Saudi Air Connectivity Program Negotiates with Global Firms to Expand Routes to Kingdom

The Saudi Air Connectivity Program participating at the Routes World 2024 (Asharq Al-Awsat)
The Saudi Air Connectivity Program participating at the Routes World 2024 (Asharq Al-Awsat)
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Saudi Air Connectivity Program Negotiates with Global Firms to Expand Routes to Kingdom

The Saudi Air Connectivity Program participating at the Routes World 2024 (Asharq Al-Awsat)
The Saudi Air Connectivity Program participating at the Routes World 2024 (Asharq Al-Awsat)

The Saudi Air Connectivity Program is meeting with major international transport companies at the Routes World 2024 in Manama, Bahrain.

The goal is to attract these companies to the local market, boosting air routes to 250 destinations and aiming to welcome 150 million visitors by 2030.

The program is participating in the three-day event to highlight services and opportunities for improving air connectivity with Saudi Arabia and reaching international markets.

The Saudi Air Connectivity Program has scheduled over 100 meetings at Routes World 2024 with global aviation leaders to discuss partnerships and showcase Saudi Arabia's strategic location as it seeks to expand international air routes.

Rashed Al-Shammari, the program’s Executive Vice President of Commercial Affairs, shared that discussions took place with airlines from Europe, including Switzerland, Germany, and the UK, as well as companies from China.

They explored opportunities for launching new direct flights to Saudi Arabia.

Adding New Seats

Al-Shammari highlighted that the program met with airline decision-makers to present opportunities for both currently served routes, which aim to expand flights, and underserved routes needing additional flights and seats.

He confirmed that interested companies expressed a desire to enter the Saudi market, but attracting them may take six months to five years, depending on factors like distance, aircraft availability, and profitability, especially following the COVID-19 crisis’s impact on the aviation industry.

Looking forward, Al-Shammari announced that follow-up meetings would focus on persuading airlines to establish new routes to underserved markets or enhance existing services.

Strengthening Partnerships

The program invites interested parties to visit its booth at Routes World 2024, where aviation leaders can learn about opportunities available across Saudi Arabia's 29 airports.

Launched in 2021, the Saudi Air Connectivity Program aims to boost tourism by improving air links between Saudi Arabia and the world through developing existing and new routes.

It works as the executive enabler of the National Tourism Strategy and the National Aviation Strategy to foster collaboration between public and private sectors in tourism and aviation, enhancing Saudi Arabia’s position as a leading global destination.



Fed's Williams Says Appropriate Again to Cut Rates 'Over Time'

FILE PHOTO: US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo/File Photo
FILE PHOTO: US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo/File Photo
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Fed's Williams Says Appropriate Again to Cut Rates 'Over Time'

FILE PHOTO: US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo/File Photo
FILE PHOTO: US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo/File Photo

Federal Reserve Bank of New York President John Williams said that it will be appropriate again for the central bank to reduce rates 'over time,' after September's big half percentage point rate cut, in an interview published by the Financial Times on Tuesday.
Last week, Federal Reserve Chair Jerome Powell indicated the bank would likely stick with quarter-percentage-point interest rate cuts and was not "in a hurry" after new data boosted confidence in economic growth and consumer spending.
Williams, who holds a permanent vote on the rate-setting Federal Open Market Committee, echoed Powell's comments, telling the FT he doesn't see the September move "as the rule of how we act in the future."
"I personally expect that it will be appropriate again to bring interest rates down over time," he told the FT.
"Right now, I think monetary policy is well positioned for the outlook, and if you look at the SEP [Summary of Economic Predictions] projections that capture the totality of the views, it's a very good base case with an economy that’s continuing to grow and inflation coming back to 2 per cent."
On Friday, government data showed an unexpectedly strong job market, which called into question widespread concerns the labor sector was weakening, Reuters reported.
The payrolls report prompted a repricing of near-term Fed rate cuts. Traders are now pricing in an 87% chance of a quarter-point rate cut next month, and have taken out any chance of an outsized half-point cut, according to CME's FedWatch tool.