Bahrain Airshow concludes with key deals, record aircraft displays

Bahrain Airshow concludes with key deals, record aircraft displays
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Organized by Bahrain’s Ministry of Transportation, the Royal Bahrain Air Force, and Farnborough International, the event underscored the kingdom’s position as a global aviation hub. Supplied
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Updated 17 November 2024
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Bahrain Airshow concludes with key deals, record aircraft displays

Bahrain Airshow concludes with key deals, record aircraft displays
  • Three-day showcase attracted over 55,000 industry professionals and visitors
  • Defense forums showcased advancements in combat technology

MANAMA: The Bahrain International Airshow 2024 concluded with a flurry of major business deals, including a contract between Bahrain’s Ministry of Transportation and Telecommunications and Leonardo to modernize the country’s air traffic radar and surveillance systems.

The agreement is set to enhance Bahrain International Airport’s efficiency and safety through advanced primary and secondary radar technologies.

The seventh edition of the airshow, held on Nov. 13 — 15 at Sakhir Air Base, set a record with over 125 aircraft displayed, a 25 percent increase from the previous event.

The event saw Bahrain’s national carrier Gulf Air extending its long-standing collaboration with Amman-based Joramco, boosting maintenance, repair, and overhaul capabilities.

Other key agreements included a partnership between Infracorp and Mena Aerospace to develop specialized aircraft hangars to position Bahrain as a regional hub for advanced aviation services.

The event also saw Valo Aviation secure Bahrain’s first business jet operator license, with plans to operate 15 aircraft by 2026, and a strategic cybersecurity alliance between Iron Net and Asterion to bolster critical infrastructure protection.

Aircraft showcases

Debut appearances at the event included the US Department of Defense’s B-52H Stratofortress and flydubai’s latest static display models.

The three-day showcase, inaugurated by Bahrain’s Crown Prince Salman bin Hamad on behalf of King Hamad, attracted over 40,000 industry professionals and visitors.

After touring the exhibition, Crown Prince Salman emphasized Bahrain’s focus on priority sectors as drivers of economic diversification, national development, and progress. He highlighted the role of the kingdom’s national talent in sustaining achievements and shaping future aspirations, according to the state news agency.

He underscored the importance of strategic sectors in supporting his country’s ambitions and contributing to its comprehensive development journey under the leadership of the monarch. He also reaffirmed Bahrain’s strong tradition of hosting successful international exhibitions and conferences, stressing the importance of maintaining this legacy.

Air displays included performances by the Saudi Hawks, Bahrain’s F-16s, and the US Navy’s P-8 Poseidon, showcasing their capabilities. Static displays featured a range of aircraft, including Gulf Air’s B787-9 and the Pakistan Air Force’s JF-17.

The Saudi Hawks team showcased green, red, and white trails in a nod to the strong ties between Saudi Arabia and Bahrain.

The Royal Saudi Air Force’s Typhoon, piloted by Maj. Faris bin Ali Al-Zahrani, demonstrated its capabilities with a series of maneuvers and high-speed passes.

Organized by Bahrain’s Ministry of Transportation, the Royal Bahrain Air Force, and Farnborough International, the event underscored the kingdom’s position as a global aviation hub.

Sustainability and innovation

Sustainability dominated discussions at the Airport and Airlines Forum, where executives from Gulf Air Group, Airbus, and Rolls-Royce explored the adoption of sustainable aviation fuel and net-zero technologies. Regulatory support and innovation were highlighted as essential to making sustainable aviation fuel commercially viable.

Mohammad Al-Khuraisi, vice president of strategy and business intelligence at the Saudi General Authority of Civil Aviation, said the agency’s participation in the Bahrain International Airshow highlights his country’s achievements in aviation, showcases the key pillars of the Kingdom’s aviation strategy, and presents future investment opportunities.

Ali Rajab, GACA’s executive vice president of Air Transport and International Cooperation, said the authority’s presence at the event underscores new regulations aimed at fostering growth and innovation in the aviation sector.

Rajab added that the Saudi aviation strategy, which targets $100 billion in investment and aims to increase annual passenger numbers to 330 million, serves as the foundation for these advancements.

Defense forums showcased advancements in combat technology, including autonomous systems, AI-driven cybersecurity, and electronic warfare, emphasizing the importance of collaboration between governments and the private sector.

Aviation milestones

Bahrain International Airport was recognized as the world’s first to receive the International Air Transport Association’s Environmental Assessment Certification, aligning with the kingdom’s broader sustainability goals.

Bahrain’s National Space Science Agency also announced an initiative to train 100 students in satellite image analysis and space science, part of its STEM-focused educational efforts.

Growing reputation

At a press conference, Sheikh Abdullah bin Ahmed, chairman of the airshow’s supreme organizing committee, expressed pride in its success in attracting leading global companies and organizations.

