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Riyadh Air and Mastercard Partner to Transform Global Travel Experience

Riyadh Air and Mastercard Partner to Transform Global Travel Experience
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Riyadh Air and Mastercard Partner to Transform Global Travel Experience

Riyadh Air and Mastercard Partner to Transform Global Travel Experience

Riyadh Air and Mastercard today unveiled an alliance that brings together payments, travel, and technology to reshape how people and businesses experience global travel. Riyadh Air is uniquely positioned to jointly build an extensive financial and payment ecosystem.

According to a press release issued by Riyadh Air, the collaboration introduces a powerful suite of innovations spanning consumer payments, premium airport experiences, and next-generation B2B travel payments – positioning Saudi Arabia at the forefront of global travel evolution.

Chief Financial Officer at Riyadh Air Adam Boukadida said: “Our deep collaboration with Mastercard clearly reflects not only our commitment to be a digital native airline but strong confidence in our future trajectory. It allows us to build a travel experience that is seamless, digital and distinctly differentiated."

"We are fortunate to be in a highly unique situation where we can implement many different solutions at the same time, from integrated payments and rewards to premium airport experiences and innovative virtual payment solutions," he added, SPA reported.

President of Mastercard's Eastern Europe, Middle East and Africa Dr. Dimitrios Dosis stated: “Together with Riyadh Air, we are creating an integrated digitally-native ecosystem that delivers value at every touchpoint—for guests, travel agents, airlines, and hospitality partners—while reinforcing Saudi Arabia’s role as a global travel hub.”

The release added that Riyadh Air has also become the first airline globally to introduce an airline-branded virtual card program for travel trade settlements. Through this streamlined payment solution, Riyadh Air will be offering travel intermediaries worldwide improved efficiency, security and reconciliation while unlocking new growth opportunities across the travel value chain.

According to Mastercard’s Travel Trends Report 2025, Riyadh is experiencing a sharp surge in passenger traffic, reflecting Saudi Arabia’s accelerating emergence as a global travel and business hub.

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Bitcoin Under $70,000 for First Time Since Trump's Election

FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Bitcoin Under $70,000 for First Time Since Trump's Election

FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin, the world's biggest cryptocurrency, extended its price slump Thursday to trade under $70,000 for the first time since Donald Trump's presidential election victory in November 2024.

The digital currency dropped as low as $69,821.18 before climbing back above $70,000.

Bitcoin has fallen sharply in recent weeks as investors pull back from risky assets. It had reached a record high above $126,000 in October.

"Bitcoin continues to suffer... caught up in the broader risk-off mood and geopolitical turmoil that has pushed investors away from riskier assets towards safe havens," noted Victoria Scholar, head of investment at Interactive Investor.

The volatile cryptocurrency soared after Trump was elected as he was widely viewed as a strong supporter of the sector.

He publicly celebrated bitcoin crossing $100,000 for the first time in December 2024, AFP reported.

However it suffered a sharp setback in April last year, falling below $75,000 after the president's announcement of sweeping US tariffs rattled global markets.

It went on to reach a record-high of $126,251.31 six months later.

The latest downturn is driven largely by regulatory uncertainty.

While the US Congress passed a law in July to regulate stablecoins -- a form of cryptocurrency backed by traditional assets -- a broader crypto bill, the Clarity Act, has stalled in the Senate.

Bitcoin's has been hit also by Trump recently nominating former Federal Reserve governor Kevin Warsh to head of the US central bank.

Warsh, seen by observers as a defender of the Fed's independence, reassured traditional markets, prompting investors to sell safe-haven assets such as gold and silver, whose prices plunged.

Many investors rushed also to sell cryptocurrencies and other risky assets to help raise cash.

Trump's close ties to the crypto sector have sparked accusations of conflicts of interest, as he has promoted his own cryptocurrency-related ventures since returning to office.

According to recent Bloomberg estimates, his family's fortune grew by $1.4 billion last year from digital assets alone.

Just hours before his inauguration in January 2025, the 79-year-old billionaire launched his own cryptocurrency, $TRUMP, which slumped after a blockbuster debut.

Business

National Minerals Program Propels Saudi Arabia’s Global Mining Footprint

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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National Minerals Program Propels Saudi Arabia’s Global Mining Footprint

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The National Minerals Program, recently approved by the Saudi Cabinet, represents a cornerstone of the Kingdom’s strategy to strengthen its position on the global mining map and respond to economic transformations that have made minerals essential for modern industries.

