Saudi Arabia Attracts Airlines, Opens New Routes in 2024

A Saudi budget airline Flynas Airbus A320-200 plane flies over the Red Sea resort of Sharm el-Sheikh, south of Cairo, Egypt December 15, 2018. (Reuters)
A Saudi budget airline Flynas Airbus A320-200 plane flies over the Red Sea resort of Sharm el-Sheikh, south of Cairo, Egypt December 15, 2018. (Reuters)
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Saudi Arabia Attracts Airlines, Opens New Routes in 2024

A Saudi budget airline Flynas Airbus A320-200 plane flies over the Red Sea resort of Sharm el-Sheikh, south of Cairo, Egypt December 15, 2018. (Reuters)
A Saudi budget airline Flynas Airbus A320-200 plane flies over the Red Sea resort of Sharm el-Sheikh, south of Cairo, Egypt December 15, 2018. (Reuters)

CEO of the Saudi Air Connectivity Program Majid Khan said the program has successfully attracted 12 new airlines, added 20 new destinations, and increased seating capacity by more than 1.5 million this year.

Speaking at the Routes Conference, underway in Bahrain from Oct. 6-8, Khan explained that the Air Connectivity Program is responsible for linking all 29 airports in Saudi Arabia. The program also serves as a central point to ensure the achievement of the Kingdom’s tourism goals, which include reaching 150 million tourists by 2030.

Khan emphasized the importance of developing sufficient direct flight capacity to Saudi Arabia to enable tourists worldwide to travel directly to the Kingdom, rather than via indirect routes.

Rashed Al-Shammari, Executive Vice President of Aviation Development at the Air Connectivity Program, told Asharq Al-Awsat that the Routes Conference brings together key aviation stakeholders in Bahrain, adding that the Saudi participation highlights the Kingdom’s tourist destinations and the program’s role in linking the National Tourism Strategy with the National Aviation Strategy.

Al-Shammari noted that the program aims to create new direct air routes and enhance existing ones to connect Saudi Arabia to more than 250 destinations worldwide.

He pointed to over 100 scheduled meetings during the event with global aviation industry leaders to negotiate new partnerships and promote Saudi Arabia’s geographic location and role in the aviation sector.

Al-Shammari further stressed that adding new flights and expanding existing routes would support the regional growth of the tourism ecosystem.

Over the three-day conference, the program is showcasing services and opportunities to strengthen Saudi Arabia’s air connectivity, targeting key international markets.

Launched in 2021, the Air Connectivity Program aims to boost tourism in Saudi Arabia by boosting air links between the Kingdom and the world.

The program acts as the executive enabler of both the National Tourism Strategy and the National Aviation Strategy. It seeks to foster collaboration and build partnerships between key players in the public and private sectors in both tourism and aviation to elevate Saudi Arabia’s position as a leading global destination.



Hapag-Lloyd Raises Outlook for Third Time on Strong Freight Rates

Hapag-Lloyd containers at a loading terminal at the harbor in Hamburg, Germany, July 13, 2025. (Reuters)
Hapag-Lloyd containers at a loading terminal at the harbor in Hamburg, Germany, July 13, 2025. (Reuters)
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Hapag-Lloyd Raises Outlook for Third Time on Strong Freight Rates

Hapag-Lloyd containers at a loading terminal at the harbor in Hamburg, Germany, July 13, 2025. (Reuters)
Hapag-Lloyd containers at a loading terminal at the harbor in Hamburg, Germany, July 13, 2025. (Reuters)

German container shipping company Hapag-Lloyd on Wednesday raised its full-year earnings outlook for the third time this year, citing strength in freight rates and a stronger-than-expected performance ‌in the ‌fourth quarter.

The stock was ‌up ⁠2.4% at 0925 ⁠GMT.

The upgrade adds to a series of positive outlook revisions across the European logistics sector, where resilient global trade, elevated shipping ⁠rates and persistent ‌supply-chain disruptions have ‌supported earnings and boosted profitability.

