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Saudi Arabia Expands Global Aviation Network with 17 New Agreements at ICAO Assembly

The ICAO Executive Council has renewed the Kingdom of Saudi Arabia’s membership for the 2026–2028 term - SPA
The ICAO Executive Council has renewed the Kingdom of Saudi Arabia’s membership for the 2026–2028 term - SPA
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Saudi Arabia Expands Global Aviation Network with 17 New Agreements at ICAO Assembly

The ICAO Executive Council has renewed the Kingdom of Saudi Arabia’s membership for the 2026–2028 term - SPA
The ICAO Executive Council has renewed the Kingdom of Saudi Arabia’s membership for the 2026–2028 term - SPA

The Kingdom of Saudi Arabia, represented by the General Authority of Civil Aviation (GACA), concluded its participation in the 42nd General Assembly of the UN International Civil Aviation Organization (ICAO), held in Montreal, Canada, from September 23 to October 3.

The delegation’s participation resulted in the signing of 17 air transport agreements and memoranda of understanding and held 40 bilateral meetings to boost international cooperation in aviation.

These efforts underline the Kingdom’s commitment to expanding its global presence in air transport, establishing regulatory frameworks for air traffic, enhancing aviation safety and security standards, and broadening travel options for passengers, SPA reported.

Additionally, the Kingdom submitted 31 working papers covering a wide range of topics aligned with its leading role in civil aviation and air transport facilitation at both regional and international levels.

These papers addressed aviation safety and security, airport infrastructure development, passenger transport facilitation, sustainability initiatives, environmental stewardship, carbon emissions reduction, and investment in biofuels and clean technologies, all in line with Saudi Vision 2030, which aims to position the Kingdom as a global logistics hub.

The ICAO Executive Council has renewed the Kingdom of Saudi Arabia’s membership for the 2026–2028 term. The Kingdom received 175 out of 184 votes, maintaining its uninterrupted membership since 1986.

Minister of Transport and Logistic Services Saleh Al-Jasser announced a $1 million donation from Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to support the ICAO.

The contribution is dedicated to advancing the strategic objectives of the “No Country Left Behind” initiative during the 2025–2028 cycle, which aims to assist developing countries in implementing international standards and recommended practices to enhance civil aviation safety and security.

ICAO also honored Saudi Arabia, represented by Chairman of the Cooperative Aviation Security Program–Middle East (CASP-MID) Mohammed Alfozan, in recognition of his leadership and management of the program and his contributions to enhancing the aviation security capabilities of countries in the region.

The recognition reflects the Kingdom’s pioneering role in supporting ICAO programs and global initiatives to strengthen civil aviation security and its commitment to ensuring that “no country is left behind.”

Furthermore, Saudi Arabia hosted a reception attended by more than 450 participants from various countries, including representatives from the aviation sector, diplomats, and ICAO member states.

The event featured an exhibition showcasing participating entities, traditional handicrafts such as weaving and leatherwork, and performances of Saudi folk music and dance.

A documentary film was also screened, tracing the history and development of civil aviation in the Kingdom and its progress toward becoming a modern aviation powerhouse.

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Business

French Economy Likely to Grow at Least 0.8% in 2025, Finance Minister Says

French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure attends the 7th formal meeting of the Franco-Chinese Business Council in Beijing on December 4, 2025. (Reuters)
French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure attends the 7th formal meeting of the Franco-Chinese Business Council in Beijing on December 4, 2025. (Reuters)
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French Economy Likely to Grow at Least 0.8% in 2025, Finance Minister Says

French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure attends the 7th formal meeting of the Franco-Chinese Business Council in Beijing on December 4, 2025. (Reuters)
French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure attends the 7th formal meeting of the Franco-Chinese Business Council in Beijing on December 4, 2025. (Reuters)

Unless there is a sharp reversal in the final three months of the year, the French economy is likely to grow by at least 0.8% in 2025, outpacing the 0.7% that the government had anticipated, Finance Minister Roland Lescure said on Sunday.

"We will most likely exceed the government's growth forecast for this year. We had predicted 0.7%, but I think we will have at least 0.8%. That's good news," Lescure told LCI television.

"So we would really need to have a bad fourth quarter, which I don't believe will happen, for us to be below 0.8%, so 0.8% is within reach," he added.

France's economy grew 0.5% in the third quarter, final data from statistics office INSEE showed in November, reflecting resilience in the euro zone's second-largest economy.

Business

Saudi Real Estate Shifts from Temporary Upswing to Operational Maturity

Real estate projects in Riyadh (SPA) 
Real estate projects in Riyadh (SPA) 
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Saudi Real Estate Shifts from Temporary Upswing to Operational Maturity

Real estate projects in Riyadh (SPA) 
Real estate projects in Riyadh (SPA) 

Saudi Arabia’s listed real estate sector recorded an exceptional and unprecedented transformation in the third quarter of 2025, with profits surging more than sixfold. Total earnings jumped 633.6 percent to $496 million (SAR 1.86 billion), compared with $67.5 million a year earlier, an indication that the industry has entered a phase of sustained operational maturity rather than a short-term cyclical rebound.

