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The Legend of Dragon Ball...a New Investment Journey in Saudi Arabia

The Dragon Ball theme park will allow visitors to experience their favorite animation stories. (Asharq Al-Awsat)
The Dragon Ball theme park will allow visitors to experience their favorite animation stories. (Asharq Al-Awsat)
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The Legend of Dragon Ball...a New Investment Journey in Saudi Arabia

The Dragon Ball theme park will allow visitors to experience their favorite animation stories. (Asharq Al-Awsat)
The Dragon Ball theme park will allow visitors to experience their favorite animation stories. (Asharq Al-Awsat)

The world’s first theme park dedicated to the Dragon Ball universe of comics, movies, and games will be built in Saudi Arabia, the Qiddiya Investment Company announced.

The park is located only 40 minutes from Riyadh and will span 500,000 square meters, featuring seven themed lands based on different Dragon Balls, more than 30 themed rides across the lands, in addition to five major attractions, hotels and restaurants.

Experts said that the new project opens the way for other successive investments in the world of comics, explaining that such activities attract giant international companies specialized in entertainment to invest in Saudi Arabia.

The General Manager and CEO of Abdul Mohsen Al Hokair Company, Majed Al Hokair, told Asharq Al-Awsat that the establishment of an amusement park inspired by the Japanese animation series targets many segments of society and fans of comics.

He added that the project will contribute to achieving the new strategy of Crown Prince Mohammed bin Salman bin Abdulaziz to attract more than 150 million visitors annually during 2030.

“Diversification in projects provides an integrated destination with multiple choices, extending the days spent by visitors to Saudi Arabia over long periods, in addition to creating job and other opportunities,” Al Hokair remarked.

For his part, the founder and CEO of Amla Tourism Investment Company, Nasser Al-Ghaylan, told Asharq Al-Awsat that Dragon Ball was one of the new qualitative projects that encourage local and international companies to invest in Saudi Arabia.

He added that the project will have a positive impact on the private sector’s contribution to the Kingdom’s GDP.

This announcement comes at a time when Qiddiya entered into a long-term strategic partnership with Toei Animation, the Japanese animation company and creator of the original Dragon Ball characters.

The Managing Director of the Qiddiya Investment Company, Abdullah bin Nasser Al-Daoud, stated that the partnership will help create an exceptional entertainment park that provides a unique combination of adventures and fun, as well as a diverse entertainment experience suitable for all tastes.

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Business

Oil Rises on US Crude Storage Draw, China Imports Show Year-on-year Gain

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
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Oil Rises on US Crude Storage Draw, China Imports Show Year-on-year Gain

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)

Oil prices rose on Thursday as falling US crude inventories amid rising refinery intake and a year-on-year increase in Chinese imports last month supported higher demand expectations for the world's two largest crude consuming nations.
Brent crude futures for July rose 27 cents, or 0.3%, to $83.85 a barrel by 0650 GMT. US West Texas Intermediate crude for June was up 34 cents, or 0.4% to $79.33 per barrel.
"Oil markets were buoyed by a larger-than-expected draw in the US inventory data. The improved China's trade balance data added to the upside momentum," said Tina Teng, an independent market analyst, adding that crude prices may continue to track economic factors looking ahead.
Crude inventories in the US, the world's biggest oil user, dropped last week by 1.4 million barrels to 459.5 million barrels, according to the Energy Information Administration, more than analysts' expectations for a 1.1 million-barrel draw. Stockpiles fell as refinery activity increased by 307,000 barrels per day (bpd) in the period.
This caused gasoline stocks to swell by more than 900,000 barrels to 228 million barrels, while distillate stockpiles including diesel and heating oil rose by 600,000 barrels to 116.4 million barrels.
"The market shrugged off the builds in gasoline and distillate fuels as refiners ramp up for the upcoming driving season," analysts at ANZ Research said in a note on Thursday.
Shipments of crude in April to China, the world's biggest oil importer, were 44.72 million metric tons, or about 10.88 million bpd, according to China's customs data released on Thursday. That was up 5.45% from the relatively low 10.4 million bpd imported in April 2023.
Hopes for a ceasefire in the Israel-Hamas conflict Gaza kept oil prices from moving higher. The US said earlier in the week that negotiations should be able to close the gaps between Israel and Hamas.
"While there may be some short-term relief for oil prices, it may be difficult to return to April's high above the $90 per barrel level, where geopolitical tensions were at its peak," said Yeap Jun Rong, market strategist at IG.