“This is by far the most successful international airshow hosted in Bahrain in terms of connectivity, engagement, and diversity,” said Sheikh Abdullah.

He added: “Bahrain is a strategic hub for the aviation industry, and this year, we are celebrating 75 years of aviation. Bahrain has consistently played a pivotal role in fostering regional growth and innovation.”

The chairman said the numerous agreements and deals signed during the event reflect Bahrain’s growing global stature, with the strong turnout of exhibitors, participants, and visitors further cementing the kingdom’s reputation as a hub for excellence and innovation.

Sheikh Abdullah highlighted Bahrain’s ongoing success in hosting major international events, positioning it as a preferred destination for business and innovation.

“This year’s edition of the airshow has already welcomed 40,000 international and regional aerospace professionals, delegates, and visitors, with expectations to surpass 55,000 by the end of the day.”

He also said that the airshow is a key driver for the aviation sector, aligning with Bahrain’s vision for technological advancement and creative growth.

With 177 organizations participating and 80 percent of exhibitors being international, the biennial event underscored Bahrain’s commitment to its Economic Vision 2030 by fostering investment, digital transformation, and sustainable growth.


Qatar’s Lesha Bank expands global footprint with $57.65m stake in Edinburgh Airport

Qatar’s Lesha Bank expands global footprint with $57.65m stake in Edinburgh Airport
Updated 22 sec ago
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Qatar’s Lesha Bank expands global footprint with $57.65m stake in Edinburgh Airport

Qatar’s Lesha Bank expands global footprint with $57.65m stake in Edinburgh Airport

JEDDAH: Qatar’s Lesha Bank has acquired a 210 million Qatari riyals ($57.65 million) stake in Edinburgh Airport, marking its debut in the global infrastructure investment market.

The bank, the first independent Shariah-compliant institution authorized by the Qatar Financial Centre Regulatory Authority, announced that the investment is being managed by a respected infrastructure fund manager.

This move aligns with the bank’s strategic focus on resilient asset classes and marks a significant step in its global infrastructure investment journey, according to a statement from Lesha Bank.

Lesha Bank CEO Mohammed Ismail Al-Emadi described the investment in Edinburgh Airport as a key milestone for the institution.

“As part of our infrastructure investment portfolio, we seek attractive investment opportunities that may drive long-term value. Our recent focus on aviation investments has been met with strong demand from our clients, given the sector’s robust growth potential,” he said.

The CEO, who has recently been featured in Forbes’ list of the top 40 asset managers in the Middle East for 2025, added that the collaboration with their business partners reinforces the bank’s commitment to delivering value for all stakeholders involved.

The institution also explained that the acquisition marks an important advancement in its aviation strategy following its recent purchase of multiple aircraft leased to a major airline.

The acquisition reinforces its commitment to expanding its aviation and infrastructure portfolio, with the investment structured through a Shariah-compliant financing arrangement, the bank, listed on the Qatar Stock Exchange, said in a filing on March 26.

Lesha Bank serves as an investment partner, offering premium financial opportunities and innovative solutions with a broad local, regional, and international reach. The institution continues to strengthen its position as a trusted advisor and gateway to opportunities in Qatar, the wider region, and global markets, with a particular focus on the US, Europe, and the MENA region.

The organization also offers high-net-worth individuals and corporates a range of innovative, tailor-made Islamic financial products and solutions covering alternative investments focused on real estate and private equity, along with private wealth, asset management, and investment banking advisory.

In January, the bank disclosed the interim financial statement for the 12-month period ending Dec. 31, 2024. The financial statements revealed a net profit of 128,165 million in comparison to 94,388 million for the same period of the previous year.


Saudi Arabia’s real estate sector to maintain growth momentum in 2025

Saudi Arabia’s real estate sector to maintain growth momentum in 2025
Updated 20 min 48 sec ago
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Saudi Arabia’s real estate sector to maintain growth momentum in 2025

Saudi Arabia’s real estate sector to maintain growth momentum in 2025

RIYADH: Saudi Arabia’s real estate sector is expected to experience growth in 2025, fueled by the ongoing efforts of Vision 2030 to diversify the Kingdom’s economy, according to a recent analysis.

In its latest report, real estate services firm JLL highlighted that economic growth across the Gulf Cooperation Council is expected to remain strong in 2025, with Saudi Arabia leading the charge. The Kingdom’s non-oil sector is projected to expand by 5.8 percent in 2025, an increase from 4.5 percent in 2024.

JLL also noted that Saudi Arabia’s construction sector continued to perform well in 2024, with project awards totaling $29.5 billion.

A strong real estate market is critical for the Kingdom as it works to position itself as a global hub for tourism and business, reducing its long-standing dependence on oil revenues.

