NEOM Airport Welcomes First Flight

 Passengers traveled to NEOM via two Saudi airlines Airbus A320 aircrafts. (SPA)
Passengers traveled to NEOM via two Saudi airlines Airbus A320 aircrafts. (SPA)
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NEOM Airport Welcomes First Flight

 Passengers traveled to NEOM via two Saudi airlines Airbus A320 aircrafts. (SPA)
Passengers traveled to NEOM via two Saudi airlines Airbus A320 aircrafts. (SPA)

NEOM Airport in Saudi Arabia's Sharma on the Red Sea Coast received its first charter flight.

The plane transported 130 NEOM Project staffers in their first official visit to hold their first annual meeting on the project site. There is a plan to establish a network of airports in NEOM that will include an international airport with world-class standards.

Saudia operated two Airbus A320 aircraft to the NEOM Airport, which carries the symbol of an airport of the International Civil Aviation Organization.

Nadhmi Al-Nasr, CEO of the NEOM Project, said that the trip to the project site aimed at enabling the staffers to experience the outcome of their efforts to make the ambitious project successful since its launching last year.

He continued: “There is a big difference between knowing the details of the project in theory and going into it practically and exploring its treasures, beauty, and heritage.”

Saleh Al-Jasser, director general of Saudia, said: “We have great faith in this ambitious project, and hope that this trip would mark the beginning of a long and prosperous partnership with NEOM, with its great opportunities to support the Kingdom’s Vision 2030 as well as to write a new history for the region’s future and economy.”

Encouraging economic activities is one of the basic goals of NEOM. For this purpose, an infrastructure will be developed to attract emerging firms in the 16 targeted economic sectors; the future of energy, water, mobility, biotech, food, manufacturing, media, entertainment, culture and fashion, technology and digital, tourism, sport, design and construction, services, health and well-being, education, and livability.

The entire project’s space exceeds 25,000 sq. km of land and its cost is forecast to reach USD500 billion.

NEOM enjoys an uninterrupted coastline stretching over 468 kilometers.



Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
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Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)

Saudi stocks closed higher on Monday, recovering some of the losses sustained in the previous session as heavyweight shares strengthened and the banking sector advanced.

The benchmark Tadawul All Share Index (TASI) rose 0.90% to close at 10,106 points, gaining 90 points. Total trading value reached approximately SAR 3.5 billion ($933 million).

The index had fallen 0.8% on Sunday amid selling pressure on heavyweight stocks.

Anaam International Holding Group, Fitaihi Holding Group and Raoom were among the session's top gainers, rising between 7% and 9% to close at SAR 11.93, SAR 2.11 and SAR 72.30, respectively.

On the losing side, Almunajem Foods led the declines, shedding 9.20% to SAR 49.94, followed by Saudi Paper Manufacturing Co., which fell 6.18% to SAR 48.88, and Alamar Foods, which dropped 4.63% to SAR 44.06.

At the sector level, banks led the gains, advancing 1.60%, supported by a 2.06% rise in Bank AlJazira shares, which closed at SAR 10.89.


Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
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Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)

Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week's announcement that the electric vehicle maker is winding down the pickup truck's production at its Texas factory.

"We will try ‌to make ‌as many as ‌possible ⁠before shutting down the ⁠line in about 8 months, but will have to return deposits for a lot of people," the billionaire said in a post on X on Monday.

The comments ⁠come after Musk said ‌Tesla would ‌add an extra production shift to fulfill outstanding ‌Cybertruck orders before dismantling the production ‌line next year to expand output of its Cybercab robotaxi.

The production winddown is slated for mid-2027, Musk announced on ‌Friday, with the resources being redirected to the Cybercab, a vehicle ⁠central ⁠to the automaker's autonomous-driving ambitions.

Tesla began delivering the Cybertruck in late 2023, but demand has fallen far short of Musk's expectations. US sales fell 48% to 20,237 units last year, according to Kelley Blue Book, well below Musk's earlier projection that annual Cybertruck sales could reach 250,000 vehicles.


China Extends Suspension of New Rare Earth Controls Until January

A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
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China Extends Suspension of New Rare Earth Controls Until January

A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)

China on Monday announced a two-month extension of export-control waivers due to expire this month, preserving part of a wide-ranging deal struck after a summit between Presidents Xi Jinping and Donald Trump.

China introduced export controls on certain rare earths ‌in April 2025, ‌only to expand ‌them ⁠further in October ⁠of that year, dramatically widening their scope and also adding new controls on certain diamonds with industrial applications and lithium battery technology.

The measures were then ⁠paused for one year last ‌November after ‌a summit in South Korea ‌between Xi and Trump.

The Ministry of ‌Commerce said in a short statement on Monday that the pause would be extended for two months ‌until January 10. It gave no other details.

The extension ⁠is ⁠part of a broader suspension of trade countermeasures and tariffs announced by China on Monday as it negotiates with Washington over an enduring trade deal.

Trump is set to travel to Shenzhen in southern China later this month for an APEC leaders summit, where he is expected to meet with Xi.