Delta CEO: Atlanta-Riyadh Route Links Two Dynamic Economies

Delta Air Lines CEO Ed Bastian speaks at a session during the Future Investment Initiative conference (Asharq Al-Awsat)
Delta Air Lines CEO Ed Bastian speaks at a session during the Future Investment Initiative conference (Asharq Al-Awsat)
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Delta CEO: Atlanta-Riyadh Route Links Two Dynamic Economies

Delta Air Lines CEO Ed Bastian speaks at a session during the Future Investment Initiative conference (Asharq Al-Awsat)
Delta Air Lines CEO Ed Bastian speaks at a session during the Future Investment Initiative conference (Asharq Al-Awsat)

Delta Air Lines Chief Executive Ed Bastian said that launching direct flights between Atlanta and Riyadh marks a strategic step that will open a new air corridor for business and investment between two dynamic economies and cultures, underscoring that the move will boost cross-sector partnerships and support multinational companies and their regional headquarters in Saudi Arabia under Vision 2030.

Speaking to Asharq Al-Awsat on the sidelines of the Future Investment Initiative (FII) in Riyadh, Bastian’s remarks came days after Delta announced plans to operate direct flights to Saudi Arabia, making it the first US carrier to operate nonstop routes to the Kingdom.

Bastian said the new route, driven by strong demand from business, tourism, and conference travel, reflects Delta’s full confidence in the Saudi market and serves as a key link connecting the financial and innovation ecosystems of the United States and the Kingdom.

He said Delta aims to establish broader network connectivity through an expected partnership with Riyadh Air, noting that the tie-up would bring together two forward-looking carriers offering seamless connectivity and shared loyalty benefits.

Bastian said Delta is proud to be the first US airline to announce direct flights to the Saudi capital, adding that the expansion aligns with Delta’s global connectivity strategy and its drive to grow in emerging markets. He said it is backed by investments in a modern fleet, digital transformation, and artificial intelligence to enhance efficiency and cut emissions.

Launch timeline and onboard experience

Bastian said the Atlanta–Riyadh service represents a strategic, opportunity-driven expansion, with Riyadh’s growth and ambition making it an attractive destination. The route is set to begin in October 2026, operating three times weekly using an Airbus A350-900 with four cabin classes.

While Riyadh is the starting point, he said the airline is open to future expansion in the Kingdom.

He expects strong US passenger demand for travel to what he described as a rising global hub, adding that Riyadh’s growth and ambition make it a compelling destination and that the new route will open new horizons for both business and leisure travelers.

Delta’s participation in FII

Highlighting Delta’s presence at the FII forum, Bastian said the company is proud to be the first US carrier to announce direct service to Riyadh. He described the city as vibrant and fast-growing, adding that Delta’s presence in the Kingdom reflects its commitment to global connectivity and support for the transformation underway under Vision 2030.

With the new Atlanta–Riyadh route, Bastian said Delta is taking a leading role in building a strategic bridge connecting two dynamic economies and cultures.

Expanding footprint in the Middle East

Bastian said Delta is entering an entirely new phase in the Middle East. He said this marks Delta’s first steps in Saudi Arabia and the start of a new chapter in its international expansion.

As Delta approaches the close of its first century, Bastian said the company wants its second century to be defined by global growth. Through strategic partnerships, including with Riyadh Air, Delta aims to build the foundation for long-term success based on connectivity, innovation, and premium service. The goal, he added, is to deepen its presence and deliver lasting value across the region.

Competing with Gulf carriers

Bastian said Delta competes in a region dominated by strong Gulf airlines through its core strengths—exceptional service, reliability, and customer care.

He described the expected partnership with Riyadh Air as a unique competitive proposition that unites two forward-looking carriers to offer seamless connectivity, shared loyalty benefits, and innovative experiences blending Delta’s long heritage with Riyadh Air’s digital-first approach.

Growing US-Middle East travel demand

Bastian said international travel demand has rebounded strongly since the pandemic, driven by growing interest across generations. He said the transformation taking place in Saudi Arabia is creating significant new reasons to visit, adding that Delta is preparing to meet that demand with premium service and smooth connections, particularly amid rising business travel expected to deepen cultural and economic exchange.

Financial and operational performance

On financial performance, Bastian said Delta posted record third-quarter revenue of $15.2 billion, with strong margins and diversified growth across premium travel and loyalty segments.

He said the carrier’s international expansion remains on a solid trajectory, with emerging markets such as Riyadh, Sardinia, and Hong Kong offering promising growth opportunities.

