Saudi Arabia Launches 20 New Flight Routes to Europe

Saudi Arabia launched 20 new routes linking the Kingdom to new cities in Europe through Wizz Air, Europe's fastest-growing airline. (Asharq Al-Awsat)
Saudi Arabia launched 20 new routes linking the Kingdom to new cities in Europe through Wizz Air, Europe's fastest-growing airline. (Asharq Al-Awsat)
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Saudi Arabia Launches 20 New Flight Routes to Europe

Saudi Arabia launched 20 new routes linking the Kingdom to new cities in Europe through Wizz Air, Europe's fastest-growing airline. (Asharq Al-Awsat)
Saudi Arabia launched 20 new routes linking the Kingdom to new cities in Europe through Wizz Air, Europe's fastest-growing airline. (Asharq Al-Awsat)

Saudi Arabia launched 20 new routes linking the Kingdom to new cities in Europe through Wizz Air, Europe's fastest-growing airline.

The airline will introduce new destinations from Bucharest, Budapest, Catania, Larnaca, Milan, Naples, Rome, Tirana, Varna, Venice, and Vienna to Riyadh, Jeddah, and Dammam.

The General Authority of Civil Aviation (GACA) stated that the new routes would link Saudi Arabia to the world and create greater competition, enabling foreign airlines to expand in the Saudi market and boost tourism.

The new routes aim to boost the growing Saudi Arabian tourism sector and contribute to the Vision 2030 program to triple the country's passenger traffic by 2030 to reach 330 million passengers.

GACA aims to increase the number of destinations offered from the Kingdom's airports from 100 to 250 by 2030.

The Authority announced that the Kingdom would reduce the fees imposed by the Kingdom's main airports on airlines between 10 and 35 percent to create a regulatory framework to support a competitive aviation environment.

Reducing airport charges for Riyadh, Jeddah, and Dammam is part of the Saudi aviation strategy, a comprehensive sector reform program enabling industry investment totaling $100 billion.

Vice President of Economic Policies and Air Transport at GACA Ali Rajab said the new routes would boost Saudi Arabia's connectivity, demonstrate progress in delivering on the strategic objectives, and create a more competitive sector.

Rajab stressed: "We are committed to reducing costs in Saudi Arabia's aviation sector to ensure long-term competitiveness and growth."

He indicated that this marks another step in Saudi Arabia's vision to create a leading aviation sector with seamless experiences that exceed the expectations of businesses, investors, and passengers.

"Saudi Arabia is unleashing unprecedented aviation opportunities as the Kingdom connects to the world," he added.

The National Strategy is an ambitious plan based on privatization and will enable the development of Saudi airports to raise their operational efficiency and provide the highest standards of passenger services.

Over time, these changes will create investment opportunities that will significantly increase the Kingdom's GDP and enable Foreign Direct Investment (FDI).

The Strategy is driving significant freight growth and enhancing the logistics sector, and aims to empower Vision 2030 and become the leading aviation sector in the Middle East.

The Strategy will promote Saudi aviation by supporting sub-sectors of the civil aviation sector and ensure the Kingdom becomes a leader in the global industry drive to improve safety, enhance customer experience, and promote long-term environmental sustainability.



Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High
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Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

The price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that former President Donald Trump's victory in the US presidential election will be a boon for cryptocurrencies.

Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world's second most popular cryptocurrency after bitcoin, which rallied 8%.

Another token, dogecoin, rocketed as much as 18%. It's the favorite cryptocurrency of billionaire Elon Musk, one of Trump's most prominent supporters, The AP reported.

Crypto-related shares outran the rest of the stock market. Coinbase, one of the biggest cryptocurrency exchanges, leaped 17%. Online brokerage Robinhood Markets, which offers crypto trading, soared 12% and MicroStrategy, which says it is the “largest corporate holder of bitcoin,” jumped 10%.

Trump was previously a crypto skeptic but changed his mind and embraced cryptocurrencies ahead of the election.

He has pledged to make America "the crypto capital of the planet" and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

Bitcoin is up 77% this year.

“Bitcoin is the one asset that was always going to soar if Trump returned to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000," he said.

“Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said.

But other experts warned of the risks.

“Investors should only dabble in crypto with money that they can be prepared to lose,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “Because we’ve seen these wild swings in the past.”

Crypto industry players welcomed Trump's victory, in hopes that he would be able to push through legislative and regulatory changes that they've long lobbied for.

Trump had already promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the US government’s crackdown on the crypto industry.

“Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Coinbase CEO Brian Armstrong . “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong posted on X.

Streeter said Trump's administration would most likely pursue “light touch regulation” for the crypto industry.

“Certainly that’s what crypto fans would want," she said. “They want the sheen of legitimacy to be brought to crypto, but they don’t want regulations to be too onerous to stop opportunities and innovation.”