The Real Estate General Authority of Saudi Arabia forecasts the property market to reach $101.62 billion by 2029, with a compound annual growth rate  of 8 percent starting in 2024.

Saud Al-Sulaimani, country head of JLL, Saudi Arabia, said: “Despite global economic headwinds, the resilience and strategic diversification efforts in Saudi Arabia, driven by Vision 2030, are a significant catalyst for real estate development, attracting both domestic and international capital.”

He added: “The flight to quality, limited vacancy in prime assets, and ambitious tourism strategies are further bolstering sustained demand across key sectors, particularly in Riyadh and Jeddah, creating a compelling investment landscape for the long term.” 

According to the report, the hospitality, mixed-use, and leisure sectors saw substantial activity, while the residential sector also performed strongly, with $7.9 billion in awards in 2024.

JLL pointed out several challenges faced by Saudi Arabia’s real estate sector, including capacity constraints, rising costs, and geopolitical conflicts.

The report emphasized that the Kingdom is tackling these challenges through increased localization efforts, ongoing infrastructure investment, and digital transformation. Additionally, regulatory reforms, improved stakeholder collaboration, and a focus on renewable energy and sustainability are key strategies to overcome these obstacles.

“Strategic projects that underpin Saudi Arabia’s Vision 2030 will continue to attract substantial investments, creating new opportunities for market expansion,” said Maroun Deeb, head of projects and developments for JLL in Saudi Arabia. 

He added: “Significant cash flow is anticipated for major events like the FIFA World Cup 2030 and EXPO 2030, further boosting infrastructure development and positioning the real estate sector for robust performance and positive growth in 2025 and beyond.”

In 2024, Riyadh’s office sector witnessed strong demand, while limited supply saw Grade A buildings registering a mere 0.2 percent vacancy. 

The analysis added that average rents for Grade A office spaces stood at $609 per sq. meter by the end of the fourth quarter of 2024. 

Grade A office spaces command a premium due to their prime location, infrastructure, and modern amenities.

JLL revealed that 326,000 sq. meters of gross leasable area was added to the market in 2024, while 888,600 sq. meters are awaiting in the pipeline in 2025. 

“Jeddah is emerging as a compelling alternative, attracting regional and international corporations to its modern, high-quality office spaces in the northwestern region. Dammam’s market remains stable, primarily driven by government entities,” added JLL. 

In Riyadh’s residential sector, villas continued to dominate, accounting for 53.3 percent of the overall transactions. 

Even though 28,943 units are slated for 2025 in Riyadh, new supply lags will likely drive price and rental increases. 

According to JLL, Riyadh’s hospitality industry witnessed significant growth in 2024, with average daily rates surging by 13.3 percent year on year to $239. 

The report added that Riyadh’s growth as a key business and leisure hub will continue, with 2,312 keys expected in 2025.

“As Saudi Arabia progresses with its Vision 2030 objectives, Riyadh’s hospitality market is likely to play a crucial role in supporting the Kingdom’s broader economic goals and establishing itself as a key destination for both business and leisure travelers in the region,” said JLL. 

Jeddah’s hospitality landscape, bolstered by religious and leisure tourism, also remained strong in 2024. 

The report added that upward rental rates in Riyadh and Jeddah’s industrial and logistics sectors indicate strong market activity and robust demand for enhanced logistics and warehousing capabilities. 

Regarding the data center landscape, JLL said that 5G and artificial intelligence are driving the segment’s growth. 

“Saudi Arabia, particularly Riyadh, Dammam, and Jeddah, boasts a significant data center footprint. The Kingdom ranks third in live colocation data center facilities and contributed approximately 12.6 percent of the region’s 1,050 MW operational IT load capacity by the end of 2024, positioning it well for further expansion,” concluded JLL. 


Saudi CMA moves to improve debt issuance governance for SPEs

Saudi CMA moves to improve debt issuance governance for SPEs
Updated 27 March 2025
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Saudi CMA moves to improve debt issuance governance for SPEs

Saudi CMA moves to improve debt issuance governance for SPEs

RIYADH: Saudi Arabia’s Capital Market Authority is seeking to improve the governance of Special Purpose Entities to increase their attractiveness for issuing debt instruments and acting as investment units.

SPEs, established and licensed by the CMA, are independent financial and legal entities created for specific financing purposes, dissolving once their objectives are met. 

The CMA’s newly proposed amendments seek to expand the range of eligible issuers while ensuring alignment with existing regulations.

The changes would also enable SPEs to offer debt instruments through exempt offerings, complementing the existing public and private issuance frameworks. 

This move aligns with the regulator’s goals of developing the sukuk and debt instruments market while supporting the growth of the asset management industry. 

