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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.


​​Digital shift keeps Saudi credit card borrowing above $8bn and just 2% below record level

​​Digital shift keeps Saudi credit card borrowing above $8bn and just 2% below record level
Updated 30 May 2025

​​Digital shift keeps Saudi credit card borrowing above $8bn and just 2% below record level

​​Digital shift keeps Saudi credit card borrowing above $8bn and just 2% below record level

RIYADH: Credit card loans from Saudi banks posted their second-highest figure on record in the first quarter of 2025, after an annual rise of 12.53 percent.

According to the Saudi Central Bank, also known as SAMA, this borrowing of SR30.66 billion ($8.18 billion) is just 2 percent below the all-time peak recorded at the end of 2024.

SAMA figures also revealed that consumer loans reached SR479.78 billion in what was a 6.41 percent rise during the same period. 

The vast majority – over 90 percent – of consumer lending falls into a broad “other” category, which includes debt consolidation, personal family expenses, or any borrowing not classified under the specific purposes.

This indicates that many Saudis take personal loans for a range of needs, from home renovations to weddings, but each of those specific uses is a relatively small slice of the overall figures.

Multiple factors are supporting the rapid growth of the credit card segment. A central driver is the national push toward a cashless society under Vision 2030, which has seen SAMA implementing policies to promote electronic payments and reduce dependence on cash.

This includes expanding point-of-sale infrastructure, mandating that businesses accept electronic payments, and fostering fintech innovation. As a result, 79 percent of all retail transactions in 2024 were electronic, card or digital payments, up from 70 percent the year before, according to an April release by SAMA.

In parallel, banking penetration has expanded, with nearly all bank cards in the Kingdom now enabled for contactless payments. By 2023, 98 percent of in-person card transactions were contactless — up from just 4 percent in 2017— according to Visa executive Andrew Torre, speaking to Arab News in October.

There is a push toward a cashless society under Vision 2030. Shutterstock

The COVID-19 pandemic accelerated this shift to tapping cards and phones, ingraining cashless habits. With nearly 50 million payment cards in circulation and a decline in ATM usage, the ecosystem is primed for card spending over cash.

Another factor is consumer behavior and economic policy. Strong consumer spending in Ƶ — supported by economic growth and initiatives to boost household income — has encouraged more use of credit for purchases.

Rather than delaying purchases, many consumers are comfortable using credit cards to buy now and pay later, especially with the availability of installment plans.

Additionally, banks and payment networks are actively marketing credit cards with attractive promotions. Cashback deals, reward points, airline miles, and no-fee installment offers are abundant, which incentivizes consumers to use credit cards for both large and small purchases.

The entry of Shariah-compliant credit cards has also played a role. By addressing religious sensitivities, Islamic banks have made credit cards acceptable to a wider customer base that previously avoided interest-based products.

Furthermore, the growth of e-commerce and digital services in Ƶ has naturally increased credit card adoption. Online retailers, food delivery apps, ride-hailing, and travel platforms often work best with card payments, so as these services proliferate, so does card usage.

Consumer loan usage and slower growth trends

Credit cards and personal consumer loans differ fundamentally in structure, usage, and cost. Consumer loans in Ƶ are typically taken as a fixed amount to be repaid in installments over a set term, usually at relatively lower interest or profit rates.

They are often used for significant expenses like buying a car, financing education, or other big-ticket needs, and come with a structured repayment plan that helps borrowers budget effectively.

By contrast, a credit card provides a revolving credit line up to a predefined limit, with no fixed repayment period as long as the borrower makes minimum payments.

Traditional consumer loans, which are often called personal loans, remain much larger in absolute terms than credit card debt in Ƶ, but their growth has been relatively sluggish in recent quarters.

These loans — which exclude mortgages — totaled SR471 billion by the end of 2024, and saw annual growth in the mid-single digits compared to double-digit growth for credit cards.

In early 2024, growth was even slower. In the first quarter, consumer lending was up less than 1 percent year-on-year, and in the second quarter around 2 percent, before accelerating later in the year according to SAMA data.

Saudi Central Bank. File

The uses of consumer loans are generally for big one-time expenditures or needs. The largest defined sub-category is financing for vehicles, which accounted for roughly 2.5 percent to 3 percent of total consumer loans in 2024. Other specific purposes include education loans and loans for furniture and durable goods, and vehicle and private transport means.

The recent slower growth of consumer loans compared to credit cards can be attributed to a number of factors.

High interest rates over 2022 to 2023, as global rates climbed, made borrowing via fixed loans less attractive, potentially dampening demand. By contrast, credit card lines were often already in place and could be tapped without a new loan application.

