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Red Sea Int’l Airport in Saudi Launches 8 Weekly Flights

Group CEO of Red Sea Global John Pagano. (Asharq Al-Awsat)
Group CEO of Red Sea Global John Pagano. (Asharq Al-Awsat)
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Red Sea Int’l Airport in Saudi Launches 8 Weekly Flights

Group CEO of Red Sea Global John Pagano. (Asharq Al-Awsat)
Group CEO of Red Sea Global John Pagano. (Asharq Al-Awsat)

The Red Sea International Airport in Saudi Arabia’s western region, which opened last year, is now buzzing with eight weekly flights connecting Riyadh, Jeddah, and Dubai.

The airport is a key part of Saudi Arabia’s national transformation plan, “Vision 2030,” led by Prince Mohammed bin Salman, Crown Prince and Prime Minister.

It is meant to serve projects in the region developed by Red Sea Global (RSG).

RSG is one of the world’s most visionary developers, wholly owned by the Public Investment Fund (PIF) of Saudi Arabia.

The company is spearheading a new model of development, putting people and planet first and leveraging the most innovative concepts and technologies to deliver projects that actively enhance the well-being of customers, communities and environments.

Its portfolio includes two world-leading destinations announced by Crown Prince Mohammad, The Red Sea and Amaala.

Collectively, these responsible and regenerative tourism destinations will aim to enhance Saudi Arabia’s luxury tourism and sustainability offering, going above and beyond to not only protect the natural environment, but to enhance it for future generations to come.

A cornerstone of Vision 2030, RSG will help transform the nation, creating significant economic opportunities for the people of Saudi Arabia and actively enhancing the Kingdom’s rich environmental and cultural heritage.

By 2030, the airport is expected to serve a million passengers annually, with a peak capacity of 900 passengers per hour for both domestic and international flights.

Domestic flights started in September 2023, followed by international flights from Dubai International Airport on April 18, 2024.

John Pagano, Group CEO of RSG, disclosed to Asharq Al-Awsat at the sidelines of the “GREAT FUTURES” conference in Riyadh that the company has already opened three tourist resorts.

He revealed plans for two more resorts to open later this year.

Pagano explained that RSG has made significant investments and struck diverse deals.

According to the group CEO, around 17 billion riyals ($4.5 billion) in funding and partnerships for infrastructure projects worth 20 billion riyals ($5.3 billion) have been secured.

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China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
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China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer

China's industrial profits fell at a slower clip in November, official data showed on Friday, but the annual decline in earnings this year is expected to be the worst in over two decades due to persistently soft domestic consumption.

The world's second-largest economy has been struggling to mount a strong post-pandemic revival, as business and household appetites for spending and investment remain subdued amid a prolonged housing downturn and fresh trade risks from the incoming US administration of President-elect Donald Trump.

Industrial profits fell 7.3% in November from the same month last year, following a 10% drop in October, National Bureau of Statistics (NBS) data showed, Reuters reported.

The narrower decline in November pointed to improved profits as recent economic stimulus measures start to have an effect, said Zhou Maohua, a macroeconomic researcher at China Everbright Bank.

The profit numbers were also in line with a slower decline in factory-gate prices in November. The producer price index fell 2.5% year-on-year versus the 2.9% drop in October.

The World Bank on Thursday revised up its 2024 economic growth forecast for China slightly to 4.9% from its June forecast of 4.8%.

Still, in the first 11 months of 2024, industrial profits declined 4.7%, deepening a 4.3% slide in the January-October period, reflecting still tepid private demand in the Chinese economy.

China's full-year industrial profits are set to show their biggest drop in percentage terms since 2011. However, when smaller companies are included under a previous compilation methodology, this year's profit decline is expected to the worst since at least 2000.

A spate of economic indicators released this month pointed to mixed results, with industrial output accelerating in November while new home prices fell at the slowest pace in 17 months.

The industrial sector is undergoing an uneven recovery amid insufficient demand, Zhou said, pointing to difficulties facing real estate and some related industries as evidence of this malaise.

China's leaders vowed in a key policy meeting this month to raise the deficit, issue more debt and loosen monetary policy to maintain a stable economic growth rate. The government also recently pledged to step up direct fiscal support to consumers and boosting social security.

Beijing has agreed to issue a record $411 billion special treasury bonds next year, Reuters reported.

Profits at state-owned firms fell 8.4% in the first 11 months, foreign firms posted a 0.8% decline and private-sector companies recorded a 1% fall, according to a breakdown of the NBS data.

Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.7 million) from their main operations.