Industry outlook and technology

Looking ahead, Bastian said airfares are likely to stabilize at levels higher than before COVID-19 as travelers increasingly value premium experiences and view travel as a form of personal enrichment.

He said artificial intelligence is central to Delta’s innovation efforts, used in predictive technologies to enhance operations. The company has launched the Delta Concierge digital assistant to support personalized travel experiences.

Bastian said AI enhances human decision-making and does not replace the human touch of Delta’s more than 100,000 employees.

Efficiency and cost reduction

On cost control, Bastian said Delta is cutting seat costs by renewing its fleet with next-generation aircraft such as the A350-1000, which are up to 20% more fuel-efficient. He also cited digital transformation and improved crew productivity as key efficiency drivers.

He added that new aircraft deliveries—both narrow- and wide-body—will expand capacity and efficiency while larger jets deliver savings on maintenance and crew costs. Tools such as Delta’s internal Carbon Council and digital platforms are improving operations and reducing waste, lowering costs and supporting sustainability goals.

Bastian said Delta is managing delivery delays from Airbus and Boeing by optimizing its current fleet and maintaining flexibility in its order strategy.

He said the planned partnership with Riyadh Air extends beyond network connectivity to include broad cooperation in maintenance, training, and operational services, evolving into a long-term strategic alliance to support both carriers’ growth.



$19 Billion as a Starting Point: Paris-Riyadh Roundtable Seeks to Expand Investment in the Sectors of the Future

A view of the Saudi-French Business Forum held last year in Riyadh. SPA
A view of the Saudi-French Business Forum held last year in Riyadh. SPA
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$19 Billion as a Starting Point: Paris-Riyadh Roundtable Seeks to Expand Investment in the Sectors of the Future

A view of the Saudi-French Business Forum held last year in Riyadh. SPA
A view of the Saudi-French Business Forum held last year in Riyadh. SPA

An investment base worth €16.3 billion, equivalent to approximately $19 billion (SAR71.5 billion), is serving as a new starting point for Monday’s French-Saudi Roundtable in Paris, where participants are exploring ways to expand economic cooperation into the industries of the future.

This foundation comes at a time when Saudi-French economic relations are broadening beyond traditional investments into sectors more closely aligned with economic transformation goals, particularly technology, artificial intelligence, energy, advanced manufacturing, and infrastructure.

Against this backdrop, both countries have an opportunity to leverage existing investments as a platform for new deals and projects that will strengthen the presence of French companies in Saudi Arabia while simultaneously creating opportunities for Saudi capital to expand into promising sectors in France and across Europe.

French investment in the Kingdom is increasingly targeting new strategic sectors, with French companies entering fields such as artificial intelligence, digital infrastructure, culture and creative industries, and mining.

This expansion builds on a long-established French presence in Saudi Arabia’s energy and industrial sectors, where manufacturing accounts for roughly 60 percent of French foreign direct investment.

A Trillion-Euro Economy

Saudi Arabia combines policy clarity, a stable economic environment, and strong economic fundamentals with a large and rapidly growing market. It is the region’s largest economy, with a GDP of around €1.1 trillion, and is developing new industries as part of its national economic diversification program under Vision 2030.

Its expanding industrial base and growing domestic demand provide significant opportunities for French investors to strengthen their presence in sectors where they already have an established foothold while also entering fast-growing new industries.

French companies continue to deepen their involvement in long-standing sectors ranging from energy and industry to transport, construction, and engineering, while simultaneously moving into emerging fields such as artificial intelligence, digital infrastructure, culture, and mining as the Saudi economy accelerates its growth.

One of the most significant recent milestones in bilateral relations was the signing of the Comprehensive Strategic Partnership at the end of 2024, opening broader avenues for cooperation in new sectors. Bilateral trade reached approximately €10.1 billion in 2025, up 7.2 percent from the previous year.

French President Emmanuel Macron and Saudi Crown Prince Mohammed bin Salman attend the closing ceremony of the Esports World Cup at the Grand Palais in Paris, France, August 23, 2026. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

Foreign Direct Investment

France ranks as the fourth-largest source of foreign direct investment in Saudi Arabia, with an investment valued at approximately €16.3 billion in 2024. French businesses hold 651 investment licenses across 18 sectors in the Kingdom.

Manufacturing represents around 60 percent of French FDI, highlighting the industrial strength of the relationship. French companies operating in Saudi Arabia include major investors such as TotalEnergies, Sanofi, Veolia, Suez, Accor, and Schneider Electric, among others.

