Saudi Arabia Signs Civil Aviation Deals with Pakistan, Bangladesh

The signing of the deals came as President of the General Authority of Civil Aviation Abdulaziz bin Abdullah Al-Duailej met with civil aviation officials and specialists in both Pakistan and Bangladesh. SPA
The signing of the deals came as President of the General Authority of Civil Aviation Abdulaziz bin Abdullah Al-Duailej met with civil aviation officials and specialists in both Pakistan and Bangladesh. SPA
TT

Saudi Arabia Signs Civil Aviation Deals with Pakistan, Bangladesh

The signing of the deals came as President of the General Authority of Civil Aviation Abdulaziz bin Abdullah Al-Duailej met with civil aviation officials and specialists in both Pakistan and Bangladesh. SPA
The signing of the deals came as President of the General Authority of Civil Aviation Abdulaziz bin Abdullah Al-Duailej met with civil aviation officials and specialists in both Pakistan and Bangladesh. SPA

Saudi Arabia has signed separate civil aviation deals with Pakistan and Bangladesh as part of the Saudi aviation sector strategy aimed at building international partnerships.

The signing of the deals came as President of the General Authority of Civil Aviation (GACA) Abdulaziz bin Abdullah Al-Duailej met with civil aviation officials and specialists in both Pakistan and Bangladesh.

As part of a Saudi delegation headed by Minister of Hajj and Umrah Dr. Tawfiq bin Fawzan Al-Rabiah, Al-Duailej met separately with Pakistan Civil Aviation Authority (PCAA) Director General Khaqan Murtaza and Bangladeshi Minister of Civil Aviation and Tourism Mahbub Ali.

Air transportation officials and CEOs of air carriers attended the meetings.

Officials at the meetings discussed ways to increase seating capacity for transporting religious visitors to the Kingdom as well as the best solutions to overcome current and future challenges. They also reviewed cooperation and ways of providing more facilities for air carriers.

On the sidelines of the Pakistan meeting, Al-Duailej signed an agreement with his Pakistani counterpart on air transportation services.

The agreement aims to enhance cooperation between the two sides regarding air services and develop regulatory frameworks for air transport between the two countries in a safe and orderly manner.

The GACA President signed a memorandum of understanding (MoU) with Minister Ali in the field of air transport to boost the number of flights between the Kingdom and Bangladesh, increase seating capacity, facilitate the arrival of religious visitors to the Kingdom, and boost air cargo flights.

The Saudi aviation sector strategy aims to foster the Kingdom's air connectivity with the world to include 250 destinations and triple the number of passengers to 330 million passengers. The strategy also seeks to up air cargo capacity to 4.5 million tons annually by 2030.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
TT

Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.