Europe Aviation Agency Urges Caution in Israeli, Iranian Airspace 

A view from the southern Gaza strip shows drones or missiles vying for targets in southern Israel, early 14 April 2024. (EPA)
A view from the southern Gaza strip shows drones or missiles vying for targets in southern Israel, early 14 April 2024. (EPA)
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Europe Aviation Agency Urges Caution in Israeli, Iranian Airspace 

A view from the southern Gaza strip shows drones or missiles vying for targets in southern Israel, early 14 April 2024. (EPA)
A view from the southern Gaza strip shows drones or missiles vying for targets in southern Israel, early 14 April 2024. (EPA)

Europe's aviation regulator reaffirmed advice to airlines to use caution in Israeli and Iranian airspace though it said no civil overflights had been placed at risk during weekend tensions surrounding Iranian drone and missile strikes on Israel. 

The European Union Aviation Safety Agency (EASA) said it and the European Commission would "continue to closely monitor the situation to assess any potential safety risks for EU aircraft operators and be ready to act as appropriate". 

EASA guidance that is already in place for airlines on Israel and Iran continues to apply, it said in an emailed note. 

That included exercising caution and following all available aeronautical publications for Israel and neighboring airspace up to 100 nautical miles surrounding the country. 

For Iran, it recommended caution and said "there continues to be an increased potential for miscalculation and/or misidentification" in airspace over the Iranian capital Tehran. 

Global airlines face some disruption after Iran's attack on Israel with more than 300 missiles and drones, which were mostly shot down by Israel's US-backed missile defense system or its allies before they reached Israeli airspace. 

The attack was in response to a suspected Israeli airstrike on Iran's Syria consulate on April 1 in which seven Iranian Revolutionary Guards commanders and officers were killed. 

EASA said all affected airspaces - Israel, Lebanon, Jordan, Iraq and Iran - were closed by the relevant authorities during the relevant period. 

"There was no overflight risk for civil aviation at any time," it said. An overflight involves an aircraft transiting through airspace, typically at high cruising altitude. 

All the temporary airspace closures imposed at the weekend expired on Sunday, EASA said. 



Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.