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Saudia Cargo Strengthens Global Network with Four Boeing 777 Freighters

Officials are seen during Monday's signing ceremony in Jeddah. (SPA)
Officials are seen during Monday's signing ceremony in Jeddah. (SPA)
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Saudia Cargo Strengthens Global Network with Four Boeing 777 Freighters

Officials are seen during Monday's signing ceremony in Jeddah. (SPA)
Officials are seen during Monday's signing ceremony in Jeddah. (SPA)

Saudia Group signed on Monday an agreement with Boeing ordering four Boeing 777-200 Freighters. The investment supports the group's long-term growth strategy and contributes to Saudi Vision 2030 by strengthening the Kingdom's position as a leading global logistics hub connecting East and West.

The first aircraft is scheduled for delivery in the fourth quarter of 2026. Once in service, the new freighters will strengthen Saudia Cargo's network spanning four continents, enhancing dedicated cargo capacity across key international trade routes.

The agreement was signed in Jeddah in the presence of Director General of Saudia Group Eng. Ibrahim Al-Omar. It was signed by Vice President of Fleet Management at Saudia Group Saleh Eid, Chief Executive Officer of Saudia Cargo Eng. Loay Mashabi, and President of Boeing Saudi Arabia Asaad Aljomoai.

Director General of Saudia Group Eng. Ibrahim Al-Omar said: "This agreement marks an important milestone in executing Saudia Group's long-term growth strategy and reflects our continued investment in strengthening the group's integrated aviation ecosystem.”

“By expanding our dedicated freighter capacity, we are enabling Saudia Cargo to meet growing global demand, enhance connectivity across key international markets, and contribute to Saudi Arabia's ambition of becoming a leading global logistics hub,” he added.

“These aircraft will strengthen Saudia Cargo's operational capabilities, increase network flexibility, and support the continued growth of national exports and cross-border commerce,” he continued.

“This investment reflects our commitment to advancing the Kingdom's logistics ecosystem while contributing to the objectives of Saudi Vision 2030,” he stressed.

Vice President of Commercial Sales and Marketing for the Middle East at Boeing Commercial Airplanes Omar Arekat said: “Saudia Cargo’s order for Boeing 777 Freighters is a testament to the airplane’s unmatched performance and versatility. The agreement strengthens our longstanding partnership with Saudia Group, which has spanned over 75 years, and we look forward to further supporting their cargo growth initiatives.”

The expanded fleet will strengthen connections between Saudi Arabia and major commercial and industrial centers worldwide while providing customers with reliable and efficient cargo solutions.

The investment also demonstrates the strength of Saudia Group's integrated aviation ecosystem, where strategic fleet planning and operational excellence come together to support the Kingdom's aviation and logistics ambitions.

Saudia Cargo has continued to build strong momentum across its business. During 2024 and 2025, the company transported more than 1.15 million tons of cargo across its global network while recording sustained growth in revenues, national exports, and cross-border e-commerce. It also maintained an on-time performance rate exceeding 90%, reinforcing its role in supporting global supply chains and enabling Saudi exports to reach international markets efficiently and reliably.

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Business

Bitcoin Jumps Further on US Crypto Policy Hopes

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 Jumps Further on US Crypto Policy Hopes

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 surged Friday on optimism over US cryptocurrency legislation and the US Treasury's surprise move to buy back more of its own bonds, which fueled a shift to riskier assets.

The world's biggest cryptocurrency by market value climbed 6.9 percent to $77,675.94, after reaching its highest level since May, and is up more than 20 percent since Wednesday.

Friday was the third consecutive day in which bitcoin jumped more than five percent.

The sharp rise came after US President Donald Trump urged lawmakers on Wednesday to pass the Clarity Act, a bill to spur cryptocurrency use that has stalled in the Senate.

Bitcoin was also boosted by the US Treasury's bid to lower long-term borrowing costs by doubling its sovereign bond buybacks, a move that lifted investors' risk appetite, AFP reported.

The intervention came after the 30-year Treasury yield surged to levels last seen in 2007, just before the global financial crisis.

The prospect of lower yields makes safer investments less attractive, helping to drive demand for riskier assets such as cyptocurrencies.

"Renewed optimism around crypto progress in Washington helped light a fire under Bitcoin," said Bret Kenwell, US investment analyst at eToro.

"Falling Treasury yields and short liquidations added fuel to the rally," he said.

Business

Gold Climbs to Near Three-month Peak after US Treasury Move

FILE PHOTO: A salesman arranges gold bangles inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo
FILE PHOTO: A salesman arranges gold bangles inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo
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Gold Climbs to Near Three-month Peak after US Treasury Move

FILE PHOTO: A salesman arranges gold bangles inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo
FILE PHOTO: A salesman arranges gold bangles inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo

Gold prices hit a near three-month high on Friday, poised for a third straight weekly gain, supported by a softer dollar and the US Treasury's bond buyback move.