Business

Saudi Banks Profit from Rising Lending, Deposit Volumes

One of the traders monitors the performance of stocks in the financial market (AFP)
One of the traders monitors the performance of stocks in the financial market (AFP)
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Saudi Banks Profit from Rising Lending, Deposit Volumes

One of the traders monitors the performance of stocks in the financial market (AFP)
One of the traders monitors the performance of stocks in the financial market (AFP)

Financial analysts connect the 8.2% increase in net profits for Saudi banks in the first quarter of 2024 to strong lending, higher demand for loans, and increased deposits.

They point out that rising interest rates in recent years have boosted bank profits, especially from long-term loans with fluctuating interest rates.

By the end of the first quarter of 2024, the top 10 Saudi banks listed on the Saudi stock market (Tadawul) saw their combined net profits rise by 8.2 percent, reaching about 18.65 billion Saudi riyals ($5 billion).

This marks an increase of approximately 1.41 billion Saudi riyals ($376 million) compared to the same period in 2023, when net profits totaled 17.24 billion Saudi riyals ($4.6 billion).

In their financial reports on the Saudi stock market, Al Ahli Bank, also known as the Saudi National Bank (SNB), grabbed about 27% of total bank profits.

Their profits saw a slight uptick of 0.36%, reaching SAR5.04 billion compared to SAR5.022 billion in the same quarter last year, with an increase of SAR 18 million.

Al-Rajhi Bank came in second, marking its highest quarterly profits since its inception at SAR4.41 billion, a 6.27% increase from the previous year’s SAR4.15 billion in the first quarter.

Riyad Bank secured third place with profits of SAR2.07 billion in the first quarter of 2024, up by 2.63% from the same period in 2023.

Moreover, Bank Aljazira recorded the most significant growth rate in the quarter, soaring over 47%, with profits hitting SAR300 million compared to last year’s SAR204 million in the same period.

Discussing the rise in net profits of Saudi banks, financial analyst Abdullah Al-Kathiri credited it to their early expansion in lending and financing during years of low interest rates.

Speaking to Asharq Al-Awsat, Al-Kathiri highlighted the banks’ focus on long-term loans and mortgages tied to variable rates, which brought in high profits.

He also noted a recent surge in deposits across all banks, leading to increased lending. Al-Kathiri mentioned that many banks have exceeded the regulatory limit of 90% of deposits, some even reaching 105%.

To manage this, some banks increased their capital and issued bonds.

Business

Opening of European Chamber in Riyadh Signals New Partnership Era

The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.
The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.
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Opening of European Chamber in Riyadh Signals New Partnership Era

The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.
The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.

The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA)  officially opened its doors in Riyadh on Wednesday, marking a new phase in trade and economic cooperation between Saudi Arabia and the EU.
The launch event was attended by distinguished guests, including Ibrahim Al-Mubarak, assistant minister of investment; Luigi Di Maio, EU special representative for the Gulf; and Christophe Farnaud, the EU ambassador to Saudi Arabia, Oman, and Bahrain.
Al-Mubarak highlighted how ECCKSA’s initiatives in Saudi Arabia align with the Kingdom’s national transformation plan, Vision 2030, focusing on creating new opportunities in non-oil sectors.
He noted that ECCKSA’s establishment will boost trade, investment, and cross-border cooperation, supporting the Kingdom’s economic diversification efforts.
Al-Mubarak also mentioned that over 300 European companies have been licensed to move their regional headquarters to Riyadh, with a target of attracting 480 such companies by 2030.
He added that foreign direct investment from Europe has doubled to around SAR 218.5 billion over the past five years.
On his part, Di Maio said that the establishment of the ECCKSA marks an important new chapter in the partnership between the EU and Saudi Arabia.
“I am convinced that this initiative will be key in bringing closer and in integrating our economies. The ECCKSA will certainly become a point of reference for European companies doing business in the Kingdom and Saudi companies looking for partners and markets in the EU,” said Di Maio.
“It will facilitate joint ventures and boost trade and investments. There is so much untapped potential and space to grow in our economic cooperation and I am confident that the next months and years will bring about more substantive and sustainable progress,” Di Maio added.
Apart from his prediction that the chamber would become a hub for European companies in Saudi Arabia, Di Maio stressed that it would help strengthen business connections and support Saudi Arabia’s economic diversification efforts under Vision 2030.

