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.



Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
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Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices extended gains on Friday, heading for a weekly uptick of more than 4%, as the Ukraine war intensified with Russian President Vladimir Putin warning of a global conflict.
Brent crude futures gained 10 cents, or 0.1%, to $74.33 a barrel by 0448 GMT. US West Texas Intermediate crude futures rose 13 cents, or 0.2%, to $70.23 per barrel.
Both contracts jumped 2% on Thursday and are set to cap gains of more than 4% this week, the strongest weekly performance since late September, as Moscow stepped up its offensive against Ukraine after the US and Britain allowed Kyiv to strike Russia with their weapons.
Putin said on Thursday it had fired a ballistic missile at Ukraine and warned of a global conflict, raising the risk of oil supply disruption from one of the world's largest producers.
Russia this month said it produced about 9 million barrels of oil a day, even with output declines following import bans tied to its invasion of Ukraine and supply curbs by producer group OPEC+.
Ukraine has used drones to target Russian oil infrastructure, including in June, when it used long-range attack drones to strike four Russian refineries.
Swelling US crude and gasoline stocks and forecasts of surplus supply next year limited price gains.
"Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside," Goldman Sachs analysts led by Daan Struyven said in a note.
"However, the risks of breaking out are growing," they said, adding that Brent could rise to about $85 a barrel in the first half of 2025 if Iran supply drops by 1 million barrels per day on tighter sanctions enforcement under US President-elect Donald Trump's administration.
Some analysts forecast another jump in US oil inventories in next week's data.
"We will be expecting a rebound in production as well as US refinery activity next week that will carry negative implications for both crude and key products," said Jim Ritterbusch of Ritterbusch and Associates in Florida.
The world's top crude importer, China, meanwhile on Thursday announced policy measures to boost trade, including support for energy product imports, amid worries over Trump's threats to impose tariffs.