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Saudi Arabia Targeting 330 Million Airline Passengers a Year by 2030, Says GACA Chief

Conference held Monday to discuss the recently launched National Strategy for Transport and Logistics - SPA
Conference held Monday to discuss the recently launched National Strategy for Transport and Logistics - SPA
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Saudi Arabia Targeting 330 Million Airline Passengers a Year by 2030, Says GACA Chief

Conference held Monday to discuss the recently launched National Strategy for Transport and Logistics - SPA
Conference held Monday to discuss the recently launched National Strategy for Transport and Logistics - SPA

Saudi Arabia plans to increase the number of international aviation routes from 99 to over 250 and more than triple total annual passenger traffic from 109 million in 2019 to 330 million by 2030, said Abdulaziz Al-Duauilj, the head of the aviation authority (GACA).

Speaking during a press conference on Monday to discuss the recently launched National Strategy for Transport and Logistics, Al-Duauilj said annual capacity at Riyadh’s King Khalid International Airport and Jeddah’s King Abdulaziz International Airport would each expand to 100 million passengers.

He also said the kingdom was aiming to become a global air freight logistics hub, handling 4.5 million tons of air cargo a year, up from 900,000 in 2019.

Speaking at the same event, Saudi Minister of Transport and Logistic Services Saleh bin Nasser al-Jasser affirmed the kingdom's plans to invest over 500 billion riyals ($133.34 billion) in airports, sea ports, rail and other infrastructure by the end of the decade in a bid to make Saudi Arabia a global transportation and logistics hub.

He also said that the strategy includes many mega projects, with over 500 billion riyals earmarked for investment.

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Oil Prices on Track for Fourth Straight Week of Gains

FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo
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Oil Prices on Track for Fourth Straight Week of Gains

FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo

Oil prices dipped on Friday but were on track for a fourth straight week of gains and were near their highest levels since late April on hopes of strong summer fuel demand and some supply concerns.
Brent crude futures, which have risen 7% over the last four weeks, slipped 31 cents, or 0.4%, to $87.12 a barrel by 0415 GMT, Reuters said.
US West Texas Intermediate (WTI) crude futures, which have climbed 9% over the past four weeks, was at $83.70, down 18 cents, or 0.2%. With the US market shut for the Fourth of July holiday on Thursday, trading was thin and there was no settlement for WTI.
Oil rose this week on strong summer demand expectations in the United States, the world's largest oil consumer.
"Market sentiment has been supported this week by strong mobility indicators and intensifying geopolitical tension in the Middle East," analysts at ANZ Research said in a note on Friday.
The US Energy Information Administration (EIA) reported a massive 12.2 million barrel draw in inventories last week, compared with analysts' expectations for a draw of 700,000 barrels.
US data on Wednesday showed that first-time applications for unemployment benefits increased last week while jobless numbers also rose, which analysts said could potentially hasten interest rate cuts by the Federal Reserves and support oil markets.
On the supply side, Reuters reported on Thursday that Russia's oil producers Rosneft and Lukoil will sharply cut oil exports from the Black Sea port of Novorossiisk in July.
Traders were also tracking the war in Gaza and elections in France and the United Kingdom, analysts said.