Riyadh Air, Air China Sign MoU to Strengthen Relations

05:48-5 June 2024 AD ـ 29 Thul-Qi’dah 1445 AH

Riyadh Air, Air China Sign MoU to Strengthen Relations

Riyadh Air, the newest national airline of Saudi Arabia, signed on Monday a memorandum of understanding (MoU) with Air China, China’s exclusive national flag carrier at the International Air Transport Association (IATA) annual general meeting in Dubai.

According to a statement from Riyadh Air, the two airlines signed the MoU to reflect the warm relationship between Saudi Arabia and China and their developing economic and political ties.

The agreement will open significant opportunities for connectivity in both Beijing and Riyadh, two major Group of Twenty (G20) capital cities. Both airlines will work together on potential cooperation in business subjects, including interline traffic, codeshare, and more.

"Our partnership with Air China, a leading global carrier with a vast network in key Chinese markets, complements Riyadh Air’s ambitious future plans," said Riyadh Air chief executive Tony Douglas.

"This MoU represents a significant step towards establishing a long-term partnership that will facilitate seamless travel for passengers between China and the Middle East and beyond,” he added.

“Together, we will solidify our positions as vital links, further strengthening the economic and cultural ties between our regions and aligning with both China’s Belt and Road Initiatives and Saudi Arabia’s Vision 2030,” he stressed.

Air China’s chairman of the board of directors said Riyadh Air enjoys a geographic position that enables it to be a strategic gateway for Chinese travelers looking for flights to the Middle East. It can play a pivotal and prominent role in facilitating trade and tourism, in line with the ambitious development plans and visions of both countries.

"This MoU marks the beginning of a mutually beneficial partnership between two national carriers connecting two prominent capitals globally, and with a focus on expanding the route network covered by the two air carriers and enhancing prospects for cooperation. We are keen to work and coordinate jointly to achieve the desired results in the long term," he said.

Riyadh Air, Saudi Arabia's innovative airline, celebrates its first year with ambitions to be the world's most forward-thinking carrier. By 2030, it aims to connect passengers to 100 destinations globally, prioritizing sustainability and setting a new standard for travel.

Playing a key role in achieving the goals of the Kingdom's Vision 2030, Riyadh Air is working to diversify the Saudi economy, create more jobs, and contribute to the Kingdom's non-oil gross domestic product (GDP).

ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

Asharq Al Awsat

08:43-22 November 2024 AD ـ 21 Jumada Al-Ula 1446 AH

Asharq Al Awsat

08:43-22 November 2024 AD ـ 21 Jumada Al-Ula 1446 AH

ECB's Lagarde Renews Integration Call as Trade War Looms

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.

Riyadh Air, Air China Sign MoU to Strengthen Relations