Riyadh Air to Purchase ‘Narrowbody’ Jets in Coming Weeks

Riyadh Air, the new Saudi air carrier (Asharq Al-Awsat)
Riyadh Air, the new Saudi air carrier (Asharq Al-Awsat)
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Riyadh Air to Purchase ‘Narrowbody’ Jets in Coming Weeks

Riyadh Air, the new Saudi air carrier (Asharq Al-Awsat)
Riyadh Air, the new Saudi air carrier (Asharq Al-Awsat)

Riyadh Air will announce a deal to purchase a “sizeable” number of "narrowbody" aircraft in the coming weeks, announced CEO Tony Douglas.

Douglas told Reuters in an interview on Monday, "We have concluded our narrowbody campaign," he said in an interview in London on Monday. "I think we will probably announce it within the coming weeks."

Riyadh Air had ordered 72 Boeing 787 widebody jets, and these will be followed by narrowbodies, according to Douglas.

- Strategic agreement

Also, Riyadh Air and IBM signed a strategic agreement for consulting services.

IBM Consulting will be the lead systems integrator to support creating, building, and orchestrating the technology foundation that can help the digitally native airline to offer exceptional and seamless travel experiences.

Riyadh Air and IBM Consulting have already created the airline's digital and technology strategy.

The airline selected IBM Consulting to support building the key business and technology capabilities that underpin the strategy.

It includes implementing and integrating over 50 airline industry solutions and core technology capabilities, including security, infrastructure, integration, and data platforms, using a hybrid cloud approach.

IBM will also orchestrate the work of over 40 partners by providing program and technical governance, project management, quality assurance, change and communications management, and training.

- Enabling digital innovations

According to the information released, the collaboration is expected to help position Riyadh Air strategically within the broader ecosystem to offer digital innovations and exceptional experiences for travelers and guests.

The airline aims to create a world-class airline with a personalized and seamless guest experience powered by AI and state-of-the-art digital technology, taking obsessive care of details that make memorable micro-moments across the traveler's journey.

Chief Financial Officer Adam Boukadida said the company aims to launch its first flight in 2025, putting Riyadh Air at the cutting edge of digital technology and innovation within the aviation industry, adopting the best international sustainability and safety practices to deliver an exceptional travel experience, for its guests locally and internationally.

"IBM Consulting will be our principal partner driving us towards our vision with their deep expertise in managing large complex systems and integration programs as well as their expertise in the travel industry," Boukadida added.

- Hybrid cloud

For his part, Senior Vice President John Granger explained that a technology foundation built with an open, hybrid cloud approach and AI can help achieve the flexibility and agility needed to support the goal of delivering an exceptional travel experience for Riyadh Air customers.

Granger said: "We're proud to be Riyadh Air's partner and help them bring this new era of the Kingdom's aviation industry to life."

The technology and digital strategy of Riyadh Air will support its mission in line with Vision 2030 for leadership in the aviation sector by transforming it into a global center for aviation and trade.



Saudi Social Development Bank Surpasses $43.2 Billion in Total Financing

Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)
Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)
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Saudi Social Development Bank Surpasses $43.2 Billion in Total Financing

Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)
Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)

The Saudi Social Development Bank has announced that its total financing since inception has exceeded SAR162 billion (USD43.2 billion), benefiting more than 10 million citizens and playing a vital role in the Kingdom’s social and economic transformation.

The announcement was made by Minister of Human Resources and Social Development and Chairman of the Bank’s Board, Eng. Ahmed Al-Rajhi, during the bank’s 53rd anniversary celebration held on Monday in Riyadh.

The event was held under the patronage and in the presence of Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region, and marked the launch of the “Jada 30” initiative.

Prince Faisal commended the bank’s achievements over the past five decades, highlighting its impact in empowering citizens and advancing national development goals in line with Saudi Vision 2030.

In turn, Al-Rajhi emphasized the bank’s ongoing commitment to supporting development pathways and empowering individuals and communities. He reaffirmed the bank’s role as a key driver of financial and social inclusion across the Kingdom.

As part of the celebration, the bank unveiled “Jada 30,” a new initiative designed to foster entrepreneurship and support small and emerging businesses. Bank CEO Eng. Sultan bin Abdulaziz Al-Humaidi described it as a strategic leap forward in enhancing the entrepreneurial environment.

“Jada 30” transforms traditional bank branches into dynamic development hubs and business incubators, aimed at nurturing a vibrant entrepreneurial ecosystem. The initiative provides a comprehensive range of services - including financing, training, and mentorship - to help entrepreneurs launch and scale their businesses.

Since its launch, “Jada 30” has hosted in Riyadh more than 300 startups and supported over 5,800 participants, underscoring its tangible impact on youth empowerment and the promotion of a self-employment culture.

The event also witnessed the signing of several key development agreements, including a partnership with the General Authority for Awqaf and the Charitable Associations Support Fund to establish a SAR50 million financing portfolio to boost the nonprofit sector.

Further, the bank signed two agreements with Arab National Bank and Banque Saudi Fransi to create a combined SAR100 million in financing portfolios aimed at supporting entrepreneurs and emerging enterprises.

Additional agreements were inked with Alinma Bank and Arab National Bank to launch a new Freelance Work Card, offering freelancers greater access to banking services and financing options.