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‘GREAT FUTURES’ Initiative Launches from Riyadh, Forging Saudi-UK Investment Path

Saudi Arabia’s Commerce Minister Majid Al-Qasabi at the GREAT FUTURES Initiative Conference in Riyadh (Asharq Al-Awsat)
Saudi Arabia’s Commerce Minister Majid Al-Qasabi at the GREAT FUTURES Initiative Conference in Riyadh (Asharq Al-Awsat)
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‘GREAT FUTURES’ Initiative Launches from Riyadh, Forging Saudi-UK Investment Path

Saudi Arabia’s Commerce Minister Majid Al-Qasabi at the GREAT FUTURES Initiative Conference in Riyadh (Asharq Al-Awsat)
Saudi Arabia’s Commerce Minister Majid Al-Qasabi at the GREAT FUTURES Initiative Conference in Riyadh (Asharq Al-Awsat)

Saudi Arabia and the UK have launched the GREAT FUTURES Initiative to boost investments between the two nations. The initiative aims to explore opportunities in 13 sectors through 60 projects, strengthening economic ties.

The GREAT FUTURES Initiative Conference began in Riyadh and is being organized by the Saudi-UK Strategic Partnership Council, led by Saudi Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak.

The event is being attended by over 800 participants from both Kingdoms’ public and private sectors.

Saudi Arabia’s Commerce Minister Majid Al-Qasabi emphasized that the conference embodies the vision of the Saudi-UK Strategic Partnership Council which is dedicated to expanding the economic alliance.

Al-Qasabi highlighted that the Saudi-UK partnership has led to the launch of 60 initiatives in 13 economic sectors, with bilateral trade increasing by over 30% from 2018 to 2023, surpassing 79 billion pounds sterling.

British Deputy Prime Minister Oliver Dowden emphasized the partnership’s goal of fostering prosperity and adapting to challenges and advancements.

Leading a UK delegation of over 450 participants, 70% of whom are visiting the Kingdom for the first time, Dowden expressed Britain's readiness to contribute to Saudi Arabia’s Vision 2030 goals and strengthen the economic alliance.

On his part, Saudi Investment Minister Khalid Al-Falih affirmed that both Saudi Arabia and the UK lead over 20 global economies. He highlighted that Saudi Arabia’s national transformation plan, “Vision 2030,” aims to diversify the economy and boost investments by over $880 billion, making the local market among the top 10 worldwide.

Al-Falih noted the increasing trend of companies choosing Saudi Arabia for investments, with over half of these investments coming from the UK.

He explained that the conference isn’t a one-time event but a year-long campaign with various initiatives across 13 sectors. Al-Falih emphasized sectors like culture, sports, digital, financial services, and trade as focal points for growth.

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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.