You are here

  • Home
  • Saudi flyadeal records lowest complaint in November, 99% resolution rate: GACA

Saudi flyadeal records lowest complaint in November, 99% resolution rate: GACA

Saudi flyadeal records lowest complaint in November, 99% resolution rate: GACA
Saudi Arabia’s aviation sector is rapidly growing as the nation aims to become a regional hub and major tourist destination. Shutterstock
Short Url

https://arab.news/wz2n5

Updated 43 sec ago
REEM WALID 
Follow

Saudi flyadeal records lowest complaint in November, 99% resolution rate: GACA

Saudi flyadeal records lowest complaint in November, 99% resolution rate: GACA
  • flynas was second, with 12 complaints per 100,000 travelers and a resolution rate of 100%
  • Saudia was third, with 13 complaints per 100,000 passengers and a resolution rate of 99%
Updated 43 sec ago
REEM WALID 
Follow

RIYADH: Saudi low-cost airline flyadeal recorded the fewest complaints among its competitors in November, with just 11 per 100,000 travelers, and achieved a 99 percent resolution rate, a recent report revealed.

Issued by the Kingdom’s General Authority of Civil Aviation, the classification index for air transport service providers and airports is designed to inform passengers about performance, helping them make more informed decisions.

Low-cost carrier flynas was second, with 12 complaints per 100,000 travelers and a resolution rate of 100 percent, and Saudia was third, with 13 complaints per 100,000 passengers and a resolution rate of 99 percent. 

Saudi Arabia’s aviation sector is rapidly growing as the nation aims to become a regional hub and major tourist destination. Through the Saudi Aviation Strategy, which opens the sector to global investors, streamlines licensing, and promotes competition, over $100 billion in aviation investment is being attracted to support the Kingdom’s Vision 2030’s goals.

The report is in line with GACA’s efforts to promote transparency, demonstrate its credibility and keenness to deal with travelers’ complaints, stimulate fair competition, and develop and improve services.

The figures from the analysis also align well with the National Aviation Strategy by the Kingdom, which aims to increase the air passenger throughput more than three-fold to 330 million by 2030.

The GACA data further revealed that despite serving over 6 million annual passengers, King Khalid International Airport in Riyadh had 13 complaints, a low rate of 0.4 percent per 100,000 passengers, and a 100 percent resolution record.

Prince Sultan Bin Abdulaziz International Airport, with nearly 6 million annual passengers, also had a complaint rate of 0.4 percent per 100,000 passengers and a 100 percent resolution rate.

King Saud Airport had the lowest complaints among domestic airports, with a rate of 3 percent per 100,000 passengers and a 100 percent resolution rate.

The most common complaints in November were related to luggage, flights, and tickets.

According to the 2024 State of Aviation Report by GACA, a key measure of the aviation sector’s success is the 7 percent growth in air cargo, reaching 900,000 tonnes, alongside a record-breaking 112 million passengers in 2023.

This passenger volume was surpassed by a 17 percent increase in the first half of 2024, with the number of flights growing by 12 percent compared to the same period last year, reaching 815,000.

Topics: Saudi Arabia flyadeal Travel Saudi aviation Saudi General Authority of Civil Aviation (GACA)

Related

Saudi Arabia’s flyadeal boosts Dammam network with 3 domestic routes
Business & Economy
Saudi Arabia’s flyadeal boosts Dammam network with 3 domestic routes
Flyadeal participates in Hajj and Umrah forum in Egypt
Corporate News
Flyadeal participates in Hajj and Umrah forum in Egypt

Six initiatives unveiled to strengthen Saudi-Yemeni economic ties

Six initiatives unveiled to strengthen Saudi-Yemeni economic ties
Updated 57 sec ago
Miguel Hadchity
Follow

Six initiatives unveiled to strengthen Saudi-Yemeni economic ties

Six initiatives unveiled to strengthen Saudi-Yemeni economic ties
Updated 57 sec ago
Miguel Hadchity

RIYADH: The Saudi-Yemeni Business Council has announced six key initiatives aimed at enhancing trade and investment ties between Saudi Arabia and Yemen, while also supporting Yemen’s ongoing economic development.

The initiatives were unveiled during a joint council meeting held in Makkah on Sunday, attended by over 300 Saudi and Yemeni investors, according to Al-Ekhbariya.

Abdullah bin Mahfouz, chairman of the Saudi-Yemeni Business Council, which is part of the Federation of Saudi Chambers, disclosed that agreements had been made to establish three new Saudi-Yemeni companies.

The first company will focus on renewable energy, with an initial capital investment of $100 million, to generate solar-powered electricity for Yemen.

The second venture will operate in telecommunications, utilizing Starlink satellite networks. The third company will organize exhibitions and conferences in Yemen to promote Saudi products and support the country’s reconstruction efforts, as reported by the Saudi state-owned channel.

In addition to these initiatives, the council has proposed upgrading the infrastructure at border crossings between the two countries, improving logistics services to facilitate smoother trade.

The trade volume between Saudi Arabia and Yemen currently stands at SR6.3 billion ($1.6 billion), with Yemeni imports from Saudi Arabia accounting for just SR655 million. However, sectors such as mining, agriculture, livestock, and fisheries in Yemen remain largely underdeveloped and present significant growth opportunities.

Among the key recommendations is the establishment of quarantine centers to inspect Yemeni livestock, agricultural products, and seafood, aimed at increasing Yemen’s exports to Saudi Arabia. There are also plans to create “smart food cities” in border regions to bolster food security and promote sustainable agricultural practices through advanced resource management and technology.

Addressing banking and credit challenges is another priority. The council has called for improvements to Yemen’s banking infrastructure, including better collaboration with Saudi banks and the development of Yemen’s exchange sector, to facilitate smoother financial transactions for traders from both countries.

A significant proposal also includes the creation of a Yemeni Investors Club in Saudi Arabia, designed to encourage joint investments and foster business partnerships between the two nations.

Abdulmajid Al-Saadi, co-chairman of the Yemeni Business Council, commended Saudi Arabia’s recent reforms in investment regulations, highlighting that Yemeni capital, estimated at SR18 billion, has increasingly been channeled into Saudi markets. This places Yemen third among foreign investors in the Kingdom.

For over 23 years, the Saudi-Yemeni Business Council has played a pivotal role in fostering economic relations between the two countries, organizing forums, identifying trade and investment opportunities, and promoting bilateral business exchanges. The targeted sectors for cooperation include renewable energy, agriculture, livestock, telecommunications, and trade development, in line with regional and global food security challenges.

In 2023, trade between Saudi Arabia and Yemen amounted to SR6.2 billion, with Saudi exports totaling SR5.6 billion, which included dairy products, fuels, and vegetables. Yemeni imports from Saudi Arabia reached SR661.9 million, consisting of fruits, seafood, and printed materials.

Saudi Arabia has provided significant financial support to Yemen over the past few decades, including over $50 billion in funding for central bank deposits, government budgets, and development projects.

Topics: Saudi Arabia Yemen

Riyadh leads Saudi real estate surge with 20.8% rise in office rents

Riyadh leads Saudi real estate surge with 20.8% rise in office rents
Updated 19 min 38 sec ago
Nirmal Narayanan
Follow

Riyadh leads Saudi real estate surge with 20.8% rise in office rents

Riyadh leads Saudi real estate surge with 20.8% rise in office rents
Updated 19 min 38 sec ago
Nirmal Narayanan

RIYADH: The real estate market in Riyadh is experiencing significant growth, with rents for Grade A office spaces rising 20.8 percent year on year in the third quarter of 2024, reaching SR2,131 ($567.31) per sq. meter. This increase reflects the city’s expanding economic activity, driven by both a thriving private sector and ongoing government initiatives aimed at positioning the capital as a global business and investment hub. According to JLL’s latest market analysis, this surge in demand for high-quality office spaces is contributing to a historic low in vacancy rates, which fell to just 1.6 percent in Q3 2024.

The report attributes the rise in office rents to the Kingdom’s economic diversification efforts, particularly the continued growth of the private sector in Riyadh.

The city remains an attractive destination for businesses and investors, with strong demand for Grade A office space in key districts. JLL also highlighted that Northern Riyadh, with its superior accessibility and high-quality developments, is increasingly favored by occupiers, driven by the area's efficient workspaces and ample parking, which help mitigate rising traffic congestion.

In Jeddah, Grade A office rents rose by 11.6 percent year on year, reaching SR1,338 per sq. meter, with a low vacancy rate of 3.7 percent. These trends reflect broader market strength across Saudi Arabia’s key cities.

Hospitality sector thrives

Saudi Arabia’s hospitality sector continues to see impressive growth, fueled by a combination of high-profile events and the Kingdom’s expanding tourism infrastructure. With events like Riyadh Season and AlUla Season drawing millions of visitors, coupled with the ongoing development of urban infrastructure, the Kingdom is solidifying its status as a leading global leisure and business destination.

