SAUDIA Becomes 1st Airline to Fly to Red Sea International Airport

Saudi Arabian Airlines (SAUDIA) has become the first airline to operate flights to the Red Sea International Airport. SPA
Saudi Arabian Airlines (SAUDIA) has become the first airline to operate flights to the Red Sea International Airport. SPA
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SAUDIA Becomes 1st Airline to Fly to Red Sea International Airport

Saudi Arabian Airlines (SAUDIA) has become the first airline to operate flights to the Red Sea International Airport. SPA
Saudi Arabian Airlines (SAUDIA) has become the first airline to operate flights to the Red Sea International Airport. SPA

Saudi Arabian Airlines (SAUDIA) has achieved a significant milestone by becoming the first airline to operate flights to the Red Sea International Airport. This accomplishment has been made possible through a memorandum of understanding signed between the Red Sea International (RSI), SAUDIA, and daa International, the operator of Red Sea International Airport.

According to John Pagano, Group CEO of Red Sea Global, the development of Red Sea International Airport is progressing steadily, and it is expected to be launched this year alongside three resorts. Initially, the airport will cater to domestic flights from and to Riyadh and subsequently expand to include flights from Jeddah. By 2024, the airport aims to handle international flights as well.

Pagano further explained that SAUDIA, the national carrier of Saudi Arabia, will begin regular operations from and to Red Sea International Airport based on the memorandum of understanding.

The agreement also lays the foundation for collaborative research on the utilization of Lower Carbon Aviation Fuel and Sustainable Aviation Fuel (SAF) at the airport. This demonstrates a shared commitment towards reducing carbon emissions in the aviation industry.

In addition, the memorandum entails the evaluation of the implementation of electric vertical take-off and landing jets (eVTOL) as a means to further reduce emissions from air travel in the Red Sea region.

The landmark agreement between SAUDIA, Red Sea International, and daa International paves the way for sustainable aviation practices and is a sign on the progressive approach taken by all parties towards environmental preservation in the aviation sector.



Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices gained on Thursday as fears of an escalating conflict between Israel and Iran drove investors towards the safe-haven metal, while platinum scaled its highest level since September 2014.

Spot gold was up 0.2% at $3,374.49 an ounce at 1100 GMT US gold futures fell 0.5% to $3,391.00.

"We're seeing some haven flows in gold, which is really not surprising given what's happening ... with the fighting between Iran and Israel," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Equity markets have dipped, which is also supporting the precious metal, Razaqzada added, Reuters reported.

Israel said on Friday it had struck Iran's only functioning nuclear power plant on the Gulf coast, potentially a major escalation in its air war against Iran.

Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but have slowed their overall outlook for rate cuts in response to a more challenging economic outlook.

However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom.

Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment.

In other metals, platinum lost 2.5% to $1,289.71, having risen to its highest level since September 2014 earlier in the session.

Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives, analysts say.

"The supply-demand dynamics at play in the platinum market do hint at there being further upside in store for the price," KCM Trade Chief Market Analyst Tim Waterer said.

Palladium lost 1.1% to $1,036.74, while silver fell 1.2% to $36.31 per ounce.