How are Saudi Airlines Preparing to Receive 150 Million Visitors?

The Saudi Airlines Group and Flynas are working to expand flights and seat capacity to meet the Kingdom’s new strategy. (Asharq Al-Awsat)
The Saudi Airlines Group and Flynas are working to expand flights and seat capacity to meet the Kingdom’s new strategy. (Asharq Al-Awsat)
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How are Saudi Airlines Preparing to Receive 150 Million Visitors?

The Saudi Airlines Group and Flynas are working to expand flights and seat capacity to meet the Kingdom’s new strategy. (Asharq Al-Awsat)
The Saudi Airlines Group and Flynas are working to expand flights and seat capacity to meet the Kingdom’s new strategy. (Asharq Al-Awsat)

Saudi Crown Prince Mohammed bin Salman has recently announced expanding the target of Vision 2030 strategy in the tourism sector to reach 150 million visitors annually.
In this regard, Asharq Al-Awsat asked the Saudi airline companies about their preparations to meet this objective and the possibility of receiving this volume of passengers in the next stage.
The Saudi government is intensifying its efforts to develop the air transport sector, locally and internationally, and has adopted several strategies that enable it to reach its goals. The Public Investment Fund (PIF) established the Riyadh Air company, which in turn will contribute to achieving the new strategy set by the Crown Prince.
In comments to Asharq Al-Awsat, Saudi Airlines talked about the company’s current and future plans to expand to international destinations and increase the size of the aircraft fleet.
The company noted that the national strategy for transport and logistics services contributes to developing the air transport sector and transforming the Kingdom into a center for connecting three continents through 149 international destinations.
The General Manager of Corporate Communications and official spokesman for Saudi Airlines, Eng. Abdullah bin Mohammad Al-Shahrani, told Asharq Al-Awsat that the airlines achieved outstanding rates based on the operational performance report for the past year, pointing to a growth of 21 percent from 2022.
He added that Saudi Airlines operated more than 176,000 flights and achieved a growth of 36 percent in the number of international passengers.
“The group announced a year ago the purchase of 49 Boeing 787 Dreamliner aircraft, and will soon announce another major deal,” he underlined, stressing that these expansion plans aim to contribute to achieving the Kingdom’s targeted number of 150 million visitors.
For its part, Flynas, the Saudi economic air carrier, revealed a purchase order for 120 aircraft in the coming years, which will enhance the continued growth in the size of the fleet.
Flynas - the fourth best low-cost airline in the world in 2023 and the best airline in the Middle East in its category for six consecutive years - announced the approval of its Board of Directors to increase new orders to 250 aircraft, with the aim to expand the company, in line with the strategy of the National Civil Aviation Authority.
Flynas witnessed unprecedented rates of growth during the past year, as it recorded a historic rise in the number of passengers to more than 11.1 million, with a growth rate exceeding 28 percent compared to 2022. The company also registered an increase in seat capacity by 22 percent and the fleet size by 35 percent, in addition to inaugurating and launching 57 new destinations within one year.
For its part, Flyadeal, the economic arm of the Saudi Airlines, recently announced that the number of passengers on board its fleet of 32 aircraft has reached 25 million, with the addition of about 13 international destinations since the company’s launch in 2017.

 

 



Eni and Petronas Launch Gas Joint Venture in Southeast Asia

FILE PHOTO: The logo of Malaysian energy group National Petroleum Limited, commonly known as PETRONAS, is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
FILE PHOTO: The logo of Malaysian energy group National Petroleum Limited, commonly known as PETRONAS, is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
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Eni and Petronas Launch Gas Joint Venture in Southeast Asia

FILE PHOTO: The logo of Malaysian energy group National Petroleum Limited, commonly known as PETRONAS, is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
FILE PHOTO: The logo of Malaysian energy group National Petroleum Limited, commonly known as PETRONAS, is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo

Italy's Eni and Malaysia's Petronas have established Searah, a 50-50 joint venture combining key energy businesses across Indonesia and Malaysia, the two companies said on Monday.

The move is part of Eni's so called 'satellite strategy' ⁠to spin off specific ⁠assets and develop them separately with the help of a partner, Reuters reported.

The new company will start from an initial production base of over 300,000 ⁠barrels of oil equivalent per day (boe/d), aiming to exceed 500,000 boe/d of sustainable production within the next three years, a joint statement said.

It will hold a portfolio of 19 gas-producing and development assets, 14 in Indonesia and five in Malaysia.

"Searah ⁠is ⁠a strong new entity in Southeast Asia, combining our expertise with that of Petronas to support the development of energy resources in Indonesia and Malaysia, with a strong commitment to environmental protection and local growth," Eni CEO Claudio Descalzi said.


