Public Pension Agency Merger Boosts Benefits for Workers in Saudi Arabia

Saudi Finance Minister Mohammed Al-Jadaan. (SPA)
Saudi Finance Minister Mohammed Al-Jadaan. (SPA)
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Public Pension Agency Merger Boosts Benefits for Workers in Saudi Arabia

Saudi Finance Minister Mohammed Al-Jadaan. (SPA)
Saudi Finance Minister Mohammed Al-Jadaan. (SPA)

Experts have predicted that the decision to merge Saudi Arabia’s Public Pension Agency (PPA) into the General Organization for Social Insurance (GOSI) will reinforce benefits and programs offered to workers in the Kingdom.

The move is set to boost investment returns, reduce costs and help with their diversification, said Finance Minister and GOSI Chairman Mohammed Al-Jadaan in a statement.

Al-Jadaan said that the Kingdom’s fiscal policy aims to strike a balance between maintaining fiscal sustainability and enhancing economic growth and development, while also supporting economic transformation in line with the national vision for transformation, Kingdom Vision 2030.

Saudi Arabia is moving ahead by striving to increase efficiency and effectiveness within the framework of fiscal discipline, improving the basic services provided to citizens, diversifying government revenue sources and empowering the private sector.

Moreover, Al-Jadaan reviewed the merger as an administrative-organizational process that works to unify the insurance protection umbrella for employees of both the public and private sectors.

It will also contribute to eliminating overlap in similar specializations, achieving optimal utilization of resources, increasing operational and financial efficiency and improving services provided to clients.

This confirms the Saudi leadership’s interest in developing the social insurance sector as one of the key pillars that play an important role in the life of individuals, families and society in general.

Social insurance in the Kingdom reflects a symbiotic system that primarily works to enhance social protection.

“The decision will have a significant positive impact on the economic and social level in the Kingdom of Saudi Arabia,” Ibrahim Al-Omar, a Saudi academic and consultancy supervisor, told Asharq Al-Awsat.

“One of the immediate fruits of the merger will be building the largest investment portfolio, amounting to SAR 100 billion ($26.6 billion),” he said, explaining that it will positively impact financial markets in the Kingdom.



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.