Hapag-Lloyd ‌now expects full-year earnings ‌before interest and tax of $2.0 billion to $2.4 billion, up from previous expectations of $1.25 billion to $1.75 ‌billion.

The company also lifted its 2026 earnings before ⁠interest, tax, ⁠depreciation and amortization guidance to $4.6 billion to $5.0 billion, from $3.9 billion to $4.4 billion previously.

The latest increase follows earlier upgrades in July and September, reflecting sustained strength in container shipping markets and management's improved expectations for year-end trading.


Gold Gains After Steep Drop, but Hawkish Central Bank Signals Weigh

People buy gold jewellery on the occasion of 'Dhanteras' as part of Diwali celebrations, the Hindu festival of lights, in Kolkata on November 6, 2026. (AFP)
People buy gold jewellery on the occasion of 'Dhanteras' as part of Diwali celebrations, the Hindu festival of lights, in Kolkata on November 6, 2026. (AFP)
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Gold Gains After Steep Drop, but Hawkish Central Bank Signals Weigh

People buy gold jewellery on the occasion of 'Dhanteras' as part of Diwali celebrations, the Hindu festival of lights, in Kolkata on November 6, 2026. (AFP)
People buy gold jewellery on the occasion of 'Dhanteras' as part of Diwali celebrations, the Hindu festival of lights, in Kolkata on November 6, 2026. (AFP)

Gold prices climbed on Wednesday, but remained anchored near the $4,000 level after a sharp selloff in the previous session following a hot US inflation print and hawkish policymakers' comments that tilted market expectations towards further and larger ‌rate hikes.

Spot ‌gold rose 0.5% to $4,051.31 per ounce ‌by ⁠0916 GMT after dropping ⁠as much as 3% to $4,013.29 on Tuesday. US gold futures for December delivery gained 0.7% to $4,059 per ounce.

"Gold is seeing some slight relief after its post-CPI declines," said Han Tan, chief market analyst at Bybit.

"However, it's a tough ask for gold bulls to keep pushing prices higher, given ⁠the prospects of more Fed rate ‌hikes in the pipeline."

Data released on ‌Tuesday showed US consumer prices rose more than expected in ‌October, with the CPI increasing 0.4%. Economists polled by Reuters ‌had forecast a 0.3% rise.

Traders raised the odds of a December Federal Reserve rate hike to 100% from 84% before the data, as per CME's FedWatch tool. Expectations of a ‌larger, half-percentage-point hike also increased.

Ahead of the data, Fed Governor Christopher Waller said a core inflation ⁠reading ⁠of 0.3% in October would prompt him to consider a half-point hike at the December meeting.

Other policymakers also maintained a hawkish tone, with Fed Bank of Philadelphia President Anna Paulson signaling further US rate hikes and Fed Vice Chair for Supervision Michelle Bowman reaffirming the central bank's focus on curbing price pressures.

Although gold is typically seen as an inflation hedge, higher interest rates diminish its appeal, as gold bullion pays no interest.

Among other metals, spot silver climbed 2.7% to $52.87 per ounce, and palladium gained 4.1% to $1,066.66 per ounce.


Oman Posts Third-Quarter Budget Surplus as Revenue Rises 16%

Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)
Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)
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Oman Posts Third-Quarter Budget Surplus as Revenue Rises 16%

Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)
Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)

Oman's ‌public revenue rose 16% by the end of the third quarter to 9.828 billion Omani rials ($25.53 billion), the Oman News Agency said in a post ‌on X on ‌Wednesday.

Public spending ‌rose ⁠9% to about ⁠9.74 billion rials, and the state budget recorded a surplus of about 90 million rials ⁠at the end of ‌the ‌third quarter.

Public debt ‌fell by more ‌than 600 million rials from a year earlier, to about 14.1 ‌billion rials from 14.7 billion.

Dues paid ⁠to ⁠the private sector and received through the financial system totaled more than 1.43 billion rials by the end of the third quarter.