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IATA backs Saudi-led aviation surge amid regional integration push 

Special IATA backs Saudi-led aviation surge amid regional integration push 
IATA Aviation Day MENA was held for the first time in Ƶ. Supplied
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Updated 07 May 2025

IATA backs Saudi-led aviation surge amid regional integration push 

IATA backs Saudi-led aviation surge amid regional integration push 

JEDDAH: The Middle East’s aviation sector is pushing toward greater integration and collaborative innovation, with Ƶ’s rapid expansion positioning it as the region’s benchmark, according to a senior International Air Transport Association official. 

Kamil Al-Awadhi, IATA’s regional vice president for Africa and the Middle East, told Arab News that growth in the Gulf Cooperation Council is outpacing all other regions — and the Middle East could soon lead the global aviation industry. 

His remarks came during IATA Aviation Day MENA 2025 — held for the first time in Ƶ in Jeddah from May 6 to 7 — where industry leaders gathered to explore how regional collaboration and harmonized regulation can unlock aviation’s full potential. 

Al-Awadhi credited the region’s resilience to unified political leadership and coordinated aviation strategies. 

“After the COVID-19 pandemic subsided in 2022, airlines in the Middle East resumed smooth operations, as if airports had not been closed at all. In contrast, carriers in Europe and the US struggled for several months to return to normal operations,” he said. 

Al-Awadhi added: “Ƶ is not only expanding its aviation infrastructure, but it is also investing in its people. This is vital to meet the immediate skills requirements while developing a professional workforce able to deliver on Vision 2030.” 

The official acknowledged the region’s operational strength but pointed to the lack of sufficient stakeholder dialogue. “The main goal of this event is to bring the region’s aviation sectors together to discuss their challenges and collectively work toward improvement,” the IATA official said. 

Nick Careen, IATA’s senior vice president for operations, safety, and security, said the Middle East was poised to outpace global air traffic growth over the next two decades. “Looking ahead, global air travel is set to grow at 3.3 percent per year for the next 20 years. But the Middle East will grow faster at 4.8 percent,” he said during his keynote. 

The event took place just days after IATA released its latest global passenger traffic data, showing industry-wide revenue passenger kilometers rose 3.3 percent year-on-year in March, reaching 738.8 billion — continuing the trend of subdued single-digit growth seen since 2023. 




Nick Careen, IATA’s senior vice president for operations, safety, and security. Supplied

Careen emphasized Ƶ’s pivotal role in the region’s aviation transformation. “The sector is not just moving forward — it’s moving forward at speed. And that should make everyone in this room take notice.” 

He noted that aviation and aviation-related tourism contributed $90.6 billion to the Kingdom’s gross domestic product — representing 8.5 percent — and supported 1.4 million jobs. “More than 62,000 people are directly employed by airlines, and another 79,000 are working in the broader aviation ecosystem. In 2023, Ƶ handled over 713,000 tonnes of air cargo,” he said. 

According to Careen, this progress is being driven by Crown Prince Mohammed bin Salman’s Vision 2030 plan, which places aviation at the heart of economic diversification and international connectivity. “We have seen it in the development of new airports, the digital push, the workforce development, and the launch of national carriers like Riyadh Air,” he said. 

Abdulaziz bin Al-Duailej, president of the General Authority of Civil Aviation, described the Middle East as an economy worth $9.48 trillion powered by a young population, adding: “Aviation here is not only enabling growth; it is leading transformation through strategic investment and collaboration.” 

He continued: “By 2024, passenger traffic across the Middle East exceeded pre-pandemic levels by 9 percent — more than double the global growth rate. While Ƶ’s civil aviation sector recorded a remarkable increase of over 24 percent compared to pre-pandemic levels.” 




Industry leaders gathered in Jeddah. Supplied

The Kingdom’s growth has been marked by major achievements. In 2024 alone, Ƶ handled 128 million passengers, more than 900,000 flights, and 1.2 million tonnes of cargo. The government has ordered 500 new aircraft and attracted 21 new international airlines into its market. 