According to the Ministry of Tourism, Saudi Arabia’s leisure tourism has skyrocketed by 656 percent since 2019, with 17.5 million international visitors arriving in the first seven months of 2024 alone.

This boom in tourism, supported by initiatives such as the streamlined tourist visa system and a growing entertainment sector, has boosted the Kingdom’s appeal as a global leisure destination. In fact, Saudi Arabia has already surpassed its original Vision 2030 target of attracting 100 million visitors and is now aiming for 150 million by 2030.

“The hospitality sector is set for continued expansion, driven by a packed events calendar and a steady influx of religious tourists,” said Saud Al-Sulaimani, country head of JLL Saudi Arabia. “These factors will fuel demand for accommodations and enhance occupancy rates in key cities.”

In Riyadh, the average daily rate for hotels increased by 19 percent year on year in Q3 2024, reaching SR736.3, while revenue per available room saw a 17.1 percent rise to SR440.3. Despite a minor dip in occupancy by 1.2 percentage points, these metrics reflect the growing strength of the hospitality sector. Jeddah, on the other hand, saw a 10.3 percent year-on-year decline in RevPAR, attributed to a 12.1 percent drop in ADR, although occupancy rates rose by 1.4 percentage points. Makkah and Madinah presented mixed trends, with RevPAR declining by 2.9 percent in Makkah, while Madinah saw a slight increase of 1.6 percent.

“Performance metrics in the hospitality sector are expected to improve as we approach the year's end, fueled by key events like the Riyadh and AlUla Seasons, as well as continued religious tourism,” JLL added.

Residential market growth

The residential markets in Riyadh and Jeddah also saw strong performance in the third quarter of 2024, driven by strong demand and shifting buyer preferences. In Riyadh, 4,000 new residential units were added in Q3, bringing the total stock to 1.46 million. Jeddah saw even greater growth, with 8,000 new units delivered, increasing its stock to 899,000 units.

Residential property prices in both cities also saw significant increases, with Riyadh experiencing a 12 percent year-on-year rise in sales prices, while Jeddah saw a 6 percent increase.

“This is an exciting time for Saudi Arabia, with unprecedented growth across multiple sectors,” said Al-Sulaimani. “The combination of soaring tourism numbers, rising hospitality revenues, and strong demand for residential properties is creating a dynamic environment that presents immense opportunities for investors and businesses alike.”

He added: “The Kingdom’s commitment to diversifying its economy is evident, and we are excited to see how these developments will shape our future.”

Topics: real estate Riyadh office tourism

Saudi Arabia seeks to establish specialized courts to resolve business disputes 

Saudi Arabia seeks to establish specialized courts to resolve business disputes 
Updated 46 min 25 sec ago
Nadin Hassan
Follow

Saudi Arabia seeks to establish specialized courts to resolve business disputes 

Saudi Arabia seeks to establish specialized courts to resolve business disputes 
Updated 46 min 25 sec ago
Nadin Hassan

RIYADH: Saudi Arabia plans to establish specialized courts to address investment disputes, enhance market confidence, and support its Vision 2030 strategy of becoming a global business hub. 

The initiative, revealed through a survey conducted by the Ministry of Investment and shared with the Federation of Saudi Chambers, is aimed at evaluating the need for such judicial bodies across key sectors, Al Arabiya reported. 

These courts are expected to bolster trust in the Kingdom’s legal framework, aligning with its broader legislative and judicial reforms designed to accelerate progress under Vision 2030 and the National Investment Strategy. 

The specialized courts are part of the strategy’s fourth pillar, launched by Crown Prince Mohammed bin Salman in 2021, which seeks to mobilize SR12 trillion ($3.19 trillion) in economic activity through transformative projects, improved infrastructure, and job creation. 

In August, Saudi Arabia announced a major overhaul of its investment laws, reaffirming its commitment to creating a business-friendly environment for global enterprises. 

Revised laws integrate existing commercial rights into a unified framework, prioritizing transparency and simplifying regulatory processes. They offer enhanced protections, including property and intellectual property rights, streamlined registrations, and the establishment of dedicated service centers to expedite government interactions. 

These updates build on previous measures such as the Civil Transactions Law, Private Sector Participation Law, Companies Law, Bankruptcy Law, and the introduction of Special Economic Zones. 

