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Kuwaiti Firm Wins a $490 Million Appeal

Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)
Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)
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Kuwaiti Firm Wins a $490 Million Appeal

Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)
Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)

The Kurdistan Regional Government (KRG) must pay $490 million (149.4 million Kuwaiti dinar) to Agility Public Warehousing Company as compensation, Kuwait's Agility said in a press release on Wednesday.

According to a court's ruling, the respondent must pay the appellant the amount of the loan and seven percent interest since September 11, 2007.

A lawsuit was filed by Alcazar Capital Partners, a subsidiary of Kuwait's Agility, on the grounds that on 11 September, the Kurdistan Regional Government of Iraq sent the company a letter of guarantee for a loan amounting to $250 million plus interest of seven percent.

Alcazar lent Korek Telecom this loan in order to enable it to pay the second installment of the price of its national mobile phone license covering Iraqi territory, for use as indicated in the guarantee.

As part of the guarantee offered by the Kurdistan Regional Government in Iraq, Alcazar Capital Partners has the right to file a claim against the Kurdistan Regional Government of Iraq independently.

For this reason, Alcazar has requested the involvement of the experts department at the Ministry of Justice in order to assign one of its specialized experts to review the case's file and its documents, and to issue a report on the amount AlCazar Capital Partners is owed from the Kurdistan Regional Government.

The sums include both the principal sum of the loan and the interest accrued at the interest rate determined in the guarantee, from the date of granting the loan and the guarantee to the date of payment, as well as the fees, expenses, and legal fees.

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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)
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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.