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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
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
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
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
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

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 Ƶ 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.


Ƶ to welcome Middle East’s first TRIBE hotel in King Salman Park

Ƶ to welcome Middle East’s first TRIBE hotel in King Salman Park
Updated 23 December 2024

Ƶ to welcome Middle East’s first TRIBE hotel in King Salman Park

Ƶ to welcome Middle East’s first TRIBE hotel in King Salman Park
  • TRIBE Riyadh King Salman Park hotel will feature two restaurants, meeting facilities, banquet hall, gym, and swimming pool
  • TRIBE Living will introduce 150 apartments ranging from studios to three-bedroom units

RIYADH: French hospitality group Accor and Naif Alrajhi Investment have signed an agreement to bring the Middle East’s first TRIBE hotel to Ƶ. 

The project, featuring a 250-key property, will be situated within Riyadh’s King Salman Park and will include the debut of TRIBE Living, a new residential community concept. 

The collaboration builds on the partnership between the two entities, which successfully launched Fairmont Ramla Serviced Residences last year, according to a press release. 

This initiative aligns with Ƶ’s Vision 2030, which aims to diversify the economy and boost the tourism sector, targeting 150 million annual visitors by 2030. 

“The introduction of TRIBE and TRIBE Living to Ƶ showcases our focus on design-led, lifestyle experiences that meet the growing demand for modern, accessible hotel offerings in Riyadh,” said Duncan O’Rourke, Accor’s CEO for premium, midscale and economy brands for Middle East, Africa and Asia Pacific. 

The TRIBE Riyadh King Salman Park hotel will also feature two restaurants, meeting facilities, a banquet hall, a gym, and a swimming pool. 

TRIBE Living will introduce 150 apartments ranging from studios to three-bedroom units, offering residents access to the hotel’s dining and recreational amenities, the release added. 

Since its launch in 2017, the TRIBE brand has grown to 18 hotels with 2,708 rooms globally. 

Riyadh is emerging as a global hub for business and leisure, fueled by growing demand for premium accommodations. Accor aims to capitalize on this trend with 1,683 operational keys in the city and 2,740 in the pipeline. 

The announcement follows the King Salman Park Foundation’s plan to develop its first real estate investment plot in collaboration with Naif Alrajhi Investment. 

“We are delighted to be working with Accor once again, a trusted partner, to introduce new and iconic brands to the local market for the first time. This partnership is a significant step forward in our ongoing commitment to delivering world-class destinations that cater to both local and international audiences,” Naif Saleh Al-Rajhi, chairman and CEO of Naif Alrajhi Investment. 

The project is part of King Salman Park’s Package 1, a 290,000-sq.-meter mixed-use development featuring residential, commercial, retail, and recreational spaces. The district is strategically located near the park’s key attractions, such as the Royal Arts Complex and Visitors Pavilion. 

Accor is planning substantial growth in the Kingdom, with 45 new establishments and 9,800 keys expected by 2030, O’Rourke told Arab News in May. 

Ƶ’s hospitality sector has gained momentum, driven by large-scale events such as Riyadh Season and AlUla Season. 

A report by JLL released earlier this month highlighted that urban infrastructure development is creating new opportunities in the Kingdom, driven by the government’s push for economic diversification and increased tourism.


Closing Bell: Saudi main index closes in green, reaches 11,949 points

Closing Bell: Saudi main index closes in green, reaches 11,949 points
Updated 23 December 2024

Closing Bell: Saudi main index closes in green, reaches 11,949 points

Closing Bell: Saudi main index closes in green, reaches 11,949 points
  • MSCI Tadawul Index increased by 15.52 points, or 1.05%, to close at 1,500.07
  • Parallel market Nomu lost 285.18 points, or 0.91%, to close at 30,953.11 points

RIYADH: Ƶ’s Tadawul All Share Index increased by 0.84 percent or 99.42 points to reach 11,948.79 points on Monday. 