Growing Saudi Presence in France

Saudi Arabia’s Public Investment Fund (PIF) invested approximately €7.36 billion in France between 2017 and 2024, supporting nearly 29,000 jobs.

In addition, a financing memorandum of understanding between the Saudi sovereign fund and Bpifrance, worth around €8.56 billion, provides a framework for expanded investment cooperation.

The partnership is also taking on a new dimension, as Qiddiya Investment Company and the French government explore a cooperation framework to develop a global destination that combines entertainment, sports, and culture in France.

The initiative would extend Saudi expertise in destination development internationally and reflects the increasingly reciprocal nature of the partnership.

French firms maintain established positions in energy, industry, transport, and hospitality, while simultaneously expanding into new sectors as Saudi Arabia’s economy evolves.

New Agreements Expected

New agreements and memoranda of understanding are expected to reinforce the French presence in sectors where French companies already enjoy a strong foothold.

In energy, companies such as TotalEnergies, EDF, SLB, and Schneider Electric have significant operations in the Kingdom across oil and gas, power generation, and energy infrastructure.

French firms also play major roles in water and environmental services, transport and logistics, construction and consulting, hospitality, and healthcare.

Saudi Arabia offers a stable regulatory, economic, and financial environment that supports major capital commitments. Clear development strategies provide investors with greater visibility regarding the economy’s future direction, while strong fundamentals support long-term implementation.

Meanwhile, Vision 2030 firmly positions economic diversification as a long-term national priority. The National Investment Strategy seeks to stimulate investment, while sector-specific strategies create opportunities throughout value chains.

Ongoing regulatory reforms continue to open new opportunities and improve the investment climate. Updated investment laws provide equal treatment for investors and strengthen investor protections, including safeguards against expropriation and clear mechanisms for the repatriation of funds.

Creditworthiness and Economic Stability

Saudi Arabia holds an A+ sovereign credit rating with a stable outlook, reaffirmed by S&P Global Ratings in March. The Kingdom’s total reserve assets reached approximately €421.5 billion in June 2026.

Over several decades, Saudi Arabia has invested heavily in infrastructure and operational capabilities that support sustained economic and commercial activity.

The International Monetary Fund has cited low government debt, substantial reserves, and the size of the sovereign wealth fund as key strengths, while identifying the fixed exchange-rate regime as a reliable anchor of monetary stability.

Opportunities are no longer limited to individual projects. Saudi Arabia is expanding integrated economic sectors, generating growing demand across value chains, and building the infrastructure, financing systems, and operating environment companies need to grow.

Investment opportunities now span more than 15 sectors, many of which already feature strong French participation.

The Saudi Industrial Development Fund provides financing of up to 75 percent of eligible project costs, alongside industrial incentives of up to 35 percent. Special Economic Zones offer targeted incentives in strategic industries, while the Regional Headquarters Program provides companies with a platform for regional expansion.

Artificial Intelligence

Saudi Arabia continues to strengthen its position as a regional hub for artificial intelligence and technology through substantial investments in digital infrastructure. The Kingdom ranked first globally in the 2025 ICT Development Index issued by the International Telecommunication Union.

The ICT market grew by 89 percent compared with 2017, while the digital economy accounted for approximately 16 percent of GDP in 2024.

Saudi Arabia aims to develop 3 gigawatts of AI infrastructure capacity by 2030. Data center capacity has reached 440 megawatts, nearly six times the 2017 baseline, supported by investments exceeding €3.85 billion.

Announced AI partnerships exceed €19.7 billion in value. Cloud regions operated by Oracle and Google Cloud are already operational, while cloud regions developed by AWS and Microsoft are expected to become operational during 2026.

Energy

The energy sector remains one of the most important pillars of French investment in the Kingdom and offers significant growth prospects. French companies are involved in energy projects in Saudi Arabia worth more than €16.3 billion, while consortia led by French firms participate in solar projects with a combined capacity of 11 gigawatts.

Opportunities span renewable energy, energy storage, hydrogen, and grid infrastructure.
In tourism, French companies enjoy a strong presence in a rapidly expanding market. Saudi Arabia recorded approximately 123 million visits in 2025, generating nearly €69.3 billion in tourism spending. The Kingdom aims to attract 150 million visits annually by 2030.

A Platform for Regional Growth

More than 750 companies have established regional headquarters in Riyadh under Saudi Arabia’s Regional Headquarters Program, including 39 French companies operating across eight sectors.

