Monarch Airlines Goes Bankrupt

Monarch Airlines aircraft are pictured on the tarmac at Birmingham Airport. Pic: AFP
Monarch Airlines aircraft are pictured on the tarmac at Birmingham Airport. Pic: AFP
TT
20

Monarch Airlines Goes Bankrupt

Monarch Airlines aircraft are pictured on the tarmac at Birmingham Airport. Pic: AFP
Monarch Airlines aircraft are pictured on the tarmac at Birmingham Airport. Pic: AFP

Britain’s Monarch Airlines collapsed on Monday, causing the cancellation of all its activities and around 300,000 flights. It marooned more than 100,000 tourists abroad, prompting what was billed as the country’s biggest peacetime repatriation effort.

The British authorities will allocate three airplanes to be sent to thirty airports in order to face this unprecedented situation without imposing any additional costs on passengers. All other bookings were canceled without the authorities or company presenting any clarifications about the future of Monarch.

Andrew Haines, CEO of the CAA, said that this has absolutely been a tough decision on customers and employees but talks are ongoing with officials in the aviation sector to recruit the employees in Monarch as soon as possible.

“Monarch has really been a victim of a price war in the Mediterranean,” Transport Secretary Chris Grayling said.

KPMG has been appointed for administering the company that has a total of 2,100 employees given that it is an airline and travel company.

Monarch, established in 1968, witnesses huge turnout from British people wishing to spend their vacation in warm and sunny destinations, but it is facing challenges due to the severe competition.

UK's Civil Aviation Authority (CAA) posted on Twitter and on Monarch websites that starting from Oct. 2 all flights were canceled and are no more valid in an unprecedented situation in which there are more than 110,000 passengers abroad.

The British government asked CAA to coordinate for the sake of bringing back Monarch customers to the country. New flights will be provided for them without any additional costs.



Saudi Arabia Reports SAR540 Billion in Services Trade with 7% Annual Growth

Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
TT
20

Saudi Arabia Reports SAR540 Billion in Services Trade with 7% Annual Growth

Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)

Saudi Minister of Commerce Dr. Majid Al-Kassabi announced on Wednesday that the Kingdom’s trade in services reached SAR540 billion in 2023, reflecting an annual growth rate of 7%.

Speaking at a panel discussion on Trade in Service at the World Economic Forum in Davos, he underscored the global significance of the services sector, which makes up approximately 65% of the world’s gross domestic product (GDP), 60% of foreign investments, and serves as the largest provider of jobs worldwide, particularly benefiting women.

He emphasized the need for global collaboration to reduce regulatory and procedural obstacles in the services sector, adding that simplifying these systems would boost competitiveness and alleviate burdens on small and medium enterprises (SMEs), thereby raising their economic contribution.

Al-Kassabi outlined Saudi Arabia’s significant investments in digital infrastructure, including SAR93.7 billion already spent and an additional SAR75 billion allocated for future projects.

The investments, he said, aim to support digital transformation, boost businesses, and attract foreign investments.

The Kingdom has partnered with international organizations to establish legislative frameworks that protect investments and advance human resource development and has created a Center for Distinguished Residence to attract skilled talents, he went on to say.

The World Economic Forum emphasized the critical importance of collaboration between the public and private sectors for the future of trade in services. It highlighted its partnership with the National Competitiveness Center on the Facilitating and Developing Trade in Services initiative, which focuses on key sectors such as information and communications technology (ICT), finance, transportation and logistics services, and mining. The sectors are vital as they underpin all economic activities.