“The Kingdom’s aviation market is opening rapidly. In the past year alone, 21 new international airlines have entered the Saudi market, and in the first quarter of 2025, foreign carriers carried 63 percent of international passengers,” Al-Duailej said, reaffirming the Kingdom’s willingness to engage globally to shape the sector’s future. 

In its latest press release, IATA outlined three strategic priorities to help Ƶ sustain its aviation gains: improving coordination with stakeholders, ensuring cost-effective infrastructure development, and building national talent. 

“Given Ƶ’s important role in shaping regional aviation policies, continued collaboration and consultation with users and stakeholders, along with alignment to global standards and best practices, are vital,” the organization said. 

It also emphasized the need for cost-competitiveness. “As Ƶ makes significant investments in airport infrastructure and digitalization, it is critical to work with the industry to ensure cost competitiveness,” IATA added. 

On workforce development, the group noted: “Ensuring a skilled workforce across all areas of aviation will enable the Kingdom to fulfill its potential as a regional and global aviation hub.” 

On the sidelines of the forum, IATA announced new training agreements with Saudi airlines, airports, and academic institutions. In the first phase, more than 1,000 graduates and aviation professionals will be trained in areas such as airport operations, safety, airline management, and ground handling. 

Riyadh Airports Co. and Qassim University joined IATA’s network of regional training partners, alongside long-time collaborator Prince Sultan Aviation Academy. Together, the three will deliver over 60 programs covering technical, commercial, and interpersonal skills. 

“The renewed agreement enables the academy to offer IATA training courses within the Kingdom and across the GCC region. All operational aviation requirements — including cabin crew, maintenance, ground services, and business training — are provided by PSAA,” said Khalid Bawazeer, the academy’s director of continuous studies, to Arab News. 

“This requires preparation to meet the demand for increased training programs, whether conducted internally by the academy or through external courses such as those offered by IATA,” he added. 

As part of the deal, sector awareness courses will also be offered to graduates of Riyadh Air and Saudia to nurture national talent for future leadership. Specialized Dangerous Goods training will be provided to operational staff from the Saudi Civil Aviation Academy. 




SAL Logistics Services Co. marks its new agreement at the event. Supplied

In addition, SAL Logistics Services Co. has been accredited as a competency-based training and assessment center, and Saudi Ground Services has renewed its CBTA accreditation. 

The IATA’s Careen acknowledged that despite the Kingdom’s progress, aviation development remains uneven across the Middle East due to persistent geopolitical instability. 

He pointed to challenges in Yemen, Syria, Iraq, and Lebanon, where conflict and sanctions have suppressed growth. “Where aviation continues to demonstrate remarkable resilience in the face of political instability, it does far better in countries that are stable, peaceful and open,” the official said. 

Careen called on governments and regulators to align efforts toward a more integrated and forward-looking aviation environment. “A Middle East characterized by open skies, harmonized regulations, and shared innovation,” he said, is critical to long-term success. 

“To every government, airline, and civil aviation authority in this room, your success is everyone’s success. A rising tide lifts all boats, and in this case, all planes,” he said. 

Ibrahim Al-Omar, director general of Saudia Group, the host of the event, said the forum was a valuable opportunity to showcase how Vision 2030 is reshaping regional aviation. 

“With safety, innovation, and sustainability driving our progress, IATA Aviation Day MENA is a valuable platform to showcase how the Kingdom’s Saudi Vision 2030 is shaping the future of aviation not only across the Kingdom but the region and beyond,” he said in a statement released a day prior to the event.


Pakistan PM directs crackdown on tax evaders in bid to shore up revenues

Pakistan PM directs crackdown on tax evaders in bid to shore up revenues
Updated 10 September 2025

Pakistan PM directs crackdown on tax evaders in bid to shore up revenues

Pakistan PM directs crackdown on tax evaders in bid to shore up revenues
  • Pakistan has set a record-high tax collection target of $47 billion for 2025–26, marking a 9% increase from the previous year
  • Shehbaz Sharif stresses leveraging Federal Board of Revenue’s internal resources, private sector expertise to detect tax evaders

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif has ordered a crackdown on tax evaders and recovery of outstanding dues, Pakistani state media reported on Tuesday, amid the government’s efforts to shore up revenues.

The prime minister issued the directives at a meeting on the Federal Board of Revenue-related matters, during which he called for a public awareness campaign regarding government measures against tax evasion.

Pakistan has lately introduced several reforms to ensure economic stability and to meet structural benchmarks under a $7 billion International Monetary Fund (IMF) program Islamabad secured last year.

The South Asian country has one of the lowest tax-to-GDP ratios in the region, despite a population of more than 240 million, and has often failed to meet its collection targets.

“Shehbaz Sharif asked the FBR to foster a business-friendly environment and ensure the provision of all possible facilities to taxpayers. He also directed the hiring of professionals to identify tax evaders and recover dues from them,” the Radio Pakistan broadcaster reported.

“He stressed the importance of leveraging both FBR’s internal resources and private sector expertise to detect individuals and companies involved in tax evasion.”

In June, Sharif’s government set a record-high tax collection target of Rs14.13 trillion ($47.4 billion) for the fiscal year 2025–26, marking a 9 percent increase from the previous year. Officials say meeting this goal is essential to reducing reliance on external debt and ensuring long-term fiscal sustainability.

Since then, the prime minister has approved modern digital ecosystem for the FBR to increase its collection and the launch of simplified digital tax returns to increase compliance and widen the country’s narrow tax base.

At Tuesday’s meeting, Sharif also asked officials to expedite the completion of an income and sales taxpayer directory, aimed at recognizing and honoring responsible taxpayers.

“Responsible citizens who regularly pay taxes are the backbone of the national economy,” he was quoted as saying. “Acknowledging taxpayers and taking firm action against tax evaders would contribute significantly to broadening the tax base.”


Aramco urges joint efforts to boost sustainability

Aramco urges joint efforts to boost sustainability
Updated 09 September 2025

Aramco urges joint efforts to boost sustainability

Aramco urges joint efforts to boost sustainability
  • Al-Khowaiter highlights the company’s commitment to advancing solutions in water conservation and energy efficiency

RIYADH: Aramco Executive Vice President of Technology and Innovation Ahmad O. Al-Khowaiter on Tuesday emphasized greater collaboration to advance innovative solutions in water conservation and energy sustainability.

According to a press release, the top official was speaking at the Global Water, Energy and Climate Change Congress in Bahrain. It said that Al-Khowaiter highlighted the company’s commitment to advancing solutions in water conservation and energy efficiency, emphasizing that collaborative innovation is key to meaningful change.

On the need for greater collaboration, Al-Khowaiter said: “Meeting these global challenges requires a level of collaboration that is faster, deeper, and more inclusive than ever before. For me, collaboration is the catalyst for innovation — and innovation is the driver of global transformation. This cross-pollination of ideas is key to gaining fresh perspectives and scaling up cutting-edge solutions. By working together — truly as one team — we can accelerate the transformation needed to secure a more sustainable water and energy future for all.”

Addressing the importance of a realistic energy transition, he added: “Even with trillions of dollars invested in alternatives, we cannot simply abandon the oil and gas infrastructure that continues to power modern civilization. That is why technologies such as carbon capture and storage, direct air capture, and AI-driven efficiency improvements are not just promising — they are essential to achieving meaningful emissions reductions and a sustainable future.”

On Aramco’s water conservation initiatives, the official said: “At Aramco, we are committed to water stewardship through a range of initiatives, including diversifying our water supply. We are increasing wastewater reuse and we are minimizing water losses across our operations and communities. We are leveraging digital solutions to drive greater efficiency, and I am proud to share that last year alone, we reduced our freshwater consumption in Aramco by nearly 8 percent.”

