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Saudi Arabia Finances $319 Million Infrastructure Project in Oman

The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)
The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)
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Saudi Arabia Finances $319 Million Infrastructure Project in Oman

The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)
The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)

Saudi Arabia and Oman announced on Wednesday that they signed 13 investment MoUs between the their private and public sectors with a value exceeding one billion riyals ($266.6 million).

Fields covered by the agreements include oil and petrochemical storage, renewable energy and green hydrogen, mining investment, logistics and transportation, entrepreneurship, automation of research, development and innovation, fisheries, support for marine industries, tourism and travel, in addition to solar energy projects.

The signing of the MoUs came on the sidelines of the Saudi-Omani Investment Forum held in Riyadh on Feb.1-4.

In this context, the Saudi Fund for Development signed a memorandum of understanding for an infrastructure development project worth $319 million (SAR 1.2 billion) in Oman. The project aims to fund the infrastructure of the special economic zone in the governorate of ad-Dhahirah.

The MoU, which was signed in the presence of Saudi Minister of Investment Khalid al-Falih and Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed al-Youssef, aims to enhance cooperation by establishing the special economic zone that would increase commercial trade, encourage partnerships between the various sectors and reduce the cost of production and export between the two countries.

CEO of the Saudi Fund for Development Sultan al-Murshed said that the MoU “comes to strengthen the long-established historical relations and close partnership between Saudi Arabia and Oman, as these development projects and programs contribute to achieving the ambitious visions of the two countries.”

Addressing the opening session of the forum, Eng. Khalid Al-Falih, the Saudi Minister of Investment, underlined Riyadh’s keenness to strengthen and develop investment and economic relations with Oman.

Al-Falih emphasized the importance and vitality of the private sector and its active role in advancing development in the two countries and activating the Saudi and Omani partnership, as well as its great contribution to the success of the forum.

Omani Minister of Commerce, Industry and Investment Promotion Qais Al-Youssef said that the forum reflected the strength of the Saudi-Omani relations, pointing to the two countries’ keenness to activate partnership in priority sectors to advance economic sustainability, keep pace with economic changes, and create links between the industries.

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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.