Business

Egypt's Annual Urban Consumer Price Inflation Decreased to 32.5% in April

A man counts Egyptian notes outside bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany
A man counts Egyptian notes outside bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany
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Egypt's Annual Urban Consumer Price Inflation Decreased to 32.5% in April

A man counts Egyptian notes outside bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany
A man counts Egyptian notes outside bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany

Egypt's annual urban consumer price inflation rate decreased to 32.5% in April from 33.3% in March, slowing slightly more than analysts had expected, data from the country's statistics agency CAPMAS showed on Thursday.
Month-on-month, prices rose by 1.1% in March, up from 1.0% in February. Food prices declined in March by 0.9%, though they were 40.5% higher than a year ago.
A poll of 17 analysts had expected annual inflation to dip to a median 32.8%, continuing a slowing trend that started in September, when inflation reached a peak of 38.0%.
The central bank has tightened its monetary policy, hiking interest rates by 600 basis on March 6, the same day it signed a $8 billion financial support package with the International Monetary Fund and let the currency plummet.
Egypt promised the IMF in the March agreement it would resume tightening if necessary to prevent further erosion of the purchasing power of households.
The government last month also increased the price of a range of petrol, diesel and other fuels, part of a commitment made to the IMF.
Inflation has been elevated for the past year, driven largely by rapid growth in the money supply.

Business

Saudi Market: Strict Penalties Target Financial Manipulators

Since last year, the Saudi Arabian Capital Market Authority (CMA) has fined 39 investors with fines exceeding SAR 403 million (Asharq Al-Awsat)
Since last year, the Saudi Arabian Capital Market Authority (CMA) has fined 39 investors with fines exceeding SAR 403 million (Asharq Al-Awsat)
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Saudi Market: Strict Penalties Target Financial Manipulators

Since last year, the Saudi Arabian Capital Market Authority (CMA) has fined 39 investors with fines exceeding SAR 403 million (Asharq Al-Awsat)
Since last year, the Saudi Arabian Capital Market Authority (CMA) has fined 39 investors with fines exceeding SAR 403 million (Asharq Al-Awsat)

Since its establishment in 2003, the Saudi Arabian Capital Market Authority (CMA) has been focused on protecting investors and creating a favorable investment atmosphere to boost confidence in the securities market.

This commitment is reflected in its ongoing efforts to track down and penalize those who have unlawfully profited from investment activities.

From 2023 to the end of May this year, the authority fined 39 investors a total of over 403 million Saudi riyals ($107.5 million). Last year, there were 17 violators, but in the first five months of this year, the number increased to 22.

Dr. Ahmed Al-Tamimi, a licensed lawyer specializing in securities and founder of “Al-Madina Law and Legal Consultancy Firm,” explained to Asharq Al-Awsat how investors break the rules and what punishments they face.

Al-Tamimi explained that manipulating stock prices by spreading false information or rumors is against Article 49 of the Capital Market Law and Articles 2, 3, and 8 of the Market Conduct Regulations.

The regulations prohibit anyone from intentionally creating a false impression about the market, prices, or value of a security to influence others to buy, sell, or refrain from trading that security.

Al-Tamimi highlighted actions like placing orders or trades on a security to create a false impression of trading activity or interest. This includes using technology to automate orders based on preset instructions.

He also mentioned tactics like setting predetermined prices for buying or selling, influencing opening or closing prices, and affecting the prices of other securities.

Al-Tamimi clarified that investors break rules by spreading rumors. This means sharing false information or opinions to manipulate the price or value of a security, whether it’s their own statement or someone else's.

He explained that trading with insider knowledge is covered by Article 50 of the Capital Market Law and Articles 4, 5, and 6 of the Market Conduct Regulations.

This involves information related to a security that could significantly impact its price or value if made public.

It’s against the rules for those with access to such information to trade or share it with others who might trade in the affected security.

According to Article 50, anyone with insider info due to family, work, or contracts (called the informed person) can’t trade or share that info expecting others to trade.

Al-Tamimi noted that the CMA not only directly protects citizens and investors but also sets up defenses.

According to Article 11 of the Market Conduct Regulations, financial institutions and registered individuals can't accept or execute orders if they suspect manipulation or insider trading.

