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Saudia Group Signs Deal with Airbus to Acquire up to 20 Wide-Body Aircraft

Saudia Group announced a new aircraft deal with Airbus to enhance its fleet - AFP
Saudia Group announced a new aircraft deal with Airbus to enhance its fleet - AFP
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Saudia Group Signs Deal with Airbus to Acquire up to 20 Wide-Body Aircraft

Saudia Group announced a new aircraft deal with Airbus to enhance its fleet - AFP
Saudia Group announced a new aircraft deal with Airbus to enhance its fleet - AFP

Saudia Group announced in a press release on Wednesday a new aircraft deal with Airbus to enhance its fleet by adding up to 20 new wide-body A330neo aircraft, 10 of which are firm orders for flyadeal, the group’s low-cost carrier.
The signing ceremony was held at the Airbus factory in Toulouse, France, attended by Saudia Group Director General Ibrahim Al-Omar and Airbus Commercial Aircraft business CEO Christian Scherer. The deal was signed by Saudia Group Vice President of Fleet Management Saleh Eid and Airbus Executive Vice President of Sales of Commercial Aircraft Benoît de Saint-Exupéry, SPA reported.
Al-Omar stated: “Today’s deal marks a pivotal milestone in our ambitious strategy to modernize and expand our fleet. It builds on last year’s historic deal with Airbus for 105 aircraft. This step aligns with our national strategies under Saudi Vision 2030, which aim to connect 250 destinations and facilitate the travel of over 330 million travelers and 150 million tourists by 2030.”
He added: “This deal supports Saudia Group’s plans to grow and improve its operations. It adds to the modernization of our fleet, improves aircraft maintenance, and makes our overall operations more efficient.”
According to the release, Saudia Group currently operates a fleet of 194 aircraft, serving commercial aviation, cargo operations, and logistics services. "The group is set for significant expansion, with 191 new aircraft scheduled for delivery in the coming years," it added.

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Business

Meta Buys China-founded AI Agent Manus

FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
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Meta Buys China-founded AI Agent Manus

FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo

Facebook owner Meta has agreed to acquire Manus, an artificial intelligence agent created by a company founded in China but now based in Singapore, the two firms said.

However, analysts warned the deal could fall foul of regulators at a time of fierce technological rivalry between Washington and Beijing.

Exceeding the capabilities of AI chatbots like ChatGPT, AI agents can autonomously perform complex tasks for users, and are seen as having huge potential.

Manus, created by startup Butterfly Effect, can for example sift through and summarize resumes or create a stock analysis website, according to its website.

Meta said Monday that the deal -- the financial details of which were not disclosed -- will "bring a leading agent to billions of people and unlock opportunities for businesses across our products".

"The era of AI that doesn't just talk, but acts, creates, and delivers, is only beginning," Manus chief executive Xiao Hong said on X.

"And now (with Meta), we get to build it at a scale we never could have imagined."

Meta CEO Mark Zuckerberg is making a huge push into AI, spending billions of dollars on acquisitions, hiring engineers and building data centers.

Bloomberg Intelligence analysts said the purchase is likely aimed at expanding Meta's AI agent task capabilities, and that it could be worth more than $2 billion.

However, "it could draw regulatory scrutiny given that Singapore-based Manus was founded in China", the analysts said.

Business

Precious Metals Fall again, Asian Stocks Swing as Traders Wind Down

Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
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Precious Metals Fall again, Asian Stocks Swing as Traders Wind Down

Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File

Precious metals extended losses Tuesday on profit-taking after hitting recent records, while equities fluctuated in quiet trade as investors wound down ahead of the New Year break.

Traders were taking it easy in the last few days of 2025 following a stellar 12 months that have seen tech firms push several stock markets to all-time highs, while bitcoin, gold and silver have also enjoyed multiple peaks, said AFP.

Minutes from the Federal Reserve's most recent policy meeting -- at which it cut interest rates a third straight time -- are due to be released later in the day and will be scanned for an idea about whether a fourth can be expected in January.

The US central bank's monetary easing in the back end of this year has been a key driver of the markets' rally, compounding a surge in the tech sector on the back of the vast amounts of cash pumped into all things AI.

It has also helped offset recent worries about a possible tech bubble and warnings that traders might not see a return on their investments in artificial intelligence for some time.

Still, Asian markets have enjoyed a healthy year, with Seoul's Kospi piling on more than 75 percent and Tokyo's Nikkei 225 more than 25 percent -- both having hit records earlier in the year.

Still, both edged down Tuesday, with Shanghai, Sydney and Taipei also lower. Hong Kong, Singapore, Wellington and Jakarta rose.

The mixed performance followed losses for all three main indexes on Wall Street.

The big moves of late have been seen in precious metals, with gold hitting a record just shy of $4,550. Silver, meanwhile, topped out at $84 after soaring around 150 percent this year.

Investors have been piling into the commodities on bets for more US rate cuts, a weaker dollar and geopolitical tensions.

Silver has also been boosted by increased central bank purchases and supply concerns.

However, both metals have pulled back sharply this week on profit-taking, with gold now around $4,340 and silver at $73.50.

Oil dipped, having jumped more than two percent Monday when investors rowed back bets on peace talks to end Russia's war with Ukraine as a meeting between US President Donald Trump and Ukrainian counterpart Volodymyr Zelensky ended with little progress.

That surge followed Friday's similar-sized rally on optimism for a breakthrough to end the nearly four-year conflict.

An end to the war could see sanctions on Russian oil removed, which would see a huge fresh supply hit the market.

Bitcoin, which has tumbled since spiking above $126,000 in October, was stabilizing just below $90,000 after a shaky end to the year.

Business

Quality of Life Program Center Launches 'Smart Cities' Report

The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
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Quality of Life Program Center Launches 'Smart Cities' Report

The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)

The Quality of Life Program Center has launched its new report on "Smart Cities," highlighting key global trends in the development of smart cities and their role in improving quality of life and enhancing urban sustainability.

This launch aims to promote human-centered cities and advance smart urban development, in line with Saudi Vision 2030 objectives, the Saudi Press Agency reported on Tuesday.

The report notes that smart cities are among the most important pillars of modern urban development, as they rely on the use of advanced technologies, data analytics, and the Internet of Things to improve service efficiency, enhance quality of life, and address growing urban challenges such as traffic congestion, pollution, and resource management.

It also reviews several global indicators demonstrating the ability of smart solutions to reduce emergency response times, improve educational outcomes, increase residents' satisfaction with public services, and reduce energy consumption and carbon emissions through smart grids and advanced transportation systems.

The report emphasizes that adopting smart city concepts constitutes a fundamental pillar for achieving sustainable urban development, improving quality of life, and building more resilient and prosperous communities, thereby enhancing the competitiveness of Saudi cities at the regional and global levels.