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Shareholder Firms Capital Jumps 49% in Saudi Arabia

A Saudi jeweller counts Saudi Riyal banknotes money after selling gold to a customer in a jewellery shop at the surrounding area of the Grand Mosque during the annual haj pilgrimage in the holy city of Mecca. Reuters.
A Saudi jeweller counts Saudi Riyal banknotes money after selling gold to a customer in a jewellery shop at the surrounding area of the Grand Mosque during the annual haj pilgrimage in the holy city of Mecca. Reuters.
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Shareholder Firms Capital Jumps 49% in Saudi Arabia

A Saudi jeweller counts Saudi Riyal banknotes money after selling gold to a customer in a jewellery shop at the surrounding area of the Grand Mosque during the annual haj pilgrimage in the holy city of Mecca. Reuters.
A Saudi jeweller counts Saudi Riyal banknotes money after selling gold to a customer in a jewellery shop at the surrounding area of the Grand Mosque during the annual haj pilgrimage in the holy city of Mecca. Reuters.

The Saudi Ministry of Commerce and Investment announced on Thursday the growth of shareholder firms’ capital up to 49 percent in 1438 A.H., compared to last year. This indicates that the Saudi economic reforms are capable of creating additional investment opportunities for private sector firms.

In this context, the ministry announced on Thursday that around 4545 was the record of exporting firms to the kingdom in 1438 A.H., an increase of approximately nine percent in comparison to 1437 A.H.

The ministry’s statistics showed that the capital of established firms and others that became shareholder firms in 1438 A.H. exceeded SAR32 billion (USD6.1 billion), therefore capitals in shareholder firms grew 49 percent in comparison to 1437 A.H.

Notably, the number of operating firms in the kingdom surpassed 66,000, at a time when the ministry proceeds its pursuit to enhance the business environment, empower facilities, provide investment environment and develop advanced projects to serve the national economy, within the National Transformation Program 2020.

The kingdom achieved an unprecedented headway in indicators of ease of Doing Business in 2018, after conducting some reforms and taking procedures that contributed in enhancing the business and investment environment and consolidating investors’ confidence.

A report for the World Bank classified the kingdom among the top 20 reformative states in the world and ranked it second as to the high-income. In the report, the kingdom also came second among the G20s in terms of implementing reforms and enhancing business climate.

Saudi Arabia’s progress in ease of Doing Business for 2018 excelled in six of 10 axes: protecting minority investors, enforcing contracts, starting a business, cross-border trade, registering property and settling bankruptcy, the report added.

The Kingdom’s strong reforms have led to progress in protecting the minority shareholders, ranking 10th in the world, which is a strong signal to those interested in investing in the Kingdom, according to the report.

In the beginning of November, Fitch Ratings affirmed the Saudi rating at A+ with a stable outlook, and other similar international rating agencies took alike steps.

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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.