The Global Water, Energy and Climate Change Congress, held from Sept. 9 to 11 under the patronage of Shaikh Khalid bin Abdulla Al-Khalifa, deputy prime minister of Bahrain, gathers over 5,000 international policymakers, researchers, and industry leaders. 

This year’s event is organized in collaboration with Aramco, the UN Environment Program, and Bahrain’s Ministry of Oil and Environment.


Closing Bell: Saudi main index rises to 10,529

Closing Bell: Saudi main index rises to 10,529
Updated 09 September 2025

Closing Bell: Saudi main index rises to 10,529

Closing Bell: Saudi main index rises to 10,529
  • Parallel market Nomu shed 146.25 points to close at 25,199.66
  • MSCI Tadawul Index rose 0.28% to 1,366.84

RIYADH: Ƶ’s Tadawul All Share Index closed higher on Tuesday, gaining 32.12 points, or 0.31 percent, to end at 10,529.17.

The total trading turnover of the benchmark index reached SR4.33 billion ($1.15 billion), with 150 stocks advancing and 99 declining.

Ƶ’s parallel market Nomu shed 146.25 points to close at 25,199.66, while the MSCI Tadawul Index rose 0.28 percent to 1,366.84.

The best-performing stock on the main market was CHUBB Arabia Cooperative Insurance Co., which climbed 6.16 percent to SR33.76. 

Shares of Arabian Centres Co., also known as Cenomi Centers, advanced 4.74 percent to SR22.09, while Obeikan Glass Co. gained 4.09 percent to SR28.00.

Riyadh Cement Co. dropped 5.53 percent to SR28.34, and Alandalus Property Co. fell 4.46 percent to SR19.93.

In corporate announcements, Al-Rajhi Bank said it launched its dollar-denominated tier 2 social sukuk through a special purpose vehicle, offered to eligible investors inside and outside Ƶ.

In a Tadawul filing, the bank said the sukuk will be listed on the London Stock Exchange’s International Securities Market and offered under Regulation S of the US Securities Act of 1933. The offering, which began on Sept. 9, will run through Sept. 10.

The bank added that the minimum subscription is $200,000, in increments of $1,000, while the final value and terms will be set based on market conditions. 

Al-Rajhi Bank’s share price rose 0.38 percent to SR93.20.

Sumou Real Estate Co. announced that it signed a Shariah-compliant facility agreement worth SR86.5 million with Saudi Awwal Bank.

According to its Tadawul statement, the facility will be used to finance the Areem Makkah project and to issue a bank guarantee letter in line with the contract signed between Sumou Real Estate and National Housing Co. for the design and construction of residential units in Makkah City.

Sumou Real Estate’s share price declined 1.65 percent to SR38.10.


Ƶ opens debt market to crowdfunding, tightens governance of special purpose entities 

Ƶ opens debt market to crowdfunding, tightens governance of special purpose entities 
Updated 09 September 2025

Ƶ opens debt market to crowdfunding, tightens governance of special purpose entities 

Ƶ opens debt market to crowdfunding, tightens governance of special purpose entities 

RIYADH: Ƶ’s Capital Market Authority approved a regulatory framework enabling licensed firms to offer sukuk and debt instruments through crowdfunding platforms, expanding financing access and diversifying funding sources. 

The framework, effective immediately, applies to institutions licensed for “arranging” activities and follows an experimental phase that began in the second quarter of 2021. 

The authority introduced amendments to the Rules on the Offer of Securities and Continuing Obligations, the Rules for Special Purpose Entities, and the Capital Market Institutions Regulations. 

The CMA aims to broaden participation in the debt market, deepen its structure, and enhance liquidity by enabling crowdfunding-based debt offerings as part of exempt cases under the offering rules. Private placements are also permitted, potentially increasing the scope and size of such offerings. 

