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Saudi Arabia to Allocate $800 Million of Loans for Least Developed Countries

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim during the fifth UN Conference on the Least Developed Countries in Doha - SPA
Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim during the fifth UN Conference on the Least Developed Countries in Doha - SPA
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Saudi Arabia to Allocate $800 Million of Loans for Least Developed Countries

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim during the fifth UN Conference on the Least Developed Countries in Doha - SPA
Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim during the fifth UN Conference on the Least Developed Countries in Doha - SPA

Saudi Arabia will allocate $800 million through the Saudi Fund for Development (SFD) to finance development projects for Least Developed Countries (LDCs) in regions including Africa and Asia, Minister of Economy and Planning Faisal bin Fadhil Al Ibrahim announced during the Fifth United Nations Conference on the Least Developed Countries in Doha.

“Despite the developmental and social progress achieved over the past 50 years, fundamental challenges faced by Least Developed Countries remain and have become more complex and urgent — especially with the increased vulnerabilities faced by these countries,” Al Ibrahim said in his remarks.

“Through Saudi Vision 2030, the Kingdom has projects and initiatives that contribute to achieving economic prosperity, social well-being and environmental protection for all, in line with the Sustainable Development Agenda, he added.

"The Kingdom is also committed to supporting the least developed countries through helping them overcome challenges and working with the international community to push these countries towards progress and development.”

According to Al Ibrahim, Saudi Arabia had provided $96 billion in humanitarian and development aid to 167 countries in the last three decades.

Also, the SFD has provided 330 loans totaling $6.26 billion to LDCs from 1975 to 2022, financing 308 development projects and programs benefiting 35 countries.

Al Ibrahim noted that the Saudi Program for the Development and Reconstruction of Yemen (SPRDY), established by the Kingdom in 2018, has a strategy aimed at development plans in coordination with the Yemeni government and in line with the Sustainable Development Goals.

To date, the program has implemented 224 projects and initiatives worth $917 million, supporting the people of Yemen.

The Minister concluded by stating that the Kingdom will cooperate with international partners on initiatives to support the development and continue to play a leading role in all fields of development at regional and international levels to realize the 2030 Agenda for Sustainable Development.

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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.