The program offers qualifying companies a 30-year exemption from corporate income tax and withholding tax, giving French firms with extensive operations in the Kingdom a strategic base from which to manage and expand their activities across the region.


Saudi Investment Minister: Our Economy Offers Major Opportunities for French Companies

Saudi Minister of Investment Fahad Al-Saif and France’s Minister of Economy, Finance and Industrial, Energy and Digital Sovereignty, Roland Lescure. Asharq Al-Awsat
Saudi Minister of Investment Fahad Al-Saif and France’s Minister of Economy, Finance and Industrial, Energy and Digital Sovereignty, Roland Lescure. Asharq Al-Awsat
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Saudi Investment Minister: Our Economy Offers Major Opportunities for French Companies

Saudi Minister of Investment Fahad Al-Saif and France’s Minister of Economy, Finance and Industrial, Energy and Digital Sovereignty, Roland Lescure. Asharq Al-Awsat
Saudi Minister of Investment Fahad Al-Saif and France’s Minister of Economy, Finance and Industrial, Energy and Digital Sovereignty, Roland Lescure. Asharq Al-Awsat

Saudi Minister of Investment Fahad Al-Saif said Monday that French foreign direct investment in Saudi Arabia has reached €16.3 billion, noting that France is the Kingdom’s fourth-largest source of FDI.

He added that the presence of French companies in Saudi Arabia now spans more than 18 sectors.

Speaking at the opening of the French-Saudi Investment Roundtable hosted in Paris, which was also attended by Roland Lescure, France’s Minister of Economy, Finance and Industrial, Energy and Digital Sovereignty, Al-Saif said French companies hold around 650 investment licenses in the Kingdom.

This, he said, reflects the extent of French business activity and the growing opportunities available within the Saudi economy.

The meeting is being held as part of the official visit of Crown Prince and Prime Minister Mohammed bin Salman to France. Organized by the Ministry of Investment, it brings together government officials, business leaders, and chief executives from major companies in both countries.

Discussions focus on opportunities to expand partnerships in sectors including industry, transport and logistics, artificial intelligence, and digital infrastructure, among others. New agreements and memoranda of understanding are also expected to be signed.

Energy Tops Areas of Cooperation

The Investment Minister noted that the oil and gas sector is among the industries most likely to benefit from strengthened Saudi-French relations, given the long-standing presence of French companies in the Kingdom’s energy sector.

Cooperation also extends across the broader energy landscape, including renewable energy, hydrogen, and grid infrastructure, while French firms continue to expand their footprint in energy, industry, transport, construction, water, and services.

Energy remains one of the most prominent areas of French involvement in Saudi Arabia, alongside growing opportunities in new sectors closely linked to the Kingdom’s economic diversification drive under Vision 2030.

From Energy and Industry to Artificial Intelligence

The investment partnership between the two countries is increasingly expanding beyond traditional sectors into the new economy, particularly artificial intelligence, digital infrastructure, culture, creative industries, and mining.

The inclusion of these sectors on the roundtable agenda reflects both sides’ efforts to transform established economic ties into investment partnerships in some of the fastest-growing industries, capitalizing on rising demand in the Saudi market and the technological and industrial capabilities of French companies.

French firms are already active in sectors such as transport and logistics, water and environmental services, hospitality, and healthcare. As the Saudi economy continues to expand, additional opportunities are emerging in advanced technology and manufacturing.


IEA: Not Discussing 2nd Release of Strategic Oil Reserves

Strategic oil reserve tanks in Texas (Reuters)
Strategic oil reserve tanks in Texas (Reuters)
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IEA: Not Discussing 2nd Release of Strategic Oil Reserves

Strategic oil reserve tanks in Texas (Reuters)
Strategic oil reserve tanks in Texas (Reuters)

The International Energy Agency is not discussing a second release of strategic oil reserves at this time, IEA chief Fatih Birol told Reuters on Monday.

"Not for the time being," Birol said on the sidelines of an energy conference in Norway ⁠when asked whether ⁠the agency was discussing a second release of strategic reserves.

The IEA is always following the markets "very, very closely", and 80% of strategic reserves remain ⁠after a 400 million-barrel release in March, Birol added.

On gas, Birol expressed concerns Europe's current levels of gas reserves, which are around 62% according to transparency platform AGSI.

The European Union has a target of filling levels to 80% by December 1.

"The stocks are ⁠lower ⁠than historical averages, and we are still hoping to get gas from the Middle East, and at the same time ... Europe has committed itself to nullify the Russian gas imports," he said.

"If we have a harsh winter in Europe, we may have some challenges."