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Saudia Ranks First Globally in On-Time Performance for 2nd Consecutive Time

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
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Saudia Ranks First Globally in On-Time Performance for 2nd Consecutive Time

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)

Saudia, the national flag carrier of Saudi Arabia, continues to top the global list for on-time performance (OTP), achieving this milestone for the second time consecutively, according to a report by the independent aviation tracking site, Cirium, for July 2024.

The report said Saudia has achieved an on-time arrival rate of 88.12% and an on-time departure rate of 88.15%, operating 16,503 flights across its network of over 100 destinations in four continents.

In a statement on Sunday, Saudia Group Director General Eng. Ibrahim Al-Omar said: “At Saudia Group, achieving a high OTP has been a shared objective, as it directly impacts guest satisfaction.”

“We have successfully maintained it during this year’s peak seasons, a testament to the collaborative efforts of the entire Saudia Group and relevant stakeholders in the aviation industry,” he added.

“Sustaining our leadership in this area requires continuous dedication and resilience in overcoming the numerous challenges within the aviation sector globally,” he stressed.

In the coming years, Saudia will take delivery of 103 new aircraft, aligning with the airline’s strategy to double seating capacity and expand to new global destinations, as well as its commitment to bringing the world to the Kingdom in line with Vision 2030.

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Fed's Goolsbee: Don't Want to Tighten Longer Than Necessary

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C. (Reuters)
The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C. (Reuters)
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Fed's Goolsbee: Don't Want to Tighten Longer Than Necessary

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C. (Reuters)
The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C. (Reuters)

Federal Reserve Bank of Chicago President Austan Goolsbee said on Friday that the US economy is not showing signs of overheating, so central bank officials should be wary of keeping restrictive policy in place longer than necessary.

“You don't want to tighten any longer than you have to,” Goolsbee told National Public Radio in an interview. “And the reason you'd want to tighten is if you're afraid the economy is overheating, and this is not what an overheating economy looks like to me.”

Goolsbee declined to say whether he would press for an interest rate cut at the Fed's coming meeting on Sept. 17-18.

But his remarks were consistent with his recent comments that officials need to be increasingly attuned to signs like the rising unemployment rate and increases in credit card delinquencies that suggest the economy is slowing to a point where policy should not be as restrictive as it is now.

The Fed has held its policy rate in the current range of 5.25% to 5.50% since July 2023 after raising to that level at a breakneck pace over the prior 16 months to combat the worst outbreak of inflation since the 1980s.

Financial markets are now 100% priced for a rate cut next month, with the main debate being over what size - a quarter percentage point or a half point. Odds now favor the smaller cut, but a big signal on the Fed's next move is likely to come next Friday when Fed Chair Jerome Powell delivers a keynote address at the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming.