Aviation Meeting in Riyadh Draws Emphasis on Enhancing Capabilities

Saudi Arabia chairs the second meeting of the Steering Committee of Regional Safety Oversight Organization for Middle East and North Africa (MENA RSOO). (Asharq Al-Awsat)
Saudi Arabia chairs the second meeting of the Steering Committee of Regional Safety Oversight Organization for Middle East and North Africa (MENA RSOO). (Asharq Al-Awsat)
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Aviation Meeting in Riyadh Draws Emphasis on Enhancing Capabilities

Saudi Arabia chairs the second meeting of the Steering Committee of Regional Safety Oversight Organization for Middle East and North Africa (MENA RSOO). (Asharq Al-Awsat)
Saudi Arabia chairs the second meeting of the Steering Committee of Regional Safety Oversight Organization for Middle East and North Africa (MENA RSOO). (Asharq Al-Awsat)

President of the General Authority of Civil Aviation (GACA) Abdulaziz bin Abdullah Al-Duailej chaired in Riyadh on Tuesday the second meeting of the Steering Committee of Regional Safety Oversight Organization for Middle East and North Africa (MENA RSOO), with the participation of International Civil Aviation Organization (ICAO), Arab Civil Aviation Organization and officials in charge of civil aviation authorities in member states.

The meeting was held on the sidelines of the Future Aviation Forum, organized by GACA over three days at the King Abdulaziz International Conference Center in Riyadh.

The meeting aimed at following up on the outcomes of steps to announce establishing the organization and embarking on its works, the most important of which is supporting member states in implementing the SSP program to enhance the capabilities of countries in the field of safety oversight.

The meeting looked into areas to realize regional priorities and goals and compliance to international safety oversight requirements, in addition to supporting the implementation of the ICAO General Assembly Resolution No. A39~12 and supporting ICAO's international plans for air safety and navigation GASP & GANP.

Al-Duailej welcomed participants from the member states of the organization, expressing hope for the meeting to reach better experiences and practices in the field of air safety oversight in civil aviation, benefit from expertise and personnel, apply the highest levels of air safety and raise awareness on the latest developments for aviation safety in the MENA region.

He also noted that the meeting is an opportunity for communication and reaching an agreement on the future of the regional organization and to discuss joint issues, praising the continuous efforts of ICAO over the past decade in supporting the establishment of MENA RSOO.

During the meeting, participants exchanged opinions and proposals and means to boost coordination and cooperation among civil aviation authorities and commissions in the region, in addition to following up on the implementation of the outcomes of the first meeting of the steering committee held in 2018, and accrediting the outcomes of the second meeting of the technical committee.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.