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)
TT

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.



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
TT

Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.