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Riyadh Air Presents Features of its Future at Dubai Air Show

Riyadh Air, the new national air carrier wholly owned by the Public Investment Fund, participated in the Dubai Airshow 2023. (Asharq Al-Awsat)
Riyadh Air, the new national air carrier wholly owned by the Public Investment Fund, participated in the Dubai Airshow 2023. (Asharq Al-Awsat)
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Riyadh Air Presents Features of its Future at Dubai Air Show

Riyadh Air, the new national air carrier wholly owned by the Public Investment Fund, participated in the Dubai Airshow 2023. (Asharq Al-Awsat)
Riyadh Air, the new national air carrier wholly owned by the Public Investment Fund, participated in the Dubai Airshow 2023. (Asharq Al-Awsat)

Riyadh Air, the new national air carrier wholly owned by the Public Investment Fund, participated in the Dubai Airshow 2023 last week, revealing two categories for the exterior design of its aircraft fleet and a set of strategic partnerships.
The Riyadh Air pavilion at the Dubai Airshow attracted thousands of visitors and a number of senior officials, as well as local and international media representatives.
The exhibition activities also witnessed the participation of officials from Riyadh Air in a number of discussion sessions that touched on topics that included air traffic, innovative technologies and the experiences of passengers, as well as sustainable practices and the means to attract talent in the aviation and air transport sector.
Commenting on the participation in the Dubai Airshow 2023, Riyadh Air CEO, Tony Douglas, said: “It has been an extraordinary week, as a digital start-up we want to disrupt the aviation industry and we have certainly done that at the Dubai Airshow.”
He continued: “Since our launch in March, we have made exceptional progress hitting a number of milestones and in Dubai we have continued to shape the future of air travel with our beautiful second livery with a unique iridescent shine unlike any other aircraft, again capturing the world’s attention and going viral across social channels.”
Douglas stressed that the strategic cooperation concluded by Riyadh Air with Saudia Airlines reflected their common desire to achieve the goals of developing the tourism and travel sector within the Kingdom.
He added: “Our alliance with Lucid Group is a clear reflection of our joint values around sustainably, digital thinking and obsessional attention to detail, while our Lufthansa Systems deal sees us adopt the gold standard of aviation systems. Over the coming weeks and months, we will be sharing more exciting updates, developments and milestones for Riyadh Air, as we continue the momentum and pace towards our maiden flight in 2025 and as the most forward-thinking carrier in the skies.”
Strategic partnerships
Riyadh Air and Saudia signed a memorandum of understanding for strategic cooperation, which will seek to enable guests of both carriers to take full advantage of each airline’s worldwide network through a comprehensive interline and codeshare agreement.
Another MoU was signed between Riyadh Air and Lucid Motors at the Dubai Airshow, marking the first innovative partnership between luxury EV manufacturer Lucid Group and Riyadh Air. The agreement comes in line with a shared vision for the future of sustainable transportation.
Riyadh Air also announced it had signed an agreement with Lufthansa Systems as a partner to mutually drive innovation in digitalization and sustainability. The agreement will see the implementation of an integrated suite from Lufthansa Systems helping unlock digital leadership in aviation sustainability.

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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS

The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate of 2%.
The bank said its rate-setting panel lowered the benchmark rate to 4.75% — its second cut in three months — though its governor Andrew Bailey cautioned that interest rates would not be falling too fast over coming months.
“We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much,” he said. “But if the economy evolves as we expect it’s likely that interest rates will continue to fall gradually from here.”
In the year to September, UK inflation stood at 1.7%, its lowest level since April 2021 and below the central bank’s target rate of 2%, The Associated Press reported.
Central banks worldwide dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up and then because of Russia’s full-scale invasion of Ukraine which pushed up energy costs.
As inflation rates have recently fallen from multi-decade highs, the central banks have started cutting interest rates.
Economists have warned that worries about the future path of prices following last week's tax-raising budget from the new Labour government and the economic impact of US President-elect Donald Trump may limit the number of cuts next year.
The decision comes a week after Treasury chief Rachel Reeves announced around 70 billion pounds ($90 billion) of extra spending, funded through increased business taxes and borrowing. Economists think that the splurge, coupled with the prospect of businesses cushioning the tax hikes by raising prices, could lead to higher inflation next year.
The rate decision also comes a day after Trump was declared the winner of the US presidential election. He has indicated that he will cut taxes and introduce tariffs on certain imported goods when he returns to the White House in January. Both policies have the potential to be inflationary both in the US and globally, thereby prompting Bank of England policymakers to keep interest rates higher than initially planned.