Saudi PIF, Talaat Moustafa Group Sign Strategic Partnership to Collaborate in Urban Development

Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)
Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)
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Saudi PIF, Talaat Moustafa Group Sign Strategic Partnership to Collaborate in Urban Development

Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)
Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)

Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) announced on Sunday the signing of a non-binding Memorandum of Understanding (MoU) to explore opportunities, cooperate and collaborate in mixed-use real estate projects at developments owned by PIF and its projects across the Kingdom, PIF said in a statement.

By leveraging PIF’s extensive investment capabilities, scale, and ecosystem, alongside TMG’s track record in delivering integrated mixed used developments, the parties aim to unlock opportunities across the residential, commercial, hospitality, and retail sectors, as well as integrated urban environments.

The new agreement would further accelerate project delivery and value creation for PIF and its projects, it said.

The MoU supports PIF’s urban development and livability ecosystem, one of six ecosystems outlined in its 2026-2030 strategy.

The partnership, under PIF’s umbrella, would achieve several operational opportunities, mainly:

- Urban development to build integrated, human-centric communities and destinations that enhance connectivity and elevate the quality of life.

- Mixed-use real estate that develops mega, mixed-use urban communities in addition to the development of offices, commercial spaces, and entertainment complexes supported by integrated basic services.

- Expanded private sector to create a collaborative framework that opens avenues for participation from additional investors to join future phases of projects, and foster knowledge transfers and expand private sector roles as investors, partners and suppliers.

Integrated investment, leadership in regional development

The new alliance will be based on well-established principles from both signing parties.

The MoU is part of PIF’s broader strategic goals to diversify Saudi Arabia’s economy. PIF continues to build regional and international partnerships to diversify the non-oil economy and further unlock the full potential of the Saudi strategic assets and maximizing long-term returns.

TMG is a real estate and tourism conglomerate, and one of the region’s leading fully integrated businesses. For nearly 55 years, the Group has successfully developed fully integrated cities and communities and created world-class hotels and resorts.

TMG brings extensive regional experience in delivering large scale integrated residential, commercial and hospitality projects across the region, enhancing the technical and managerial capacity of this collaboration.

Accelerating homeownership among Saudis

The new partnership aligns with Saudi Arabia’s Vision 2030 strategy to diversify the economy, attract investment and increase private-sector participation in key industries.

It mainly supports efforts to expand housing supply and develop integrated communities as the Kingdom works toward raising homeownership among Saudi citizens to 70% by 2030.

PIF said the non-binding MoU is subject to the satisfaction of certain conditions precedent and obtaining all necessary regulatory and internal approvals.


Gold Extends Losses on US Interest Rate-Hike Fears

Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
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Gold Extends Losses on US Interest Rate-Hike Fears

Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)

Gold prices extended losses on Monday on rising fears of a US rate hike after a strong jobs report, while renewed hostilities in the Middle East pushed oil prices higher and fanned inflation concerns.

Spot gold fell 1% to $4,287.66 per ounce by 0544 GMT. Prices fell about 3% on Friday, hitting the lowest since March 24.

US gold futures for ‌August delivery were ‌down 1.2% at $4,311.

"It is all based on ‌the ⁠hawkishness that the ⁠market has started to place on the Fed futures," said Kelvin Wong, a senior market analyst at OANDA, adding that higher Treasury yields were further pressuring gold.

The yield on the benchmark 10-year US Treasury note rose after jumping to a two-week high in the previous session, increasing the opportunity cost of holding non-yielding ⁠bullion.

Israel said it struck military targets in ‌western and central Iran on Monday, ‌even after US President Donald Trump reportedly told Israeli Prime Minister Benjamin ‌Netanyahu to refrain from further attacks.

Oil prices rose more than $3 ‌a barrel, deepening concerns over inflation and interest rate hikes.

While gold is seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal.

The US economy posted a third ‌straight month of strong job gains in May, confirming the labor market was gaining traction after ⁠stumbling last ⁠year and giving the central bank more room to keep rates steady amid rising inflation due to the Iran war.

Markets are pricing in a Federal Reserve rate hike before year-end, with a 72% chance of a move by December, according to CME Group's FedWatch tool.

Cleveland Fed President Beth Hammack said on Friday that new jobs numbers show the labor market was roughly in balance and near full employment, while continued high inflation may require the Fed to raise rates soon to contain it.

Spot silver was down 2.2% at $66.33 per ounce, platinum lost 2.1% to $1,739.78, and palladium fell 1.5% to $1,207.50.