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.



Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) dropped by $1.12 billion in October after a rise in September, central bank data shows.

NFAs declined to the equivalent of $9.21 billion at the end of October from $10.33 billion at the end of September, according to Reuters calculations based on the official central bank currency rates. The decline followed a $591 million gain in September.

Egypt had been using NFAs, which include foreign assets at both the central bank and commercial banks, to help to prop up its currency since as long ago as September 2021.

NFAs turned negative in February 2022 and only returned to positive territory in May this year.

Foreign assets rose at the central bank in October but dipped at commercial banks while foreign liabilities climbed at both commercial banks and the central bank.