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Qatar Airways CEO Will Step Down After Nearly 3 Decades Leading Carrier 

Qatar Airways Group chief executive Akbar Al Baker. (QNA)
Qatar Airways Group chief executive Akbar Al Baker. (QNA)
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Qatar Airways CEO Will Step Down After Nearly 3 Decades Leading Carrier 

Qatar Airways Group chief executive Akbar Al Baker. (QNA)
Qatar Airways Group chief executive Akbar Al Baker. (QNA)

Qatar Airways Group chief executive Akbar Al Baker is stepping down after 27 years leading the company.

Al Baker's retirement will go into effect Nov. 5, Qatar Airways said Monday. He will be succeeded by Badr Mohammed Al-Meer — who currently serves as the chief operating officer of Hamad International Airport in Doha, the hub of Qatar's national carrier.

In Monday's announcement, Qatar Airways said that it “has grown to become one of the most recognizable and trusted brands globally” under Al Baker's leadership. The company pointed to seven “World's Best Airline” wins, among other allocates.

Al Baker was appointed CEO in 1997, three years after the airline's launch, and has been instrumental in transforming Qatar Airways into a major international carrier that competes against the likes of Dubai's Emirates and Turkish Airlines.

In July, Qatar Airways reported a profit of $1.2 billion over the last fiscal year, boosted in part by the country’s hosting of the 2022 FIFA World Cup.

Qatar Airway's earned revenue of $20.9 billion over the fiscal year, up from $14.4 billion the year before.

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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo

Diriyah, one of Saudi Arabia's giga-projects, has agreed deals worth nearly $1 billion with European firms and is in talks to attract more foreign capital, its CEO said.

Diriyah, located at a UNESCO World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20 billion riyals ($5.33 billion) in 2023 and 2024, and should get 12 billion riyals more next year, its CEO said.

It has recently agreed deals worth nearly $1 billion in total with an Italian developer and a French company and is in talks with several foreign investors looking to buy equity stakes in hotels and other real estate developments, Jerry Inzerillo told Reuters in New York this week.

"There's a lot of interest from America, a lot of interest from every country," he said. "We'll work with any country that can deliver quality and stay on time."

Foreign investors have already bought stakes in several projects in Diriyah, said Inzerillo, with more to come.

"A lot of people can see that it's built, it's doable; it's no longer renderings, no longer 'you wait and see' ... So now we're seeing a big spike in interest in foreign investment".

Inzerillo said investment priorities have changed because of upcoming events such as the Expo 2030 world fair, which Riyadh last year won the right to host. But the pace and scope of the Saudi giga-projects have not been scaled back, he said.

"It's a realignment, a re-prioritization ... not a reduction," he added.