“The draft will also support the deepening of the sukuk and debt instruments market and the diversification of issuances by expanding the range of debt issuers through Special Purpose Entities, which in turn will contribute to enhancing liquidity and creating new investment opportunities,” the CMA said in a statement. 

SPE adoption has surged in recent years, with the number of entities more than doubling from 464 in 2018 to 945 by the end of 2024. 

The newly released CMA draft reveals that among the amendments aimed at broadening the scope of issuers is the authorization for SPEs to conduct securitization transactions. 

It also aims to streamline governance by clarifying the responsibilities of directors and fund managers within an entity’s by-laws, particularly for funds structured as SPEs. 

Additionally, the reforms aim to strengthen SPE governance by requiring that the trustee be a legal entity, enhancing provisions for trustee removal, ensuring board members’ independence from the sponsor and originator, and simplifying the entity’s dissolution procedures. 

Earlier this week, the CMA proposed easing investor criteria for Nomu, the Kingdom’s parallel market, to expand participation and enhance liquidity. 

The amendments included reducing the minimum transaction requirement for individual investors from SR40 million ($8 million) to SR30 million over a 12-month period while eliminating the quarterly trading activity requirement.

Additionally, under the new regulations, board and committee members of Nomu-listed companies would qualify as eligible investors. 


Kuwait passes borrowing law to rejoin global debt markets after 8 years

Kuwait passes borrowing law to rejoin global debt markets after 8 years
Updated 27 March 2025
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Kuwait passes borrowing law to rejoin global debt markets after 8 years

Kuwait passes borrowing law to rejoin global debt markets after 8 years

RIYADH: Kuwait is set to return to international debt markets after an eight-year absence, following the approval of a long-awaited public borrowing law aimed at addressing fiscal pressures and financing infrastructure projects. 

According to the Ministry of Finance, the law allows the government to issue up to 30 billion Kuwaiti dinars ($98 billion) in debt instruments, either in local or major foreign currencies, with maturities of up to 50 years — the longest-term legal framework the country has ever established for managing public debt. 

Since its debt law expired in 2017, Kuwait has been unable to issue sovereign bonds. Fitch Ratings noted earlier this month that passing the financing and liquidity law will boost fiscal flexibility, although the government has so far met its financing needs through substantial assets. 

Finance Minister and Minister of State for Economic Affairs and Investment, Noura Suleiman Salem Al-Fassam, said the law marks a strategic shift that will enhance Kuwait’s ability to meet financial obligations and support long-term growth. 

“This law gives Kuwait greater financial flexibility by providing the option to access both local and global financial markets to enhance liquidity management. This law supports government efforts to strengthen financial stability and drive economic development in line with Kuwait Vision 2035,” she added. 

The law is expected to stabilize liquidity, reduce borrowing costs, and strengthen Kuwait’s debt management strategy. 

Faisal Al-Muzaini, director of public debt at the Ministry of Finance, said it would introduce multiple financial instruments, allowing the state to secure financing through bonds, sukuk, or other market tools. 

“Developing the local debt markets enhances Kuwait’s competitiveness as a regional financial center and provides the government with new financial tools to manage public finances efficiently,” Al-Muzaini added. 

The law addresses a long-standing challenge in financing major infrastructure and development projects. It is also expected to stimulate liquidity and encourage greater private sector participation in financing activities. 

The ministry emphasized that this legislative step underscores Kuwait’s commitment to sustainable fiscal policy, balancing development financing with debt sustainability. 

The government also expects the law to improve Kuwait’s sovereign credit profile and enhance financial stability by ensuring liquidity under varying economic conditions. 

Kuwait’s budget for the next fiscal year, which runs from April 1, 2025, to March 31, 2026, projects a $22.44 billion deficit, with $59.10 billion in revenue and $79.54 billion in expenditure.


Saudi Aramco maintains propane, butane prices for April

Saudi Aramco maintains propane, butane prices for April
Updated 27 March 2025
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Saudi Aramco maintains propane, butane prices for April

Saudi Aramco maintains propane, butane prices for April

RIYADH: Saudi Aramco kept the April’s official selling prices for propane and butane unchanged from the previous month, according to a statement released on Thursday.

The prices are set at $615 per tonne for propane and $605 per tonne for butane.

Both propane and butane are types of liquefied petroleum gas, commonly used for heating, vehicle fuel, and as feedstock in the petrochemical industry. Although similar, these gases have different boiling points, making them suitable for a range of specific applications.

Aramco’s OSPs for LPG serve as important benchmarks for contracts supplying these products from the Middle East to the Asia-Pacific region.

Propane demand typically peaks in the winter months, as it is a key source of home heating, and this seasonal increase often drives up prices.

The fluctuations in price are a direct reflection of supply and demand dynamics.

Last month, the Saudi company slashed OSP for propane by $20 per tonne while butane prices were dropped by $20 to $605 a tonne.