They must notify the authority within three days if they reject an order. If suspicions arise after accepting an order, they must notify within three days of discovering the reasons. The authority also encourages reporting violations by offering financial rewards to whistleblowers for their protection.

Al-Tamimi explained that investors face penalties for actions like market manipulation, spreading rumors, or trading with insider information.

Penalties range from warnings to fines three times the gains made or losses avoided due to the violation, along with potential imprisonment for up to five years.

Moreover, Al-Tamimi warned investors against ignorance of market regulations, as it doesn’t excuse them from responsibility, especially if they manage their portfolios without proper authorization.

He also noted that affected investors can file complaints with the CMA and seek compensation through the Securities Dispute Resolution Committee.

Al-Tamimi stressed the CMA’s commitment to protecting citizens and investors from unfair or fraudulent practices in securities trading.

Business

Saudi Arabia Achieves Highest Evaluation Level in UN’s Competition Law Systems Report

A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
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Saudi Arabia Achieves Highest Evaluation Level in UN’s Competition Law Systems Report

A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour

Saudi Arabia has received global recognition from a UN commission for its robust legal framework and “very strong” competition law.

The Kingdom attained the highest evaluation level in the Competition Law Systems Report for 2023, issued by the UN Economic and Social Commission for Western Asia, surpassing the “developed” level achieved in 2020, SPA reported.

The Kingdom achieved a perfect score of seven in the index concerning regulatory frameworks for economic concentration operations.

Saad Al-Masoud, the spokesperson for the General Authority for Competition, affirmed that this advancement reflects the support GAC receives from the wise leadership to achieve the goals of Vision 2030 programs.

He said the objectives aim to improve a sustainable business atmosphere, foster economic growth, and advance consumer welfare.

Al-Masoud noted that this achievement is the result of significant developments in several areas, including laws combating monopolistic practices and anti-competitive agreements, as well as his authority’s efforts to review economic concentrations.

He also said that several additional factors have contributed to upholding the competitive landscape of the business sector, ensuring fairness, transparency, and adherence to reasonable competition regulations.

An initial competition system was established in Saudi Arabia in 2004, and in October 2017 the Kingdom’s Council of Ministers endorsed the change of the name to the GAC and a new organizational structure.

The authority was also made a financially and administratively independent entity, and in March 2019, another royal decree was issued approving the updated competition system.

Business

NEOM Announces Jaumur, Cosmopolitan Marina Community

NEOM unveiled Jaumur, the largest cosmopolitan luxury community on the coast of the Gulf of Aqaba, designed to serve the highest standards of future livability and active lifestyle. (SPA)
NEOM unveiled Jaumur, the largest cosmopolitan luxury community on the coast of the Gulf of Aqaba, designed to serve the highest standards of future livability and active lifestyle. (SPA)
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NEOM Announces Jaumur, Cosmopolitan Marina Community

NEOM unveiled Jaumur, the largest cosmopolitan luxury community on the coast of the Gulf of Aqaba, designed to serve the highest standards of future livability and active lifestyle. (SPA)
NEOM unveiled Jaumur, the largest cosmopolitan luxury community on the coast of the Gulf of Aqaba, designed to serve the highest standards of future livability and active lifestyle. (SPA)

The Board of Directors of NEOM unveiled Jaumur, the largest cosmopolitan luxury community on the coast of the Gulf of Aqaba, designed to serve the highest standards of future livability and active lifestyle.

This new addition promises a unique blend of experiences on both land and sea, complementing NEOM's evolving regional development in northwest Saudi Arabia, said NEOM in a statement on Wednesday.

Jaumur is an exclusive residential community thoughtfully master-planned around an inspiring marina with the capacity to house more than 6,000 residents. Embedded into the varied topography of the Gulf of Aqaba coast, it features 500 marina apartments and nearly 700 luxury villas, boasting waterfront access and private mooring.

Two distinctive destination hotels within Jaumur offer 350 luxurious rooms and suites, inviting guests to enjoy the breathtaking views and embrace all aspects of modern coastal hospitality and sporting activities.

The marina serves as the focal point of the development, the beating heart around which the vibrant community of Jaumur thrives. A 1.5-kilometre aerofoil rises above the largest yacht berths, providing year-round protection for yacht owners and a haven for the marina's residents and guests.