Managed by the Ministry of Industry and Mineral Resources, the program seeks to establish an integrated system that bridges supply chain gaps and standardizes governance and coordination across relevant entities, the Saudi Press Agency said on Thursday.

It aims to ensure the sustainability of mineral raw material supplies, reduce risks associated with foreign mining investments, enhance the efficiency and quality of existing and future supply chains, and secure the Kingdom’s strategic mineral needs.

The program responds to rapid global changes that have challenged supply chains, from the impacts of the COVID-19 pandemic to geopolitical tensions, making the securing of critical minerals a top priority for industrial economies and a prerequisite for sustaining clean energy, digital technologies, and AI industries.

Saudi Arabia leverages significant competitive advantages, with untapped mineral resources valued at approximately SAR9.3 trillion. The Kingdom also aims to raise the share of renewable energy in electricity generation to 50% by 2030, enhancing the competitiveness and sustainability of local mineral processing investments.

Business

Dollar Recovers as Central Bank Decisions Loom, Markets Turn Risk-off

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)
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Dollar Recovers as Central Bank Decisions Loom, Markets Turn Risk-off

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)

The dollar climbed to a two-week high on Thursday as fresh volatility gripped stocks and precious metals, while traders counted down to rate decisions from the European Central Bank and the Bank of England.

The US dollar index, which measures the greenback's strength against a basket of six currencies, was last up 0.1% at 97.762, extending gains into a second day.

"There’s a bit of risk aversion coming through," said Sim Moh Siong, currency strategist at OCBC in Singapore. "When there's risk aversion, the dollar tends to strengthen."

The dollar has regained some strength this week and stocks turned risk-off as financial markets assess US corporate earnings season, now halfway complete, Reuters said.

Gold and silver, which have become more volatile recently as a ‌result of leveraged ‌buying and speculative flows, were rocked by a fresh selloff on ‌Thursday, ⁠which saw silver ‌falling as much as 16.6% to a low of $73.41.

The Nasdaq Composite has fallen 2.9% during the past two days, its biggest slide since October, with volatility triggered by market bellwethers including Google parent Alphabet , which reported aggressive spending plans on Wednesday, and a rout in software stocks as they adapt to a new era of generative AI.

Against the yen, the US dollar was trading at 156.81 yen, holding steady after an auction of 30-year Japanese government bonds drew solid demand, while Japan's election campaign entered its final stretch ahead of Sunday's poll.

The euro ⁠was last down 0.2% at $1.1790 ahead of the ECB decision, where it is expected to keep rates on hold. Investors' attention will be ‌focused on the post-policy press conference to gauge the outlook for ‍rates over the coming months.

"The emphasis will likely ‍be on higher uncertainty," with only minor tweaks in communication, according to analysts from Bank of America, ‍who expect the ECB to hold rates later in the day. "Our conviction in a March cut is not rock solid, but we remain convinced of an easing bias from here."

The British pound was last down 0.2% at $1.3621 ahead of the BoE's policy decision, at which it is also expected to remain on hold.

As the Asian trading session began, Federal Reserve Governor Lisa Cook said in a speech she is more concerned about stalled progress on inflation than a weakening labor market, a strong signal that she will ⁠not support another interest-rate cut until tariff-induced price pressures begin to recede.

Fed funds futures are pricing an implied 88% probability that the US central bank will hold rates at its next two-day meeting ending on March 18, though bets on a rate cut edged up to 12% from 9.4% a day earlier, according to the CME Group's FedWatch tool.

Against the offshore yuan, the US dollar was last flat at 6.9439 yuan following a phone call between US President Donald Trump and Chinese counterpart Xi Jinping in which they discussed trade, security issues and US arms sales to Taiwan.

Antipodean currencies, which often mirror global risk appetite, saw their strength fade during the trading session as investor confidence dimmed.

The Australian dollar fell 0.4% to $0.6968, giving up earlier gains following the release of trade balance data which was a little ahead of market estimates. The New Zealand dollar was last down ‌0.3% at $0.5986.

Cryptocurrencies extended losses after a selloff, which saw digital assets fall to the lowest since November 2024, with bitcoin tumbling as much as 3.54% to $70,052.48, and ether off 1.3% at $2,098.44.