Another factor is the growing availability of credit card installment plans and Buy Now, Pay Later services, which are increasingly used to cover expenses that previously required personal loans. 

With zero-interest installment offers and flexible repayment options — particularly appealing to younger consumers — many now prefer to finance mid-sized purchases through these tools rather than committing to long-term bank loans.

All of this has led to personal loan growth being moderate. Nonetheless, consumer loans did rise in absolute terms, primarily driven by continued needs for cars, education, and other big expenses. 

The credit card segment’s growth outpaced consumer loans by a wide margin, highlighting a shift in how Saudis finance their spending toward more flexible, short-term credit and digital payment tools, and slightly away from traditional fixed personal borrowing.


UAE, China, India among top destinations for Ƶ’s non-oil goods: GASTAT

UAE, China, India among top destinations for Ƶ’s non-oil goods: GASTAT
Updated 30 May 2025

UAE, China, India among top destinations for Ƶ’s non-oil goods: GASTAT

UAE, China, India among top destinations for Ƶ’s non-oil goods: GASTAT

RIYADH: The UAE emerged as the leading destination for Ƶ’s non-oil exports during the first quarter of 2025, with shipments valued at SR21.32 billion ($5.68 billion), marking a 33.91 percent increase compared to the same period last year, according to the latest data from the General Authority for Statistics.

Machinery and mechanical appliances were the most exported items to the UAE, amounting to SR10.19 billion. This was followed by transport equipment worth SR5.16 billion and chemical products totaling SR1.11 billion.

Plastic goods were also significant, with exports to the UAE reaching SR942 million, while precious stones and base metals recorded SR860.8 million and SR848.4 million, respectively.

The increase in non-oil exports aligns with the objectives of the Kingdom’s Vision 2030, which seeks to diversify the economy and reduce dependency on oil revenues. Saudi Minister of Economy and Planning Faisal Alibrahim recently noted that non-oil activities now contribute 53.2 percent to the Kingdom’s gross domestic product.

GASTAT also reported a 9.27 percent rise in Ƶ’s non-oil exports to the UAE compared to the previous quarter, further emphasizing the Kingdom’s economic diversification momentum.

China ranked second among Ƶ’s non-oil export destinations in the first quarter, receiving goods valued at SR6.51 billion — an annual increase of 17.93 percent. Major exports to the Asian country included plastic products worth SR2.58 billion, chemical products totaling SR2.32 billion, and minerals valued at SR533.4 million.

India was another prominent trade partner, with non-oil exports reaching SR5.75 billion in the first quarter, up 14.08 percent from the same period in 2024.

Other key export destinations included Turkiye, which received goods worth SR2.96 billion; Egypt at SR2.56 billion; and the US at SR2.48 billion.

Singapore imported SR2.28 billion worth of goods from Ƶ, while Bahrain received SR2.21 billion, Belgium SR2.11 billion, and Kuwait SR1.97 billion.

Overall, Ƶ’s non-oil exports rose by 13.4 percent year on year in the first quarter, totaling SR80.72 billion.

Key ports played a vital role in this trade activity. King Fahad Industrial Sea Port in Jubail handled the highest volume of outbound non-oil goods, valued at SR9.93 billion. Jeddah Islamic Sea Port followed closely with SR9.76 billion, while Jubail Sea Port and King Abdulaziz Sea Port in Dammam facilitated exports worth SR7.17 billion and SR6.69 billion, respectively.

On land, Al-Batha Port processed SR5.53 billion in exports. Al-Hadithah and Al-Wadiah ports recorded export values of SR2.10 billion and SR1.43 billion, respectively.

Among airports, King Khalid International Airport in Riyadh led with SR8.52 billion worth of non-oil goods exported in the first quarter, an increase of 12.84 percent compared to the previous year.

King Abdulaziz International Airport followed with SR6.16 billion, while King Fahad International Airport in Dammam and Prince Mohammad bin Abdulaziz International Airport in Madinah recorded SR741.8 million and SR4.2 million, respectively.

King Khalid International Airport in Riyadh. Shutterstock

Merchandise exports 

Despite growth in the non-oil sector, overall merchandise exports declined by 3.2 percent year on year in the first quarter, falling to SR285.78 billion. GASTAT attributed this drop to an 8.4 percent decline in oil exports, which caused the share of oil in total exports to decrease from 75.9 percent in the first quarter of 2024 to 71.8 percent in the same period this year.

Asia remained the largest market for Saudi exports, accounting for SR213.14 billion. Europe followed at SR34.51 billion, with Africa and the Americas receiving SR23.19 billion and SR13.80 billion, respectively.

