Saudi flynas Reduces Carbon Emissions by 161,000 Tons

Flynas has adopted many sustainable initiatives and practices to protect the environment. (Asharq Al-Awsat)
Flynas has adopted many sustainable initiatives and practices to protect the environment. (Asharq Al-Awsat)
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Saudi flynas Reduces Carbon Emissions by 161,000 Tons

Flynas has adopted many sustainable initiatives and practices to protect the environment. (Asharq Al-Awsat)
Flynas has adopted many sustainable initiatives and practices to protect the environment. (Asharq Al-Awsat)

Carbon emissions in flynas operations during 18 months were cut by more than 161,000 tons of carbon dioxide (CO2), equivalent to planting 6.44 million trees, according to a statistical report on sustainability in the air carrier.

Flynas, a leading low-cost Saudi airline in the Middle East and the world, revealed that the reduction is due to adopting several initiatives and practices with a sustainable impact on preserving the environment, in line with the Kingdom's goals to reach zero neutrality in greenhouse gas emissions by 2050.

The company's sustainability performance has advanced through three tracks: maximizing fuel efficiency, digital transformation, and adopting initiatives with a sustainable impact on the environment, society, and economy.

On the first track, fuel efficiency was maximized through modernizing flynas fleet, composed of 64 aircraft, with the next-generation A320neo, the most advanced single-aisle aircraft and the most efficient in operating engines and fuel consumption in the world, which now constitutes 74% of the fleet.

Consequently, CO2 emissions were cut by an average of 7,200 tons per month, equal to the planting of 288,000 trees a month.

The new aircraft are characterized by their efficiency in reducing fuel consumption by 18% and cutting CO2 emission by 8% per 100 cycles per minute compared to previous-generation aircraft.

By phasing out the old generation of classic-engine A320 (CEO) aircraft by the end of 2024, flynas aims to double its sustainability and environmental protection performance while reducing a significant additional amount of CO2 emissions.

On the second track, the company focused on adopting digital transformation as a strategic basis in the operational and commercial operations of flynas since it was established.

It was the first airline in the Kingdom to issue digital tickets and boarding passes in 2007, allow online payment, and offer paying ticket costs in installments.

On the third track, flynas works to enhance sustainability by launching initiatives that have a sustainable impact on the environment, society, and the economy in partnership with the most critical institutions in Saudi Arabia and the world in recycling and enhancing dependence on the most environmentally friendly consumer products.

Flynas recently joined the United Nations Global Compact. The carrier will work towards making the UN Sustainable Development Goals (SDGs) part of its strategy, culture, and operations.

The national carrier would be the first LCC in the Middle East to join the world's most significant corporate sustainability initiative.

Flynas has also joined the United Nations World Tourism Organization (UNWTO), enhancing the leading LCC capabilities to contribute to sustainable global tourism. It comes in line with flynas’ sustainability strategy and the Kingdom's vision and commitment to shaping the future of international travel.



Saudi Aramco: Oil Refining Has Been Underinvested

FILE PHOTO: Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Saudi Aramco: Oil Refining Has Been Underinvested

FILE PHOTO: Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The current oil supply crisis shows there is underinvestment in oil refining as demand holds resilient, Saudi state-owned Aramco's vice president of market analysis and sustainability, Musaab Al Mulla, said on Tuesday.

Around 3 ⁠million barrels per ⁠day of refining capacity closed between 2020 and 2023, Al Mulla said at the S&P Global Energy Middle East ⁠Petroleum and Gas Conference in London.

"Now we realize if you have those refineries you may have definitely mitigated the impacts of the crisis today," he said.

The war in Iran, attacks on energy infrastructure and ⁠Iran's effective ⁠closure of the Strait of Hormuz followed by a US naval blockade, have removed around 14 million bpd of oil supply from Middle East producers to the global market.


OECD Cuts 2026 Global Growth Forecasts Over Mideast War Fallout

A drone view of vessels anchored in the Strait of Hormuz as seen from Musandam, Oman, June 3, 2026. (Reuters)
A drone view of vessels anchored in the Strait of Hormuz as seen from Musandam, Oman, June 3, 2026. (Reuters)
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OECD Cuts 2026 Global Growth Forecasts Over Mideast War Fallout

A drone view of vessels anchored in the Strait of Hormuz as seen from Musandam, Oman, June 3, 2026. (Reuters)
A drone view of vessels anchored in the Strait of Hormuz as seen from Musandam, Oman, June 3, 2026. (Reuters)

The war in the Middle East has dented economic growth prospects worldwide, with a more severe shock likely if no effective ceasefire is agreed before 2027, the OECD warned Wednesday.

Global economic growth is now forecast to slip to 2.8 percent for 2026 if Gulf exports of oil and gas return to pre-conflict levels in the third quarter, the group of 38 industrialized countries said in its quarterly update.

Previously the OECD had forecast full-year global growth of 2.9 percent.

But if the Middle East war continues into next year, however, global growth could slow to 2.1 percent, the OECD said -- well below the average annual growth of 3.4 percent seen from 2013 to 2019, before the Covid pandemic.

"The longer the disruptions last, the larger the economic and social costs become," the group's chief economist Stefano Scarpetta said in the report.

Many countries would risk falling into recession, he noted, and a drop in investment spending -- "including in energy-intensive AI" -- would likely push up unemployment.

Sustained high prices for energy as well as fertilizer and other key products from hydrocarbon production in the Gulf would weigh especially hard on developing countries that have "higher shares of energy and food in household consumption".

Even if the war sparked by US and Israeli strikes on Iran in late February ends in the coming weeks, the OECD forecast global inflation rising to 4.0 percent this year from 3.4 percent in 2025.

In this "time-limited disruption scenario", the group expects US growth to slow to 2.0 percent this year and 1.8 percent in 2027, after growing 2.1 percent last year.

In the eurozone, where many countries are highly dependent on energy imports, GDP growth will slump to 0.8 percent this year after 1.4 percent last year, assuming a Mideast ceasefire is secured in the coming weeks.


Saudi Non-oil Private Sector Activity Hits 3-month High in May

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)
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Saudi Non-oil Private Sector Activity Hits 3-month High in May

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)

Saudi Arabia's non-oil private sector expanded at the fastest pace in three months in May as domestic demand improved and supply chains stabilized, while business optimism remained subdued amid conflict in the region, a survey showed on Wednesday.

The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index, compiled by S&P Global, rose to 52.8 in May from 51.5 in April. The 50 mark separates growth from contraction, Reuters reported.

Output accelerated at the ⁠fastest pace in ⁠three months after March's downturn following the start of the Iran war, as firms cited normalizing working conditions, revived contracts and stronger local demand.

Export sales fell for a third straight month, hit by shipping disruption, higher freight and fuel costs, geopolitical tensions and stronger competition. The pace of decline eased only modestly from April's survey-record contraction.

However, supply chains improved, with suppliers' delivery times shortening for the first time in three months as ⁠firms relied ⁠more on local vendors. Backlogs of work rose for an 11th consecutive month, albeit moderately.

“Overall, the latest PMI reading supports the expectation that Saudi Arabia’s non-oil economy will continue its upward trend during the remainder of 2026," said Naif Al-Ghaith, Riyad Bank's chief economist.