Spot gold climbed 1% to $4,562.86 per ounce by 0752 GMT, hitting its highest since May 29 earlier in the session. Prices have climbed 4.2% so far this week. US gold futures rose ‌1.1% to $4,620.00.

"We've seen ‌the dollar weakening and that has supported ‌not just ⁠gold but all ⁠precious metals, along with a big change in yields," said Brian Lan, managing director of GoldSilver Central.

The dollar headed for a weekly loss, making greenback-priced bullion more affordable for buyers overseas. US Treasury Secretary Scott Bessent said he may further increase the government's repurchases of Treasuries. This comes after the Treasury on Wednesday announced that ⁠it would double the size of buybacks on ‌longer-dated securities over the next quarter ‌to at least $4 billion per operation.

"Attention now turns to whether the ‌move can extend, with upcoming US data and Jackson Hole ‌Symposium (27-29 Aug) likely to shape the next leg in yields and the dollar," said Christopher Wong, precious metals strategist at OCBC. Meanwhile, two Federal Reserve officials expressed caution when asked how the Treasury Department's debt management ‌changes could affect the US central bank's monetary policy stance.

Traders are now pricing in a 67% ⁠chance that ⁠the Fed will keep rates unchanged next month and a 33% chance of a hike, according to the CME FedWatch Tool. Despite gold typically being seen as an inflation hedge, higher interest rates tend to diminish bullion's appeal due to its non-yielding characteristic. The recent rally in prices deterred retail buyers in India, while demand in top consumer China held steady. On the geopolitical front, Bessent said the United States will impose "the toughest sanctions in history" on Iran.

Spot silver gained 1.8% to $69.31 per ounce, platinum climbed 2.6% to $1,875.75, while palladium rose 1.7% to $1,356.59. All three metals were headed for weekly gains.

Business

Euro Zone Business Activity Growth Hits Highest Since November

PRODUCTION - 19 August 2026, North Rhine-Westphalia, Duisburg: A truck is being loaded with a forklift at the Duisport Port in Duisburg while a ship is at anchor. Photo: Bernd Thissen/dpa
PRODUCTION - 19 August 2026, North Rhine-Westphalia, Duisburg: A truck is being loaded with a forklift at the Duisport Port in Duisburg while a ship is at anchor. Photo: Bernd Thissen/dpa
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Euro Zone Business Activity Growth Hits Highest Since November

PRODUCTION - 19 August 2026, North Rhine-Westphalia, Duisburg: A truck is being loaded with a forklift at the Duisport Port in Duisburg while a ship is at anchor. Photo: Bernd Thissen/dpa
PRODUCTION - 19 August 2026, North Rhine-Westphalia, Duisburg: A truck is being loaded with a forklift at the Duisport Port in Duisburg while a ship is at anchor. Photo: Bernd Thissen/dpa

Euro zone business activity has grown at its fastest pace this year in August, buoyed by stronger new orders — particularly in manufacturing — and a return to export growth, according to a survey which also showed easing price pressures.

That suggests the economy has remained resilient this quarter despite the Middle East conflict, after expanding 0.4% in the second quarter.

The S&P Global Flash Euro zone Composite PMI Output Index has risen to 52.1 this month from July's 52.0, its highest since November and above a Reuters poll expectation of 51.7. Readings above 50 indicate growth.

Final data have come out better than initial flash readings for the past five months.

New orders, a key gauge of demand, have risen at their fastest rate in 40 months, while ⁠export orders, including intra-euro ⁠zone trade, have increased for the first time since Russia invaded Ukraine in February 2022.

“The manufacturing sector is again the star performer ... with the services economy providing a supporting role, notching up another month of decent growth after the malaise seen in the second quarter," said Chris Williamson, chief business economist at S&P Global Market Intelligence.

"We are again seeing reports of precautionary stock building helping support ⁠the goods-producing sector amid the ongoing supply chain disruptions emanating out of the Middle East ... However, there are also encouraging signs of rising demand for AI-related tech goods and rising equipment demand thanks to higher defense spending, notably helping Germany in particular achieve increasingly impressive production gains."

The factory PMI has risen to a more than four-year high of 52.8 from 51.9, beating the poll estimate of 51.8. Output growth has hit its strongest level in 54 months.

Services activity has held steady after July's rebound, with the PMI unchanged at 51.7, defying forecasts for a slowdown.

Overall employment has risen for the first time this year ⁠as manufacturers resumed ⁠hiring after more than three years, while services employment has grown at the fastest pace in eight months.

Price pressures, although still high, have continued to ease, with input cost growth at its slowest in six months and output price inflation easing to a five-month low.

"However, with the flash PMI signaling solid third-quarter GDP growth, a return to hiring by companies for the first time this year, and inflation remaining elevated by historical standards, a hawkish bias is likely to be maintained and further imminent rate hikes cannot be ruled out," Williamson added.

The European Central Bank will deliver its second rate hike of this year next month, a Reuters poll showed last week.

Despite encouraging data, firms were less optimistic about the year-ahead outlook and sentiment remained lower than the series average.