The aerofoil incorporates a gravity-defying cantilever to form a stunning entrance to the marina to welcome the world's largest superyachts. The sculptural structure is a landmark that is the perfect base for all the marina attractions for committed yachting enthusiasts and adventure-seeking guests seeking personalized experiences.

The marina promenade will be a place alive with entertainment, leisure, and cultural experiences. It will host year-round arts events and performance programs, complemented by signature retail stores and world-class dining options.

Jaumur's commitment to innovation and learning is embodied in the development of a state-of-the-art deep-sea research center and a top-tier international boarding school. The research institute is dedicated to deep-sea exploration, welcoming established experts and ambitious pioneers to champion marine discovery, knowledge and conservation and establish NEOM as a world-leading hub for oceanographic research.

The international boarding school will attract select students from around the world, preparing them for global achievement through an exclusive, progressive, broad-based education delivered by a diverse international faculty of experts and innovators.

Jaumur's unique architectural design integrates water where golden sands meet the deep blue of the Gulf of Aqaba. It is a luxury destination to visit, explore, live and prosper: an opportunity to become part of a dynamic community.

Jaumur follows the recent announcements of Leyja, Epicon, Siranna, Utamo, Norlana, Aquellum, Zardun, Xaynor, Elanan, Gidori, and Treyam as sustainable tourism destinations within the Gulf of Aqaba, all woven together by NEOM's commitment to sustainable progress.

Business

Saudi Arabia Expands E-visa Accessibility to Include Nationals of Three More Countries

A general view of the Saudi capital Riyadh. (AP)
A general view of the Saudi capital Riyadh. (AP)
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Saudi Arabia Expands E-visa Accessibility to Include Nationals of Three More Countries

A general view of the Saudi capital Riyadh. (AP)
A general view of the Saudi capital Riyadh. (AP)

Saudi Arabia has broadened its electronic visa (E-visa) accessibility to include citizens from three new countries: Barbados, the Commonwealth of The Bahamas, and Grenada. The citizens of these countries now have the flexibility to apply for their visas online or acquire them upon arrival at Saudi entry points. This expansion increases the total number of eligible countries to 66.
The initiative is a significant part of the Ministry of Tourism’s strategic endeavours to enhance the Kingdom’s global connectivity, stimulate economic diversification, and achieve the ambitious goals outlined in Vision 2030’s tourism sector. These goals include increasing the tourism industry’s contribution to the GDP beyond 10% and creating one million jobs, SPA reported.
In addition to citizens from the newly included countries, the tourist visa has been extended to seven additional categories. These categories include residents of the US, the UK, and the EU, as well as visit visa holders from the US, UK, and the Schengen area. Furthermore, residents of GCC countries are eligible for the visa, facilitating various travel purposes such as tourism, Umrah pilgrimage, visiting family and friends, and participating in a range of events, exhibitions, and conferences. Saudi Arabia has also introduced transit visas for travellers on Saudia and flynas airlines, allowing a 96-hour stay in the Kingdom before continuing their journey.
The Ministry of Tourism introduced the visit visa in September 2019 as part of a broader initiative to showcase Saudi Arabia’s rich tourist offerings, engage visitors in cultural experiences and promote international interaction.
The E-visit visa system will be expanded in the future to include more countries and regions. This progression will go hand in hand with the continuous development and expansion of the Kingdom’s tourism sector infrastructure.

Business

Riyadh Air Strengthens Partnership with Saudi Tourism Authority to Promote Sector

Riyadh Air concluded a memorandum of understanding with the Saudi Tourism Authority (STA) to boost joint cooperation. (Asharq Al-Awsat)
Riyadh Air concluded a memorandum of understanding with the Saudi Tourism Authority (STA) to boost joint cooperation. (Asharq Al-Awsat)
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Riyadh Air Strengthens Partnership with Saudi Tourism Authority to Promote Sector

Riyadh Air concluded a memorandum of understanding with the Saudi Tourism Authority (STA) to boost joint cooperation. (Asharq Al-Awsat)
Riyadh Air concluded a memorandum of understanding with the Saudi Tourism Authority (STA) to boost joint cooperation. (Asharq Al-Awsat)

Riyadh Air, which is owned by the Public Investment Fund, concluded a memorandum of understanding with the Saudi Tourism Authority (STA) to boost joint cooperation as part of the national carrier’s efforts to shape the future of tourism in the Kingdom and advance air travel.

