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Gulf States Strengthen their Position as Key Players in Global Aviation

Crown Prince Salman bin Hamad with the Saudi Falcons teams (2024 Bahrain International Airshow Website)
Crown Prince Salman bin Hamad with the Saudi Falcons teams (2024 Bahrain International Airshow Website)
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Gulf States Strengthen their Position as Key Players in Global Aviation

Crown Prince Salman bin Hamad with the Saudi Falcons teams (2024 Bahrain International Airshow Website)
Crown Prince Salman bin Hamad with the Saudi Falcons teams (2024 Bahrain International Airshow Website)

Bahrain’s Crown Prince Salman bin Hamad Al Khalifa officially opened the 2024 Bahrain International Airshow at Sakhir Airbase on Wednesday, with a strong turnout of regional and international aviation companies, policymakers, and industry professionals.

After the opening, Crown Prince Salman highlighted that key sectors play a vital role in supporting Bahrain’s economic diversification, helping to meet both current goals and future ambitions.

He also noted that Bahrain’s long history of hosting successful events shows the country’s commitment to achieving its development goals, including strengthening its position as a leading destination for global exhibitions and conferences.

During his visit to the exhibition, the Crown Prince expressed pride in the growing participation of aviation organizations.

Gulf countries have strengthened their position as key players in the global aviation industry, attracting major airlines and cutting-edge technologies, officials told Asharq Al-Awsat.

This year’s Bahrain International Airshow saw a 30% increase in participation compared to the last edition, with more companies and a wider range of equipment and technologies on display.

The event features 223 delegations from over 56 countries and 60 regional and international companies.

Mohammed Al-Khreisi, Vice President of Strategy and Business Intelligence at Saudi Arabia's Civil Aviation Authority, explained that Saudi Arabia’s participation highlights the country’s aviation achievements, investment opportunities, and global leadership.

He also emphasized the importance of Saudi Arabia hosting the upcoming Future of Aviation Forum.

In a comment to Asharq Al-Awsat during the opening ceremony, Al-Khreisi said the Kingdom’s participation highlights efforts to develop regulations that foster growth and innovation in aviation.

He pointed to the National Aviation Strategy, which aims to attract $100 billion in investments, increase passengers to 330 million, and connect Saudi Arabia to 250 international destinations by 2030.

Al-Khreisi added that Saudi Arabia also aims to showcase advanced air transport, sustainability programs, and efforts to improve passenger safety and experience, reinforcing its leadership in global aviation.

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Business

Oil Steadies after Biggest Annual Loss Since 2020

FILE PHOTO: A worker stands in front of storage tanks at the Rosneft oil refinery in Tuapse at the Russian Black Sea coast September 6, 2006. REUTERS/Sergei Karpukhin/File Photo
FILE PHOTO: A worker stands in front of storage tanks at the Rosneft oil refinery in Tuapse at the Russian Black Sea coast September 6, 2006. REUTERS/Sergei Karpukhin/File Photo
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Oil Steadies after Biggest Annual Loss Since 2020

FILE PHOTO: A worker stands in front of storage tanks at the Rosneft oil refinery in Tuapse at the Russian Black Sea coast September 6, 2006. REUTERS/Sergei Karpukhin/File Photo
FILE PHOTO: A worker stands in front of storage tanks at the Rosneft oil refinery in Tuapse at the Russian Black Sea coast September 6, 2006. REUTERS/Sergei Karpukhin/File Photo

Oil prices steadied on the first day of trade in 2026 after registering their biggest annual loss since 2020 as investors weighed oversupply concerns against geopolitical risks including the war in Ukraine and Venezuela exports.

Brent crude futures dropped 4 cents on Friday to $60.81 a barrel by 1029 GMT while US West Texas Intermediate crude was down 3 cents at $57.39, said Reuters.

Russia and Ukraine traded allegations of attacks on civilians on ‌New Year's Day ‌despite talks overseen by US President Donald ‌Trump ⁠that are ‌aimed at bringing an end to the nearly four-year-old war.

Kyiv has been intensifying strikes against Russian energy infrastructure in recent months, aiming to cut off Moscow's sources of financing for its military campaign in Ukraine.

Elsewhere, the Trump administration's efforts to increase pressure on Venezuelan President Nicolas Maduro continued with Wednesday's imposition of sanctions on four companies and associated oil ⁠tankers that it said were operating in Venezuela’s oil sector.

