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.



Gold Hastens Retreat as Dollar Rallies on Trump Victory

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Hastens Retreat as Dollar Rallies on Trump Victory

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices slid more than 3% to a three-week low on Wednesday as investors piled into the US dollar after Republican Donald Trump was elected US president.

Market participants were also looking ahead to the Federal Reserve's interest rate decision on Thursday for further clues on the bank's easing cycle that had helped gold's stunning rally to successive record highs this year.

Spot gold slipped 2.9% to $2,662.99 per ounce, as of 10:10 a.m. ET (1510 GMT), after hitting a three-week low of $2,652.19. The metal was on track to post its biggest daily loss in five months, Reuters reported.

US gold futures shed 3% to $2,668.2.

"A clear presidential victory when the market has been pricing in a contested result, removal of an element of risk, Trump-trades include the dollar's strengthening this morning and the combination of the two has brought gold lower," said StoneX analyst Rhona O'Connell.

Donald Trump recaptured the White House by securing more than the 270 Electoral College votes needed to win the presidency, Edison Research projected.

Investors believe Trump's presidency will bolster the dollar, causing the Federal Reserve pause in its easing cycle if inflation takes off after expected new tariffs.

The dollar index hit a four-month high, making bullion more expensive for overseas buyers.

"Gold will be torn between the risk of rising inflation, potentially slowing the pace of US rate cuts, as tariffs are rolled out," said Ole Hansen, head of commodity strategy at Saxo Bank.

"The FOMC will likely still cut on Thursday but the subsequent language will be studied closely for signs of a pause."

Investors widely expect the Fed to announce a quarter-point rate cut after 50 bps reduction in September.

Commodities from oil and gas to metals and grains dropped as the dollar rallied.

Spot silver fell 4.9% to $31.03 per ounce. Platinum shed 2.8% to $971.7 and palladium was down 3.7% to $1,035.5. All three metals hit their lowest levels in three-weeks.