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Saudi Airports to Expand Global Reach at Routes World 2024 in Bahrain

Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)
Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)
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Saudi Airports to Expand Global Reach at Routes World 2024 in Bahrain

Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)
Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)

Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024, which will take place in Bahrain from October 6-8, 2024, the Saudi Press Agency reported on Friday.
The event, considered the aviation industry's premier global gathering, will bring together key players from airlines, airports, and industry stakeholders worldwide to shape the future of air services and promote global economic growth.
The Saudi participation includes some of the kingdom's most important aviation assets: MATARAT Holding, the King Salman International Airport, the Saudi Air Connectivity Program, the Red Sea International Airport, the Riyadh Airports Company, the Jeddah Airports Company, the Dammam Airports Company, and the Airports Cluster 2 Company.
Saudi Arabia's participation aims to transform its aviation sector into a global leader, positioning its airports to handle 330 million passengers and transport 4.5 million tons of cargo by 2030. This ambitious goal, aligned with the objectives of the National Aviation Strategy, is a testament to the industry's potential.
The effort also focuses on creating seamless travel experiences, enhancing customer satisfaction, ensuring safety and promoting environmental sustainability in the aviation industry.
The 29th edition of Routes World will feature panel discussions, workshops, and intensive meetings focused on advancing the regional and global air transport industry.
The sessions will also explore airlines' financial and operational performance, prospects for future growth, and critical issues such as privatization, mergers, sustainability initiatives, and environmental conservation.

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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)

Business activity in Saudi Arabia's non-oil sector accelerated to a four-month high in September, driven by strong demand, which led to faster growth in new orders. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), adjusted for seasonal factors, rose to 56.3 points from 54.8 in August, marking the highest reading since May and further distancing itself from the 50.0 level that indicates growth.

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders, alongside challenges in supply. The improvement in business conditions contributed to a significant rise in employment opportunities, although difficulties in finding skilled workers led to a shortage in production capacity.

At the same time, concerns over increasing competition caused a decline in future output expectations. According to the PMI statement, inventories of production inputs remained in good condition, which encouraged some companies to reduce their purchasing efforts.

Growth was strong overall and widespread across all non-oil sectors under study. Dr. Naif Al-Ghaith, Senior Economist at Riyad Bank, said that the rise in Saudi Arabia's PMI points to a notable acceleration in the growth of the non-oil private sector, primarily driven by increased production and new orders, reflecting the sector’s expansionary activity.

Al-Ghaith added that companies responded to the rise in domestic demand, which plays a crucial role in reducing the Kingdom's reliance on oil revenues. The upward trend also indicates improved business confidence, pointing to a healthy environment for increased investment, job creation, and overall economic stability.

He emphasized that this growth in the non-oil sector is particularly important given the current context of reduced oil production and falling global oil prices. With oil revenues under pressure, the strong performance of the non-oil private sector acts as a buffer, helping mitigate the potential impact on the country's economic conditions.

Al-Ghaith continued, noting that diversifying income sources is essential to maintaining growth amid the volatility of oil markets. He explained that increased production levels not only enhance the competitiveness of Saudi companies but also encourage developments aimed at expanding the private sector's participation in the economy.

This shift, he said, provides a more stable foundation for long-term growth, making the economy less susceptible to oil price fluctuations.