The total trading turnover of the benchmark index was SR4.9 billion ($1.3 billion), as 111 of the listed stocks advanced, while 117 retreated. 

The MSCI Tadawul Index also increased by 15.52 points, or 1.05 percent, to close at 1,500.07. 

The Kingdom’s parallel market Nomu dropped, losing 285.18 points, or 0.91 percent, to close at 30,953.11 points. This comes as 32 of the listed stocks advanced while 51 retreated. 

The main index’s top performer, Zamil Industrial Investment Co., saw a 4.31 percent increase in its share price to close at SR33.90. 

Other top performers included Saudi Reinsurance Co., which saw a 4.20 percent increase to reach SR47.15, while the Mediterranean and Gulf Insurance and Reinsurance Co.’s share price rose by 4.16 percent to SR23.52. 

Red Sea International Co. also recorded a positive trajectory, with share prices rising 3.89 percent to reach SR56.10. 

Kingdom Holding Co. also witnessed positive gains, with 3.75 percent reaching SR9.13. 

National Co. for Learning and Education was TASI’s worst performer, with the firm’s share price dropping by 3.94 percent to SR204.60. 

Aldrees Petroleum and Transport Services Co. followed with a 3.84 percent drop to SR120.20. Riyadh Cement Co. also saw a notable drop of 3.61 percent to settle at SR32.05. 

Walaa Cooperative Insurance Co. and MBC Group Co. were among the top five poorest performers, with shares declining by 3.52 percent to settle at SR17.56 and by 3.17 percent to sit at SR54.90, respectively. 

On the announcement’s front, Almujtama Alraida Medical Co. disclosed that Khabeer Althanyia Investment Co. — a major shareholder — has announced its intention to distribute and deposit its 630,673 shares in Almujtama Alraida, representing 6.64 percent of the company’s capital, into the investment portfolios of its current partners. 

The move, according to a filing on Tadawul, will result in changes to the list of the company’s major shareholders. 

Almujtama Alraida Medical Co.’s share price dropped 2.91 percent on Monday to settle at SR30.05. 

Najran Cement Co. announced that its shareholders approved the transfer of SR163.62 million from its statutory reserve, as reported in its financial statements for the year ending Dec. 31, 2023, to its retained earnings balance of SR138.15 million. 

The decision was made during the company’s extraordinary general meeting held on Dec. 22, according to a statement on Tadawul. 

Shareholders also approved the repurchase of up to 17 million shares to be held as treasury shares, citing the board’s view that the company’s stock is trading below its fair value. 

The share buyback will be financed through the firm’s resources, including cash balances or credit facilities, with the board authorized to complete the process within 12 months of the meeting date. 

The repurchased shares can be retained for a maximum of 10 years, after which the company will comply with applicable laws and regulations, the statement said. 

Najran Cement Co.’s share price saw a 1.22 percent dip on Monday to close at SR8.92.


Ƶ inaugurates Yanbu Grain Terminal to boost food security, trade

Ƶ inaugurates Yanbu Grain Terminal to boost food security, trade
Updated 23 December 2024

Ƶ inaugurates Yanbu Grain Terminal to boost food security, trade

Ƶ inaugurates Yanbu Grain Terminal to boost food security, trade
  • Yanbu Grain Handling Terminal will serve public and private sector importers
  • It boasts a storage capacity of 156,000 tonnes, including 12 silos with a combined capacity of 96,000 tonnes

RIYADH: Ƶ has inaugurated the Yanbu Grain Handling Terminal, underscoring the Kingdom’s efforts to strengthen public-private partnerships, enhance agricultural trade, and bolster food security across the region.

The event was attended by Abdulrahman Al-Fadli, minister of environment, water and agriculture, and by various government and private sector officials, according to the Saudi Press Agency.

The Yanbu Grain Handling Terminal will serve public and private sector importers, and boasts a storage capacity of 156,000 tonnes, including 12 silos with a combined capacity of 96,000 tonnes.

Food security has risen up the agenda in recent years, as countries in the Gulf contend with the impacts of climate change, the consequences of trade-disrupting conflicts such as the Ukraine-Russia war, and interruptions to supply routes through the Red Sea.

In September 2022, in response to these challenges, the Kingdom collaborated with regional partners to launch a food security action plan with an initial funding of $10 billion.

The Yanbu Grain Handling Terminal will be operated by the National Grains Co., a joint venture between the national shipping carrier Bahri and the Saudi Agricultural and Livestock Investment Co.

It features a 650-meter conveyor belt and a discharge rate of 800 tonnes per hour directly from ships, with an annual handling capacity exceeding 3 million tonnes of grain.

According to Bahr’s statement to the Saudi Stock Exchange, the inauguration delay was caused by the inclusion of additional requirements to enhance future operational efficiency, along with the construction of extra infrastructure to accommodate potential future expansions.

The company said that because of this the total project cost rose by 7 percent from the initially allocated SR412.5 million ($109.7 million), though the increase is not deemed significant.

The Yanbu Grain Handling Terminal aims to become a world-class logistics hub, connecting three continents and supporting the Kingdom’s vision for a resilient and efficient agricultural supply chain.

Established in 2020 as a strategic partnership between SALIC and Bahri, the National Grain Co. aims to fulfill the Kingdom’s future feed grain requirements while enhancing its global competitiveness.

It is committed to advancing grain trade, handling, and storage through the Yanbu terminal, strengthening supply chains and ensuring price stability across Ƶ.

SALIC, a Public Investment Fund-owned company, was formed in 2011 to secure food supply for Ƶ through mass production and investment.

When the project was announced in 2020, Al-Fadli, who is also the chairman of SALIC’s board of directors, said: “The project aims to enhance the velocity of the main grain influx to Ƶ and is considered the first regional center for grains in the commercial port of Yanbu.”

 

He added that SALIC relies on the geographical location of the Kingdom and the port infrastructure to enhance food distribution in the region by linking the Kingdom to global grain sources, especially countries where SALIC is investing.

 

A grain delivery service to customers within the Kingdom has been introduced as part of the project, ensuring greater proximity to clients, enhanced customer experience, and improved profitability margins.


UAE’s ADNOC boosts drilling capabilities with 2 new jack-up rigs

UAE’s ADNOC boosts drilling capabilities with 2 new jack-up rigs
Updated 23 December 2024

UAE’s ADNOC boosts drilling capabilities with 2 new jack-up rigs

UAE’s ADNOC boosts drilling capabilities with 2 new jack-up rigs
  • ADNOC Drilling will expand its fleet to 142 platforms
  • UAE possesses the sixth-largest crude oil reserves globally

JEDDAH: The Abu Dhabi National Oil Co. has received two new jack-up rigs, reinforcing its position as one of the largest drillship fleet owners globally.

ADNOC Drilling will launch the new rigs by the first quarter of next year, expanding its fleet to 142 platforms. This marks a strong year for the company, showcasing its performance and strategy, according to UAE state news agency WAM.

For over 50 years, ADNOC Drilling has been the exclusive provider of drilling and rig-related services to ADNOC Group under agreed contractual terms, supporting the firm’s upstream operations in exploring and developing oil and gas resources in the UAE.

With most of the Gulf country’s crude oil and gas reserves located in Abu Dhabi, ADNOC oversees the majority of nationwide exploration, appraisal, development, and production activities, which are managed by ADNOC, either independently or in partnership with third parties.

In its analysis of the company’s performance, JPMorgan, a global financial services firm, said: “Since its initial public offering, ADNOC Drilling has proven to be a high-quality, defensive business, consistently meeting and surpassing guidance and expectations. The exceptional performance also reflects positive progress with ADNOC Drilling’s two joint ventures.”

