World Bank Expects Recovery of Iraq, Yemen Economy... Growth in Egypt

World Bank Expects Recovery of Iraq, Yemen Economy... Growth in Egypt
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World Bank Expects Recovery of Iraq, Yemen Economy... Growth in Egypt

World Bank Expects Recovery of Iraq, Yemen Economy... Growth in Egypt

The World Bank expected Iraq and Yemen’s economies to witness a remarkable recovery in the coming period.

Following the end of the war and the formation of a new government, Iraq is expected to grow at 2.8 percent in 2019 after a contraction of 1.7 percent in 2017 and a modest recovery of 0.6 percent in 2018, the organization said in its (Middle East and North Africa) MENA Economic Update report.

“Spending on reconstruction could potentially boost the country’s economy in the years ahead,” the report added.

Its economists expect a rapid recovery in Yemen in a potential scenario of contained violence although the risks remain high.

“Saudi Arabia’s Vision 2030, embodied in its recently announced expansionary budget for 2019, aims to boost non-oil activity and enhance economic diversification partly by increasing capital expenditures,” according to the report.

It said growth in GCC economies is expected to reach 2.1 percent in 2019, up by 0.1 percent from 2018.

The WB partly and indirectly attributed the revival of growth to policies that reduced the GCC’s reliance on oil revenues in addition to UAE’s investments in infrastructure in preparation to host Expo 2020.

Iran is expected to contract sharply, the report noted, explaining that its real GDP is expected to have another recessionary year with -3.8 percent growth in 2019 after a 1.6 percent contraction in 2018, as oil output falls in part due to the US sanctions.

“Oil importers, as a group, are expected to grow four percent in 2019, slightly up from a 3.8 percent growth in 2018, when tourists flocked back to the region, especially to Egypt and Tunisia.”

“The uptick in tourism helped to modestly reduce trade imbalances and current account deficits,” the report explained.

The World Bank anticipates that Egypt will be one of the top performers among MENA oil importers, with a growth rate forecast at 5.5 percent for 2019, the strongest since 2008.

“It has been driven by rising natural gas production, revitalized tourism, and higher government investment spending.”

“Because rising revenues from VAT and income taxes have outpaced expenditures and subsidies have been cut several times, the fiscal deficit in Egypt has been narrowing for the past two years,” the report stressed.



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)
TT

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.