“The framework is designed to increase the number of capital market institutions engaged in fintech activities and supports diversification and sustainability of corporate funding sources,” the CMA said. 

During the experimental phase, the sukuk crowdfunding market witnessed growth, with issuance rising to SR3.4 billion ($905.94 million) in 2024 from SR1.5 billion in 2023. The number of firms licensed under the framework increased to 17, up from 14 the previous year.

The CMA also introduced governance reforms for SPEs, aimed at streamlining procedures and facilitating securitization transactions. 

Amendments broaden the eligibility criteria for sponsors, allow debt issuance via exempt offerings, and clarify the roles of board members and fund managers. They also mandate independent trustees to represent debt holders and require that board members be unaffiliated with sponsors or originators. 

The number of licensed SPEs rose to 1,239 by mid-2025, an 87.2 percent increase from the previous year, reflecting growing interest from fintech firms and small and medium-sized enterprises. 

The reforms are expected to boost liquidity, enhance market depth, and create new investment opportunities, particularly in the sukuk and asset-backed financing segments. 

The CMA’s recent regulatory actions reflect the continued expansion and diversification of Ƶ’s capital markets. 

By the end of the second quarter of 2025, individual investment portfolios rose nearly 12 percent year on year to 13.91 million, while managed portfolios grew 29.5 percent. Total assets in these portfolios reached SR352.6 billion. 

The growth, alongside rising foreign investments and stronger engagement in international markets, underscores increasing investor participation and interest in a broader range of financial instruments beyond traditional equities. 


Oman issues $233m in treasury bills for short-term liquidity

Oman issues $233m in treasury bills for short-term liquidity
Updated 09 September 2025

Oman issues $233m in treasury bills for short-term liquidity

Oman issues $233m in treasury bills for short-term liquidity

RIYADH: Oman’s central bank allocated 89.85 million Omani rials ($233.3 million) in treasury bills this week as part of its routine operations to manage short-term liquidity. 

The offering consisted of 64.85 million rials in 91-day bills and 25 million rials in 182-day bills, according to the Oman News Agency, which cited data from the Central Bank of Oman. 

The 91-day securities were issued at an average price of 98.98 rials per 100 rials, with the lowest accepted bid at 98.97 rials. The average discount rate was 4.07 percent, while the average yield was 4.12 percent. 

The move comes amid broader efforts by the Gulf nation to stabilize its financial system and support liquidity as it navigates fiscal pressures, global interest rate fluctuations, and ongoing diversification efforts under its Vision 2040 economic plan. 

“Treasury bills are a short-term, guaranteed financial instrument issued by the Ministry of Finance to provide investment opportunities for licensed commercial banks. The Central Bank of Oman acts as the issuance manager for these bills,” ONA said. 

The 182-day bills were allocated at an average price of 97.99 rials, which was also the lowest accepted bid. These instruments carried an average discount rate of 4.03 percent and an average yield of 4.11 percent. 

The central bank’s repo rate for these instruments was set at 5 percent, while the discount rate on treasury bill facilities remained at 5.50 percent. 

One of the key benefits of these instruments is their high liquidity, as they can be easily converted into cash through discounting with the central bank or by entering into repurchase agreements with the monetary authority. 

Licensed commercial banks can also conduct interbank repo transactions involving treasury bills. 

The instruments serve as a benchmark for short-term interest rates in the domestic financial market and the government can also utilize them as a flexible and efficient tool for financing certain expenditures. 

The issuance of treasury bills is seen as a key tool to maintain short-term funding channels while enhancing the depth and resilience of Oman’s domestic money market. 

Meanwhile, Oman’s public debt fell 2.08 percent year on year to 14.1 billion rials in the second quarter of 2025, supported by Finance Ministry payments to the private sector. 

The ministry disbursed over 749 million rials during the period, with transactions settled within an average of five working days, helping boost liquidity in local markets. 

The decline in debt highlights Muscat’s ongoing fiscal consolidation drive, supported by higher non-oil revenue and spending discipline.