The UAE possesses the sixth-largest crude oil reserves globally, with approximately 107 billion stock tank barrels of proven oil reserves. Since its inception in 1972, ADNOC Drilling has played a crucial role in enabling ADNOC to unlock the country’s oil and gas resources efficiently and reliably, contributing to the nation’s energy sector.

This year, Enersol, a joint venture between Alpha Dhabi Holding and ADNOC Drilling, acquired four oilfield services technology companies, while Turnwell, another business partnership between ADNOC, SLB, and Patterson-UTI, set a record for initial well delivery time, accelerating the development of the UAE’s unconventional energy reserves.

Following its second upward guidance revision this year alongside its third-quarter results, ADNOC Drilling is on track to deliver its best-ever performance in Q4. ADNOC Drilling anticipates at least mid-single-digit expansion as it scales operations, according to WAM.

ADNOC forecasts a rise in drilling activity in the coming years, driven by its commitment to increasing crude oil production capacity by 25 percent, reaching five million barrels per day by 2027.

As the company looks to expand beyond the UAE and explore opportunities in the region, it foresees a growing need to expand its rig fleet to support its strategic growth plans.

The energy giant believes that expanding its rig fleet will enhance its current capabilities in rig hire, drilling, completion services, and associated operations and enable the company to offer unconventional drilling and biogenic well services. This expansion is expected to contribute to increased revenue and profitability.


Terminal 4 at Cairo International Airport to boost Egypt’s aviation and tourism sectors

Terminal 4 at Cairo International Airport to boost Egypt’s aviation and tourism sectors
Updated 23 December 2024

Terminal 4 at Cairo International Airport to boost Egypt’s aviation and tourism sectors

Terminal 4 at Cairo International Airport to boost Egypt’s aviation and tourism sectors
  • Project is expected to bolster the country’s tourism goals and improve traveler experiences
  • Egypt’s aviation sector also improved 36 spots to 27th in the 2024 edition of the Air Transport Infrastructure Index

RIYADH: Egypt is advancing its aviation sector with the ongoing development of Terminal 4 at Cairo International Airport, set to accommodate 30 million passengers annually.

According to a statement from the Cabinet, the “New Republic Air Gateway” project is expected to bolster the country’s tourism goals, improve traveler experiences, and position Egypt as an international aviation hub.

This year, the government announced plans to involve the private sector in airport management, including a global tender for Cairo International.

Egypt’s aviation sector also improved 36 spots to 27th in the 2024 edition of the Air Transport Infrastructure Index, aligning with Vision 2030’s focus on sustainable development, innovation, and global competitiveness.

Prime Minister Mostafa Madbouly, during a meeting at the New Administrative Capital, reviewed progress on the project alongside Minister of Civil Aviation Sameh El-Hefny. The session focused on the terminal’s specifications, implementation strategy, and potential to reshape the African nation’s aviation and tourism landscapes.

“Airport development works come within the framework of presidential directives to upgrade the Egyptian airport system, raise its capacity and improve the level of services provided to passengers,” he said.

At the meeting, Madbouly emphasized the importance of creating world-class facilities to accommodate rising traveler numbers. 

El-Hefny outlined the project’s phased execution, with completion expected within four to five years. He also revealed that negotiations are underway with international firms specializing in airport construction and management to ensure world-class execution. 

The minister emphasized the cutting-edge features of the new terminal, including its ability to initially handle 30 million passengers annually, with expansion potential to 40 million. 

In September 2023, Cairo Airport Co. partnered with Pangiam, a trade and travel technology company, and signed two agreements to develop the new terminal. These deals, focused on enhancing the airport’s operations with advanced technology, include a feasibility study to incorporate emerging technologies and deliver a seamless travel experience.

The terminal will feature a state-of-the-art runway equipped with advanced navigation and lighting technologies that meet international standards. 

Once operational, Terminal 4 is expected to elevate Cairo International Airport’s global status, making it a hub for regional and international travel.