

The companies have committed to supporting Saudi Arabia’s Vision 2030, including the use of zero-emission eVTOL vehicles and the development of environmentally sustainable vertiports.

“We are pleased to sign this partnership,” said Masrahi. “Through such collaborations, we aim to lead the way in creating advanced air mobility solutions and building an integrated ecosystem for airports across the Kingdom, while ensuring environmental sustainability at all our facilities.”

Tursi shared a similar sentiment, stating, “At UrbanV, we aim to improve people’s lives by enabling a fast, efficient, safe, and clean alternative for short-distance transport solutions for both people and goods by air. We are ambitious to become a global leader in operating vertiport networks and pioneering some of the world’s first AAM routes. We are excited to partner with Cluster2, a key player in airport management, and look forward to exploring the vast potential of introducing advanced air mobility in Saudi Arabia.”

Cluster2’s strategic objectives include increasing annual passenger traffic, expanding airport capacity, connecting Asia, Europe, and Africa via Saudi Arabia, and increasing the number of international routes in the Kingdom.

The company currently manages 22 airports across Saudi Arabia, including AlUla International, King Abdullah bin Abdulaziz Airport in Jazan, and King Saud bin Abdulaziz Airport in Al-Bahah.