عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Boeing Affirms Support for Safe, Sustainable Aviation Market in Saudi Arabia

Boeing’s 787 aircrafts can achieve fuel savings and emissions reductions ranging from 20-25% (Asharq Al-Awsat)
Boeing’s 787 aircrafts can achieve fuel savings and emissions reductions ranging from 20-25% (Asharq Al-Awsat)
TT
TT

Boeing Affirms Support for Safe, Sustainable Aviation Market in Saudi Arabia

Boeing’s 787 aircrafts can achieve fuel savings and emissions reductions ranging from 20-25% (Asharq Al-Awsat)
Boeing’s 787 aircrafts can achieve fuel savings and emissions reductions ranging from 20-25% (Asharq Al-Awsat)

Boeing Co. is looking to support the growth of the aviation sector in Saudi Arabia over the coming years, according to Omar Arekat, vice president of Boeing's Commercial Sales and Marketing for Middle East and Africa.

Arekat voiced Boeing’s admiration for Saudi Arabia’s “Vision 2030,” a national transformation plan which also aims to develop the kingdom into a leading tourism and travel destination.

Deals concluded with Saudi airlines, such as Saudia and Riyadh Air, are part of a larger strategic plan to transform the Kingdom into a global aviation hub, revealed Arekat.

The plan aligns with the Kingdom’s goal of providing premium air services to 330 million passengers and attracting 100 million visitors annually by 2030, he explained.

Saudi carriers have recently revealed a plan to buy up to 121 Boeing 787 Dreamliners.

Such a decision reflects the continuation of a partnership that has lasted for almost eight decades and has been instrumental in driving innovation and sustainable development in the Saudi aviation industry.

Additionally, this purchase is expected to strengthen the capacity to provide secure and sustainable commercial air transportation for long-term agreements, affirmed Arekat.

Speaking to Asharq Al-Awsat, Arekat clarified that the 787 Dreamliner family, comprising high-efficiency aircraft, offers numerous comfort benefits to passengers.

Looking to meet high demand from airlines, Boeing developed the 787 aircraft family with the objective of providing unparalleled efficiency levels, enabling airlines to generate profits by launching new flights and transporting passengers directly to their final destinations.

The 787 aircraft have a competitive edge within their category, resulting in fuel savings and emissions reductions of 20-25%.

Arekat confirmed that the Middle East is one of Boeing's most significant markets in commercial, defense, and related service fields.

Boeing’s commitment to support the region’s immense growth potential in the aviation industry, including aircraft, infrastructure development, services, and financing, is evident in the company's strategy, he added.

Most Viewed

 
 
Business

IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
TT
TT

IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki

The International Monetary Fund said on Thursday that an escalation of the conflict in the Middle East could have significant economic ramifications for the region and the global economy, but commodity prices remain below the highs of the past year.

IMF spokesperson Julie Kozack told a regular news briefing that the Fund is closely monitoring the situation in southern Lebanon with "grave concern" and offered condolences for the loss of life.

"The potential for further escalation of the conflict heightens risks and uncertainty and could have significant economic ramifications for the region and beyond," Kozack said.

According to Reuters, she said it was too early to predict specific impacts on the global economy, but noted that economies in the region have already suffered greatly, especially in Gaza, where the civilian population "faces dire socioeconomic conditions, a humanitarian crisis and insufficient aid deliveries.

The IMF estimates that Gaza's GDP declined 86% in the first half of 2024, Kozack said, while the West Bank's first-half GDP likely declined 25%, with prospects of a further deterioration.

Israel's GDP contracted by about 20% in the fourth quarter of 2023 after the conflict began, and the country has seen only a partial recovery in the first half of 2024, she added.
The IMF will update its economic projections for all countries and the global economy later in October when the global lender and World Bank hold their fall meetings in Washington.
"In Lebanon, the recent intensification of the conflict is exacerbating the country's already fragile macroeconomic and social situation," Kozack said, referring to Israel's airstrikes on Hezbollah in Lebanon.
"The conflict has inflicted a heavy human toll on the country, and it has damaged physical infrastructure."
The main channels for the conflict to impact the global economy have been through higher commodity prices, including oil and grains, as well as increased shipping costs, as vessels avoid potential missile attacks by Yemen's Houthis on vessels in the Red Sea, Kozack said. But commodity prices are currently lower than their peaks in the past year.
"I just emphasize once again that we're closely monitoring the situation, and this is a situation of great concern and very high uncertainty," she added.
Lebanon in 2022 reached a staff-level agreement with the IMF on a potential loan program, but there has been insufficient progress on required reforms, Kozack said.
"We are prepared to engage with Lebanon on a possible financing program when the situation is appropriate to do so, but it would necessitate that the actions can be taken and decisive policy measures can be taken," Kozack added. "We are currently supporting Lebanon through capacity development assistance and other areas where possible."