The new partnership, which was signed at Arabian Travel Market (ATM) in Dubai, focuses on several key areas, including new routes and destinations, joint marketing activities, sponsorship opportunities, presence at key roadshows and international events and accessibility to tourism-related platforms.

It also aims to explore collaboration in loyalty programs, leverage world-leading technology and new digital methods and engage in the Tourism Accelerator Program.

The agreement is in line with Riyadh Air’s vision to connect the Kingdom to more than 100 destinations around the world by 2030,. The two sides will cooperate to launch many initiatives and improve the level of services provided to tourists.

STA CEO Fahd Hamidaddin said: “Increasing Saudi’s connectivity with the world is a key pillar of our tourism strategy and will ensure we sustain our rapid growth and meet our new ambitious target of 150 million visits by 2030.”

The Kingdom, and Riyadh in particular, is preparing to receive millions of new tourists, thus cooperation with the key players in the sector, such as Riyadh Air, has become necessary to provide the best services and experiences to the visitors, he added.

Riyadh Air CEO Tony Douglas said: “This is another momentous day for Riyadh Air. Working alongside the STA to elevate the travel experience for our guests and those coming to visit the Kingdom of Saudi Arabia signifies what we’re all about.”

“We are elevating standards across the board in aviation to previously unseen levels. We have a shared commitment to travel and tourism in the Kingdom along with our forward-thinking approach to innovation, sustainability, and the satisfaction of our guests,” he stressed.

Business

Gulf Carriers Hope Boeing Will Handle Delivery of Aircraft Orders

President of Dubai Airports, Supreme President and CEO of Emirates Airlines Sheikh Ahmed bin Saeed Al Maktoum during his tour of the company’s pavilion at the Arabian Travel Market in Dubai. (Asharq Al-Awsat)
President of Dubai Airports, Supreme President and CEO of Emirates Airlines Sheikh Ahmed bin Saeed Al Maktoum during his tour of the company’s pavilion at the Arabian Travel Market in Dubai. (Asharq Al-Awsat)
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Gulf Carriers Hope Boeing Will Handle Delivery of Aircraft Orders

President of Dubai Airports, Supreme President and CEO of Emirates Airlines Sheikh Ahmed bin Saeed Al Maktoum during his tour of the company’s pavilion at the Arabian Travel Market in Dubai. (Asharq Al-Awsat)
President of Dubai Airports, Supreme President and CEO of Emirates Airlines Sheikh Ahmed bin Saeed Al Maktoum during his tour of the company’s pavilion at the Arabian Travel Market in Dubai. (Asharq Al-Awsat)

President of Dubai Airports, Supreme President and CEO of Emirates Airlines Sheikh Ahmed bin Saeed Al Maktoum hoped that the new management of US-based Boeing will address delays in aircraft deliveries.

Addressing journalists on the sidelines of the Arabian Travel Market in Dubai, he noted that discussions with Boeing regarding aircraft delivery dates were underway, stressing that the delay is hampering plans, including expansion operations and fleet size.

The statements of the president of Emirates Airlines are consistent with Gulf airlines that are awaiting clear initiatives from the US aviation manufacturing giant to address deliveries.

Gulf airlines account for a large portion of aircraft purchases from the American Boeing. Sources told Asharq Al-Awsat that those had no other options other than Boeing or Airbus, the European company, which is also facing massive purchase orders.

Boeing has recently been exposed to a series of safety-related incidents, including an emergency landing due to mechanical failures.

On Monday, the US Civil Aviation Administration (FAA) announced that it had opened an investigation against Boeing to determine whether the American aircraft manufacturing giant had conducted the required safety inspection for all 787 Dreamliner airplanes.

Sheikh Ahmed bin Saeed stressed that Dubai needs a future airport that will serve the increasing growth in the coming years, noting that the new Al Maktoum Airport is in line with the Dubai 33 agenda.

“Dubai International Airport recorded about 87 million passengers in 2023 and is expected to receive more than 90 million passengers in 2024,” he said.

He explained that the transfer of Emirates Airlines to Al Maktoum International Airport will be made in one phase, adding that the airlines will operate from the airport directly upon its opening.

Regarding the geopolitical situation in the region, he noted that the company is making flexible future plans for passenger transport operations to adapt to challenges.