At the time, Saudi Investment Minister Khalid Al-Falih stated that the law underscored Saudi Arabia’s dedication to fostering a secure and investor-friendly environment, bolstering economic growth, and solidifying the Kingdom’s status as a leading global investment hub.  

He noted that Vision 2030’s policy framework offered investors the confidence and stability needed to thrive, particularly as other markets faced significant volatility. 

The law also seeks to create a competitive market by encouraging fair competition and guaranteeing equal opportunities for both domestic and international investors. 

Earlier this year, Saudi Arabia launched its regional headquarters program, offering businesses incentives such as a 30-year exemption from corporate income tax and withholding tax on headquarters activities, along with access to discounts and support services. 

In October, Al-Falih confirmed the success of the initiative, announcing that the Kingdom had attracted 540 international companies to establish regional headquarters in Riyadh, surpassing its 2030 target of 500. 

Topics: Saudi Investment

Related

Special Saudi investment minister says 27 agreements worth $2 billion to be signed with Pakistan today video
Pakistan
Saudi investment minister says 27 agreements worth $2 billion to be signed with Pakistan today
Saudi investment minister due in Pakistan to finalize $2bn business proposals
Business & Economy
Saudi investment minister due in Pakistan to finalize $2bn business proposals

Oman launches food security projects to ensure supply, sustainability

Oman launches food security projects to ensure supply, sustainability
Updated 22 December 2024
MOHAMMED AL-KINANI
Follow

Oman launches food security projects to ensure supply, sustainability

Oman launches food security projects to ensure supply, sustainability
  • Food security is a top priority for Oman, particularly in light of the increasing risks that climate change poses to global supplies
  • Production will be distributed locally, regionally, and globally to meet increasing demand
Updated 22 December 2024
MOHAMMED AL-KINANI

JEDDAH: Oman has launched new food security initiatives, partnering with government entities and the private sector to strengthen supply chain operations and enhance sustainability.

The scheme, announced by the sultanate’s Ministry of Agriculture, Fisheries, and Water Resources, reflects the Gulf state’s commitment to long-term food security and economic diversification as part of its broader development goals.

Food security is a top priority for Oman, particularly in light of the increasing risks that climate change poses to global supplies. 

The government has launched several initiatives, including the Food Security Strategy 2010-2020, which focuses on three key areas such as managing demand, boosting local production, and ensuring reliable imports, with specific goals to promote sustainable agriculture, rural development, and fisheries.

The country also launched the National Nutrition Strategy 2020-2030, introduced by the Ministry of Health in 2021, aligning with Oman’s Vision 2040. The initiative aims to improve nutrition, eliminate malnutrition, and enhance food security, which aligns with the World Health Organization’s Regional Nutrition Strategy.

Oman also unveiled the Sustainable Agriculture and Rural Development Strategy 2040, which aims to enhance the productivity and sustainability of agriculture, forestry, and fisheries. To further these goals, the sultanate also launched the Million Date Palm Plantation Project.

Salem bin Abdullah Al-Ghufaili, the agriculture ministry’s director general of food security, said that these projects include a sugar refining project — the first of its kind in the country, adding that it will be located on an area of 18,000 sq. meters at Sohar Port, with an annual production capacity of approximately 1 million tons, as reported by Oman News Agency.

Al-Ghufaili said that the plant will be equipped with state-of-the-art, European-made production lines, utilizing the latest technological advancements to produce refined sugar of the highest quality from raw sugar. 

He also said the production will be distributed locally, regionally, and globally to meet increasing demand, adding that the project’s rapid progress, with 91 percent completion, is bringing it closer to the final stages.

In a statement to ONA, the director general added that Salalah Mills Co. is currently implementing a food industries center project in the Khazaen Economic City, with an estimated cost of 18.5 million Omani rials ($48.08 million) and a production capacity of around 1.4 million units per day in its first phase.

He added that the initiative includes an industrial bakery, production lines for frozen and semi-cooked pastries, equipment and silos for storing raw materials, and refrigerated and dry storage facilities for products.

Al-Ghufaili said that the undertakings include constructing wheat silos at Sohar Port, increasing storage capacity to 160,000 tons to ensure sufficient supplies for the population.

He also highlighted a new partnership between Khazaen Economic City and Zircon Food Industries Co. to build an integrated industrial complex for filtering, sorting, and packaging rice, sugar, and spices, along with large-scale food storage units.