The sharp rise reflects the companies’ success in restructuring their product portfolios, enhancing cash flows, and shifting from “paper growth” to revenue-driven expansion supported by project deliveries and operational income.

Sector analysts attributed the leap in profitability to the rollout of major real estate projects in large cities, higher project quality, improved financing conditions, and stronger liquidity.

They noted that the leap aligns with the rapid expansion of Saudi Arabia’s non-oil economy, which now contributes about 56 percent of GDP. This has strengthened demand across residential, commercial, industrial, and office real estate, supporting profit growth alongside recent regulatory reforms.

During the first nine months of 2025, listed real estate firms achieved combined profits of $1.44 billion (SAR 5.4 billion), led by Cenomi Centers, Jabal Omar, and Masar (Umm Al-Qura for Development and Construction) - a 244 percent increase from the same period in 2024.

Financial disclosures show that nine out of sixteen listed developers reported higher profits in Q3, while four companies returned to profitability. Masar topped the sector in Q3 with SAR 516.6 million in earnings, up 341.9 percent year-on-year. Cenomi Centers ranked second with SAR 499.8 million, a rise of 52.2 percent, followed by Dar Al-Arkan, whose profits climbed 89 percent to SAR 255.6 million.

Real estate specialist Abdullah Al-Mousa told Asharq Al-Awsat that the historic profit surge confirms the sector has “entered a stage of operational maturity,” reflecting companies’ improved efficiency, stronger recurring revenues, and the successful transition to asset-operation models.

He identified three key drivers: higher-quality projects and stronger occupancy across income-generating assets; improved financing conditions amid stabilizing interest rates; and the completion of major projects, particularly in Riyadh and Makkah.

Al-Mousa expects continued positive performance in coming quarters, though at a more moderate pace, supported by new strategic projects entering operation, sustained housing demand, rising commercial activity in Riyadh, and ongoing regulatory reforms that reduce risk and attract institutional investment.

Real estate analyst Salman Saeed said the strength of the non-oil economy has sharply boosted demand in housing, retail, industrial, and office markets. He highlighted reforms such as the expansion of the white-land tax and rental-regulation measures, along with significant government support for homeownership, which has raised the share of Saudi citizens owning homes.

Saeed noted that rising demand for commercial and office space, driven by multinational companies relocating to Riyadh, has lifted occupancy rates and diversified developers’ income streams. Some firms also improved results through land sales and divestment of non-core assets, enhancing operational efficiency.

 

 

Business

Qatar’s Energy Minister: AI Will Secure Future Demand for LNG

Al-Kaabi speaks at a panel discussion at the Doha Forum 2025. (X)
Al-Kaabi speaks at a panel discussion at the Doha Forum 2025. (X)
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Qatar’s Energy Minister: AI Will Secure Future Demand for LNG

Al-Kaabi speaks at a panel discussion at the Doha Forum 2025. (X)
Al-Kaabi speaks at a panel discussion at the Doha Forum 2025. (X)

Statements by Qatar’s Minister of State for Energy Affairs Saad Al-Kaabi became a focal point at the Doha Forum 2025, opened by Emir Sheikh Tamim bin Hamad Al Thani under the theme “Anchoring Justice: From Promises to Tangible Reality.”

Al-Kaabi delivered an upbeat assessment of the gas sector’s future, insisting he has “no concern whatsoever” about long-term demand thanks to the soaring power needs of artificial intelligence data centers.

Al-Kaabi said global demand for natural gas will remain robust as AI-driven energy consumption accelerates, forecasting that liquefied natural gas (LNG) demand will reach 600–700 million tons annually by 2035. He warned, however, that insufficient investment could constrain future LNG and gas supplies.

“I have absolutely no worries about future gas demand,” he said, adding that AI-related power consumption will be a key driver.

Once fully operational, Qatar’s North Field expansion is expected to produce 126 million metric tons of LNG a year by 2027 - an 85 percent increase from today’s 77 million tons.

He also noted that the first train of the Golden Pass LNG project, a joint venture with ExxonMobil in Texas, is scheduled to begin operations in the first quarter of 2026.

Al-Kaabi argued that oil prices between $70 and $80 per barrel would generate sufficient revenue for companies to invest in future energy needs, while prices above $90 would be “too high.”

He separately cautioned that the Gulf region is witnessing an “excess of real-estate construction,” raising the risk of a property bubble.

The minister hoped that the European Union will address corporate concerns over new sustainability regulations by the end of December.

Gulf Cooperation Council states voiced deep concern on Friday about two proposed EU directives, which tackle corporate sustainability due diligence and sustainability reporting, recently amended by the European Parliament for trilogue negotiations.

The GCC warned that the measures would effectively compel major European and international companies to adopt the EU’s sustainability model, comply with additional human rights and environmental obligations, submit climate-transition plans beyond existing global accords, file detailed sustainability reports, and face penalties for non-compliance.

Qatar has also criticized the due-diligence directive and has threatened to halt gas supplies. The dispute centers on potential fines of up to 5 percent of a company’s global revenue.

Al-Kaabi has repeatedly stated that Qatar will not meet net-zero emissions targets under such conditions.