Traders widely expect OPEC+ to continue its pause on output increases in the first quarter, said Sparta Commodities analyst June Goh.

"2026 will be an important year on assessing OPEC+ decisions for balancing supply," ⁠she said, adding that China would continue to build crude stockpiles in the first half, providing a floor for oil prices.

2025 LOSSES

The Brent and WTI benchmarks recorded annual losses of nearly 20% in 2025, the steepest since 2020, as concerns about oversupply and tariffs outweighed geopolitical risks. It was the third straight year of losses for Brent, the longest such streak on record.

"As of now, we are expecting a fairly boring year for (Brent) oil prices, range-bound around $60-65 a barrel," said DBS energy analyst Suvro Sarkar.

Phillip Nova analyst Priyanka Sachdeva said ‌the muted price movement reflected a struggle between short-term geopolitical risks and longer-term market fundamentals that point towards oversupply.

Business

Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
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Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 

Saudi Arabia has taken a pivotal step toward strengthening its standing as a global investment destination after the Cabinet approved the regulatory frameworks for four Special Economic Zones (SEZs): Jazan, Ras Al-Khair, King Abdullah Economic City, and the Cloud Computing Special Economic Zone.

The move marks the effective start of the operational and legal phase for the zones, offering investors a clear roadmap on how to benefit from the incentives and competitive advantages the Kingdom is rolling out.

Saudi Minister of Investment Khalid al-Falih said the regulations will come into force in early April 2026, calling the decision a major leap in developing the regulatory ecosystem for SEZs.

He said it underscores Saudi Arabia’s commitment to boosting investment competitiveness regionally and globally, while building an enabling environment that attracts high-quality investments and supports sustainable growth in line with Vision 2030.

The four zones are designed to serve strategic sectors that place the Kingdom at the heart of global supply chains. The Jazan zone is set to become a hub for food processing, mining, and manufacturing, leveraging its port and proximity to African markets.

Ras al-Khair is being developed into a global center for maritime and mining industries, providing an integrated platform for shipbuilding, offshore drilling rigs, and marine support services.

King Abdullah Economic City is positioned as an advanced hub for logistics, high-value manufacturing, and the automotive sector, while the Cloud Computing and Informatics Zone in Riyadh represents a major leap in the data economy, hosting global technology firms offering local data storage and processing services.

The new regulations introduce flexible licensing regimes, attractive tax and customs standards, and streamlined operating procedures, including flexible ownership structures.

Investors will be allowed to use multiple languages for trade names, and investments within the zones will be exempt from certain provisions of the traditional Companies Law, giving global firms greater operational freedom.

On workforce policy, Al-Falih said the regulations include tailored Saudization frameworks aligned with each zone’s economic activities, balancing national talent development with the rapid growth needs of major investors.

The frameworks are part of an integrated governance model that clarifies mandates and aligns government entities, accelerating licensing processes and creating a fast, flexible business environment aligned with Saudi Arabia’s economic ambitions.

 

 

 

Business

Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
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Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal

Turkish manufacturing activity shrank at a slower pace in December, marking two consecutive months of improvement, signaling a slight moderation in operating conditions at the end of 2025, a business survey showed on Friday.

The Istanbul Chamber of Industry Turkiye Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to a 12-month high of 48.9 from 48.0 in November thanks ‌to softer slowdowns ‌in output, new ‌orders, ⁠employment and purchasing activity.

Readings ‌below 50.0 indicate contractions in overall activity, while figures above that suggest growth, Reuters said.

"With PMI reaching its highest level for a year in December, the manufacturing sector takes some momentum into 2026, giving hope that we will ⁠see growth in the months ahead," said Andrew Harker, ‌Economics Director at S&P ‍Global Market Intelligence.

New ‍orders eased at the slowest pace ‍since March 2024, with some firms noting improvements in customer demand. However, both total new business and new export orders continued to moderate.

Production was scaled back, though at a slower rate than in November. Employment saw ⁠a marginal reduction, while purchasing activity also experienced a softer decline, according to the survey.

Input costs rose sharply, driven by higher raw material prices, leading manufacturers to increase selling prices, the survey said.

"While inflationary pressures rebounded following the recent lows seen in November, rates of increase in input costs and output prices were still comfortably below the highs ‌we have seen at times in recent years," Harker said.