He stressed the ministry’s efforts to secure essential foodstuffs and storage to ensure availability during emergencies while maintaining price stability and shielding the market from fluctuations caused by global economic crises. 

The ministry also strategically stockpiles key items such as rice, wheat, and sugar, as well as lentils, powdered milk, cooking oil, and tea.

Topics: Oman oman economy food security

Related

Fitch revises Oman’s outlook to positive, downgrades Egypt’s economic outlook
Business & Economy
Fitch revises Oman’s outlook to positive, downgrades Egypt’s economic outlook
Oman’s GDP grows 2.6% in Q2, driven by non-hydrocarbon sector
Business & Economy
Oman’s GDP grows 2.6% in Q2, driven by non-hydrocarbon sector

UAE’s AD Ports Group doubles credit facility to $2.13bn

UAE’s AD Ports Group doubles credit facility to $2.13bn
Updated 22 December 2024
Nour El-Shaeri
Follow

UAE’s AD Ports Group doubles credit facility to $2.13bn

UAE’s AD Ports Group doubles credit facility to $2.13bn
Updated 22 December 2024
Nour El-Shaeri

RIYADH: The UAE’s Abu Dhabi Ports Group has successfully refinanced and more than doubled its revolving credit facility from $1 billion to $2.13 billion. The move extends the facility’s maturity from 2026 to 2028, with an option for further extension until 2030.

This expansion is aimed at optimizing financing costs by improving interest margins and securing long-term liquidity. The facility, which is denominated in both Emirati dirhams and US dollars, has garnered significant interest from a diverse group of local, regional, European, Asian, and international banks. As a result, the facility was oversubscribed by more than 2.5 times.

The bank syndicate backing AD Ports Group has expanded from nine to 18 financial institutions, reflecting growing confidence in the company’s financial health and strategic direction.

“The overwhelming interest in our new RCF and the resulting oversubscription underscore the confidence that the banking community has in AD Ports Group’s robust financial health and strategic direction,” said Martin Aarup, chief financial officer of AD Ports Group.

“This refinancing initiative will optimize our financing costs, strengthen liquidity, and provide enhanced flexibility to support the company’s growth plans in the short and medium term. Additionally, the extended maturity of the facility will enable better financial planning.”

AD Ports Group holds strong investment-grade ratings of “AA-” with a stable outlook from Fitch, and A1 with a stable outlook from Moody’s.

In mid-December, AD Ports Group appointed Egypt’s Hassan Allam Construction, a subsidiary of Hassan Allam Holding, to develop the infrastructure for the Noatum Ports-Safaga Terminal in Egypt.

This terminal, located on the Red Sea coast, will be the first internationally operated port facility in Upper Egypt. Spanning approximately 810,000 sq. meters, the terminal will handle an annual capacity of 450,000 twenty-foot equivalent units of container cargo, 5 million tonnes of dry bulk and general cargo, and 1 million tonnes of liquid bulk.

The Safaga Terminal is a key part of AD Ports Group’s broader strategy to invest in major infrastructure projects that drive economic growth and strengthen its international market position.

In the same month, AD Ports Group also inaugurated the CMA Terminals Khalifa Port, a new $843 million (3.1 billion dirham) container terminal. The launch ceremony was led by Sheikh Khaled bin Mohamed bin Zayed Al-Nahyan, crown prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council.

The terminal is operated by a joint venture between CMA CGM Group’s subsidiary CMA Terminals, which holds a 70 percent stake, and AD Ports Group, with a 30 percent share.

During the ceremony, a memorandum of understanding was also signed to enhance maritime training in the UAE and the Gulf Cooperation Council. The CMA CGM Group will support cadet placements and training through the Abu Dhabi Maritime Academy.

Topics: UAE Abu Dhabi port credit

Latest updates

Iran’s supreme leader says Syrian youth will resist incoming government
Iran’s supreme leader says Syrian youth will resist incoming government
Harvard students explore Jeddah’s history, culture
Harvard students explore Jeddah’s history, culture
Putin vows more ‘destruction’ on Ukraine after drone attack on Russia’s Kazan
Putin vows more ‘destruction’ on Ukraine after drone attack on Russia’s Kazan
Saudi project clears 570 Houthi mines in Yemen
Saudi project clears 570 Houthi mines in Yemen
Six initiatives unveiled to strengthen Saudi-Yemeni economic ties
Six initiatives unveiled to strengthen Saudi-Yemeni economic ties

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.