China was the top destination for overall merchandise exports, receiving SR44.91 billion worth of goods — an increase of 3.26 percent compared to the first quarter of 2024. India received SR28.04 billion in goods, followed by Japan with SR26.48 billion, South Korea at SR25.03 billion, and the UAE at SR24.85 billion.

Imports in Q1

Ƶ’s imports also grew during the first quarter, rising by 7.3 percent year on year to SR222.73 billion.

Machinery, mechanical and electrical equipment led imports, totaling SR57.40 billion, followed by transport parts at SR32.56 billion and base metals at SR21.30 billion. Chemical imports stood at SR19.60 billion, while minerals accounted for SR12.12 billion.

Goods imported from Asia were valued at SR128.50 billion, while imports from Europe and the Americas reached SR52.94 billion and SR27.01 billion, respectively. African nations contributed SR12.53 billion in imports, and goods from Oceania were valued at SR1.73 billion.

China remained Ƶ’s largest source of imports, sending goods worth SR59.33 billion.

These included mechanical appliances and electrical equipment valued at SR23.93 billion, transport parts worth SR9.50 billion, base metals at SR6.43 billion, and even works of art and antiques amounting to SR3.19 billion. The US followed with SR17.58 billion in exports to the Kingdom, while India’s exports totaled SR12.27 billion.

Sea routes were the dominant entry channels for imports, accounting for SR113.11 billion. Air and land ports handled SR61.63 billion and SR25.99 billion, respectively. King Abdulaziz Sea Port in Dammam was the leading sea entry point with SR59.97 billion in imports. Jeddah Islamic Sea Port and Ras Tanura port followed with SR47.78 billion and SR8.73 billion.

Over land, Al-Batha Port and Riyadh Dry Port managed goods worth SR10.78 billion and SR8.29 billion, respectively. By air, King Khalid International Airport in Riyadh received imports valued at SR29.96 billion in the first quarter. King Abdulaziz International Airport and King Fahad International Airport handled SR18.60 billion and SR12.39 billion, respectively.

Reflecting continued expansion of the non-oil economy, Ƶ recorded a Purchasing Managers’ Index of 55.6 in April, according to S&P Global and Riyad Bank. This score surpassed those of the UAE at 54 and Kuwait at 54.2, indicating robust growth in non-oil business activity. A PMI reading above 50 signals economic expansion, while a figure below 50 suggests contraction.


Oil Updates — crude set for 2nd weekly decline as market eyes another OPEC+ output hike

Oil Updates — crude set for 2nd weekly decline as market eyes another OPEC+ output hike
Updated 30 May 2025

Oil Updates — crude set for 2nd weekly decline as market eyes another OPEC+ output hike

Oil Updates — crude set for 2nd weekly decline as market eyes another OPEC+ output hike

BEIJING/SINGAPORE: Oil prices were on track for a second consecutive weekly decline on Friday, weighed down by expectations of another OPEC+ output hike in July and fresh uncertainty after the latest legal twist kept US President Donald Trump’s tariffs in place.

Brent crude futures slipped 31 cents, or 0.48 percent, to $63.84 a barrel by 7:24 a.m. Saudi time. US West Texas Intermediate crude fell 31 cents, or 0.51 percent, to $60.63 a barrel.

The Brent July futures contract is due to expire on Friday.

Both contracts have fallen 1.5 percent so far this week.

The downward trajectory largely stemmed from the prospect of rising supplies as investors priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, when eight of its members meet on Saturday.

“The stage is set for another bumper production increase,” Westpac’s head of commodity and carbon research Robert Rennie said in a note, potentially higher than the 411,000 barrels per day hike decided on at the previous two meetings.

The potential hike comes as the global surplus has widened to 2.2 million barrels per day, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note.

They expect prices to remain within current ranges before easing into the high $50s by year-end.

In the US, Trump’s tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court’s decision on Wednesday to put an immediate block on the most sweeping of the duties.

The block had sent oil prices falling more than 1 percent on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked their way.

Oil prices have lost more than 10 percent since Trump announced his “Liberation Day” tariffs on April 2.

On the demand front, recession worries fueled by the tariff war have clouded the outlook. Adding to US-China trade tension, Washington ordered a broad swathe of companies to stop shipping goods, including ethane and butane, to China without a license and revoked licenses already granted to certain suppliers.

Global oil demand improved from the previous week, driven by a rebound in US oil consumption with robust travel over the Memorial Day long weekend, JPMorgan analysts noted.

That said, the monthly expansion in global oil demand is tracking at approximately 400,000 bpd as of May 28, 250,000 bpd below expectations, they said. 


Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says 

Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says 
Updated 29 May 2025

Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says 

Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says 
  • Amin Nasser said the oil giant’s gearing ratio, a financial metric that compares a company’s debt to its equity, is currently around 5%
  • He reaffirmed the company’s commitment to maintaining high dividends

RIYADH: Saudi Aramco will continue tapping bond markets in the future despite maintaining one of the lowest gearing ratios in the energy industry, according to a top official. 

In an interview with Bloomberg, Aramco President and CEO Amin Nasser said the oil giant’s gearing ratio, a financial metric that compares a company’s debt to its equity, is currently around 5 percent. That’s significantly lower than the industry average, where many peers operate with levels between 15 and 20 percent.

“Our gearing today is around 5 percent — still one of the lowest gearing, you know. It’s almost half of the average compared to other energy industry players in the market, and we will continue to tap into that additional bond markets in the future,” Nasser said. 

He continued: “But we have a low gearing ratio, which still, as you consider it, is very low compared to any players in the markets.” 

The low gearing ratio, which reflects strong financial discipline and limited reliance on debt, is part of what enables Aramco to maintain stability amid market fluctuations. 

Gearing is commonly used by analysts and investors to assess a company’s financial leverage, with lower ratios often indicating a stronger balance sheet and reduced financial risk. 

In the interview, Nasser also reaffirmed the company’s commitment to maintaining high dividends. “We have a strong balance sheet, and our dividend is one of the highest, the highest globally. We’re expecting to pay dividends that go to the majority shareholder and other shareholders, which is the government, of $85.4 billion this year.” 

He said the company benefits from having spare capacity, which allows it to bring more barrels to the market. “For every million barrels, that will have a huge impact on our net income. I would say it will give you a $10 cushion for every million barrels that you put into the market.”   

Nasser added: “We have today close to 3 million barrels of spare capacity, so other companies do not have that to cushion any drop in prices. For us, we do have that spare capacity that is healthy, strong, and when you put it, it allows you to increase significantly your net income.” 

He emphasized the company’s ability to withstand lower oil prices due to its operational efficiency and robust infrastructure.

“We are the lowest cost producer. Our extraction cost is $3, and it still is $3. And with low extraction cost, healthy balance sheet, and our investment that is continuing to be capturing opportunities that we have,” Nasser said. 


Closing Bell: Saudi main index closes in red at 10,990 

Closing Bell: Saudi main index closes in red at 10,990 
Updated 29 May 2025

Closing Bell: Saudi main index closes in red at 10,990 

Closing Bell: Saudi main index closes in red at 10,990 
  • Parallel market Nomu dropped 123.20 points to close at 26,809.75
  • MSCI Tadawul Index declined by 0.70 percent to 1,403.80

RIYADH: Ƶ’s Tadawul All Share Index slipped on Thursday, as it shed 62.35 points, or 0.56 percent, to close at 10,990.41. 

The total trading turnover of the benchmark index was SR10.20 billion ($2.72 billion), with 169 of the listed stocks advancing and 74 declining. 

The Kingdom’s parallel market Nomu also dropped 123.20 points to close at 26,809.75. 

The MSCI Tadawul Index declined by 0.70 percent to 1,403.80. 

The best-performing stock on the main market was Saudi Reinsurance Co. The firm’s share price soared by 9.31 percent to SR50.50. 

The share price of East Pipes Integrated Co. for Industry increased by 7.83 percent to SR124. 

Arabian Drilling Co. also saw its stock price edging up by 5.12 percent to SR84.20. 

Conversely, the share price of Makkah Construction and Development Co. declined by 5.65 percent to SR96.80. 

On the announcements front, Al Moammar Information Systems Co., also known as MIS, said that it signed a contract valued at SR58.93 million with the Saudi Data and Artificial Intelligence Authority to operate and maintain the National Unified Visa Platform.

In a Tadawul statement, the company stated that the contract is valid for 36 months, with no related parties involved in the deal. 

MIS added that the contract is expected to have an impact on the company’s financial results starting from the third quarter of this year. 

The share price of MIS rose by 1.66 percent to SR134.80. 

Al Kathiri Holding Co. said that its subsidiary, Saraya Al Diyar Investment Co., has entered into a long-term lease agreement valued at SR143.1 million with the Aseer Municipality to build and operate a mixed-use hotel and commercial complex in Abha. 

Under the deal, Saraya Al Diyar Investment Co. will establish a four-star hotel with 180 keys, as well as retail and entertainment facilities in the project that spans a total area of 53,000 sq. meters. 

The new contract is in line with Al Kathiri Holding’s strategic direction to diversify its investment portfolio and expand into promising, high-impact sectors, aligning with the goals of Saudi Vision 2030, the company said in the statement. 

Al Kathiri Holding Co.’s share price was unchanged at SR2.08 by the end of Thursday’s trading.