GACA Grants Air Operator Certificate to Riyadh Air, Paving the Way for Launch of Commercial Flights 

The issuance of the certificate follows Riyadh Air's successful fulfillment of all regulatory and operational requirements in accordance with the executive regulations of the Civil Aviation Law. (SPA)
The issuance of the certificate follows Riyadh Air's successful fulfillment of all regulatory and operational requirements in accordance with the executive regulations of the Civil Aviation Law. (SPA)
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GACA Grants Air Operator Certificate to Riyadh Air, Paving the Way for Launch of Commercial Flights 

The issuance of the certificate follows Riyadh Air's successful fulfillment of all regulatory and operational requirements in accordance with the executive regulations of the Civil Aviation Law. (SPA)
The issuance of the certificate follows Riyadh Air's successful fulfillment of all regulatory and operational requirements in accordance with the executive regulations of the Civil Aviation Law. (SPA)

President of Saudi Arabia's General Authority of Civil Aviation (GACA) Abdulaziz bin Abdullah Al-Duailej handed over on Sunday the Air Operator Certificate (AOC) to Chief Executive Officer of Riyadh Air Tony Douglas, officially authorizing the new national carrier to launch scheduled flights to and from airports across the Kingdom.

The ceremony was attended by Minister of Transport and Logistic Services and GACA Chairman of the Board of Directors Eng. Saleh bin Nasser Al-Jasser.

The issuance of the certificate follows Riyadh Air's successful fulfillment of all regulatory and operational requirements in accordance with the executive regulations of the Civil Aviation Law, particularly those related to safety, security, and operational quality standards, reported the Saudi Press Agency.

This milestone reflects GACA's commitment to upholding world-class regulatory practices. The updated AOC marks a significant step toward enhancing the passenger experience and maintaining the highest aviation safety standards.

It also supports GACA's broader efforts to create an attractive investment environment and to foster the growth and sustainability of the aviation sector, in line with the goals of the National Aviation Strategy and Saudi Vision 2030.

Al-Jasser emphasized that the issuance of the AOC to Riyadh Air represents a foundational pillar of the Kingdom's aviation strategy, which aims to position Saudi Arabia as the Middle East's leading aviation hub by 2030. The strategy includes transforming the Kingdom into a global logistics hub connecting three continents, supporting tourism objectives, and establishing Riyadh as a global gateway and central hub for transportation, trade, and tourism.

Riyadh Air plans to operate flights to over 100 international destinations by 2030. The airline has placed orders for more than 132 aircraft and is expected to generate over 200,000 direct and indirect jobs in the aviation sector, contributing an estimated SAR75 billion to the Kingdom's non-oil GDP.



Oil Prices Rise on Iran Sanctions, Decline in US Crude Stocks

A container ship sails along Nakhodka Bay near the oil terminal in the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A container ship sails along Nakhodka Bay near the oil terminal in the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
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Oil Prices Rise on Iran Sanctions, Decline in US Crude Stocks

A container ship sails along Nakhodka Bay near the oil terminal in the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A container ship sails along Nakhodka Bay near the oil terminal in the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

Oil prices rose on Wednesday after a fresh round of US sanctions on Iran, a drop in US crude stocks and a softer tone from US President Donald Trump towards the Federal Reserve and his tariff war with China.

Brent crude futures hit their highest since April 4 at $68.65 a barrel and were up 54 cents, or 0.8%, at $67.98 by 1134 GMT US West Texas Intermediate crude rose 55 cents, or 0.9%, to $64.22.

Sending bullish signals on the supply side, the US issued new sanctions targeting an Iranian shipping magnate whose network handles Iranian liquefied petroleum gas and crude oil worth hundreds of millions of dollars, the US Treasury said.

Further price support came from US crude oil inventories that fell by about 4.6 million barrels last week while gasoline stocks declined by 2.2 million barrels and distillate inventories dropped by 1.6 million barrels, market sources said, citing American Petroleum Institute data.

US government data on oil stockpiles is due at 10:30 a.m. ET (1430 GMT) on Wednesday. US crude oil stocks are expected to have declined by 800,000 barrels last week, a Reuters poll showed.

Stoking hopes of higher energy demand, Trump on Tuesday signalled the possibility of lower tariffs on Chinese imports. The Chinese foreign ministry said on Wednesday that the United States should stop making threats if it wants to make a deal.

Trump also backed away from the threat of firing Fed Chair Jerome Powell after days of criticising the Fed for not cutting interest rates.

Capping gains, the International Monetary Fund said on Tuesday that global economic output will slow as Trump's steep tariffs on virtually all trading partners begin to bite.