DACO Plans to Transform Dammam Airport into Regional Hub

Dammam Airports Company (DACO) Logo
Dammam Airports Company (DACO) Logo
TT

DACO Plans to Transform Dammam Airport into Regional Hub

Dammam Airports Company (DACO) Logo
Dammam Airports Company (DACO) Logo

Dammam Airports Company (DACO) is planning to transform King Fahd International airport into a regional hub at the level of passengers and cargo volumes as the airport expands its infrastructure and welcomes new airlines, according to DACO CEO Turki Abdullah al-Jawini.

The airport is positioning itself as a regional passenger and cargo hub, added Jawini.

“We would like to take advantage of the strategic location of King Fahd International airport as the Kingdom’s eastern gateway; its proximity to one of the largest sea ports, Dammam Port and its proximity to (other) GCC capitals. All this combined can make the perfect ingredients to make a logistic cargo hub at the airport,” he said.

Speaking to Asharq Al-Awsat on the sidelines of the 18th Airport Show in Dubai, UAE, Jawini indicated that the impact of this strategy is becoming clearer from today, and many airlines and shipping companies are interested in the airport.

Jawini believes the transformations in Saudi Arabia and the economic reforms have greatly contributed to attracting investors and businessmen.

"The task today is to be ready to keep up with the economic growth in Saudi Arabia," he asserted.

DACO was established in July 2017 as a private company owned by the Government and wholly owned by Civil Aviation Holding Company, in preparation for the privatization of King Fahd International Airport, within the objectives of Vision 2030.

When asked about features that attract passengers to King Fahd Airport, Jawini indicated that it's the experience as whole, especially that the airport is easily accessed from cities in the region.

There are currently 37 airlines serving the airport, and soon new companies and destinations will be announced.

He stressed that one of the objectives of the airport strategy is to increase international direct flights and revealed ongoing talks with international airlines.

The CEO pointed out there are positive signs "from some companies eager to start operating, and I think it is a matter of time" until that happens. He added the airport's aim in the coming months is to work to reach the desired goal.

The first-quarter passenger figures for this year were “very promising,” said Jawini, with 4.2 percent growth in passenger numbers compared to the same quarter last year.

“The airport over the last few years has seen a very positive growth trend,” he indicated, adding that the airport expects a 6 to 8 percent growth this year. The airport served 9.8 million passengers last year.

"We are always studying the number of passengers and airport's capacity," stated the CEO and a new hall or section will be opened once needed.

As for smart technologies used for the enter and exit of travelers, Jawini revealed there is a full coordination with the authorities and boarding gates were installed and the technology will be used in all aspects that serve the passenger.

DACO has signed two strategic agreements with Vanderlande and Serco Middle East within the company's plan to enhance operational abilities of the airport.

The agreement with Vanderlande was signed to develop a new baggage-handling system at the airport that will help make travel procedures smoother for airport personnel, passengers and airlines. The deal with Serco Middle East to install fire and rescue services at the airport.



Oman Port Hit by Drone to Reopen from Tuesday

General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
TT

Oman Port Hit by Drone to Reopen from Tuesday

General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo

Danish shipping firm Maersk announced Monday that Oman's port of Salalah, which was hit by a drone at the weekend, would start to reopen from Tuesday.

The Oman authorities said one worker was injured and minor damage caused by the strike on the port, which is run by Maersk subsidiary APM Terminals and is one of the key shipping facilities in the Gulf state.

Maersk said the area damaged was "limited" and that the port's management would take "necessary measures" to progressively build up to full capacity.

Some "constraints" would remain but additional safety and "preventive" measures had been taken because of the strike, it added.


US Stocks Open Higher after Trump Threatens Iran

Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
TT

US Stocks Open Higher after Trump Threatens Iran

Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)

Wall Street stocks opened higher Monday after US President Donald Trump claimed progress in talks with Iran, even as he threatened to destroy key oil facilities on Kharg Island and to decimate the country's power infrastructure.

International benchmark Brent North Sea crude was up 2.2 percent to $115.02 per barrel on Monday morning, while the main US oil contract, West Texas Intermediate, rose 1.7 percent to $101.35, AFP reported.

All three major US indices started the week on the front foot.

About ten minutes into trading, the tech-rich Nasdaq Composite was up 0.8 percent at 21,124.23, the Dow Jones Industrial Average rose 0.9 percent at 45,566.69, and the broad-based S&P 500 also rose 0.9 percent to 6,426.20.

Art Hogan of B. Riley Wealth Management said investors "would desperately like to see an exit ramp in this war."

Still, even as Trump claims progress towards talks, he is often contradicted by Tehran and the Middle East region remains engulfed by war, with US-Israeli strikes continuing, Iran's retaliation targeting US allies in the Gulf and Israeli strikes against Lebanon expanding.

"The market's going to wake up every day and try to figure out where we are in the war with Iran and what that means for energy prices," said Hogan.

"If in fact, the president's announcement on Truth Social can be even taken a little bit seriously about negotiations going well, then the market would celebrate that."

Hogan added that markets were currently oversold and therefore "very susceptible to any good news, especially as it pertains to this war in Iran."

Monday's gains came after a series of losses last week, with the S&P 500 ending the week lower for the fifth straight week, its longest such run in four years.


Turkish Cenbank Total Reserves Fell $55 billion Since War Began

Turkish Central Bank (official website)
Turkish Central Bank (official website)
TT

Turkish Cenbank Total Reserves Fell $55 billion Since War Began

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's total reserves fell by a hefty $22 billion last week to $155.5 billion, bringing their declines since the start of the Iran war to $55 billion, bankers said, Reuters reported.

They said the central bank sold $18 billion in foreign exchange last week, meaning its total forex sales amid the one-month war totaled $44 billion.

The central bank's net reserves fell $22.5 billion last week to $35 billion, the bankers also said.