DACO Plans to Transform Dammam Airport into Regional Hub

Dammam Airports Company (DACO) Logo
Dammam Airports Company (DACO) Logo
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DACO Plans to Transform Dammam Airport into Regional Hub

Dammam Airports Company (DACO) Logo
Dammam Airports Company (DACO) Logo

Dammam Airports Company (DACO) is planning to transform King Fahd International airport into a regional hub at the level of passengers and cargo volumes as the airport expands its infrastructure and welcomes new airlines, according to DACO CEO Turki Abdullah al-Jawini.

The airport is positioning itself as a regional passenger and cargo hub, added Jawini.

“We would like to take advantage of the strategic location of King Fahd International airport as the Kingdom’s eastern gateway; its proximity to one of the largest sea ports, Dammam Port and its proximity to (other) GCC capitals. All this combined can make the perfect ingredients to make a logistic cargo hub at the airport,” he said.

Speaking to Asharq Al-Awsat on the sidelines of the 18th Airport Show in Dubai, UAE, Jawini indicated that the impact of this strategy is becoming clearer from today, and many airlines and shipping companies are interested in the airport.

Jawini believes the transformations in Saudi Arabia and the economic reforms have greatly contributed to attracting investors and businessmen.

"The task today is to be ready to keep up with the economic growth in Saudi Arabia," he asserted.

DACO was established in July 2017 as a private company owned by the Government and wholly owned by Civil Aviation Holding Company, in preparation for the privatization of King Fahd International Airport, within the objectives of Vision 2030.

When asked about features that attract passengers to King Fahd Airport, Jawini indicated that it's the experience as whole, especially that the airport is easily accessed from cities in the region.

There are currently 37 airlines serving the airport, and soon new companies and destinations will be announced.

He stressed that one of the objectives of the airport strategy is to increase international direct flights and revealed ongoing talks with international airlines.

The CEO pointed out there are positive signs "from some companies eager to start operating, and I think it is a matter of time" until that happens. He added the airport's aim in the coming months is to work to reach the desired goal.

The first-quarter passenger figures for this year were “very promising,” said Jawini, with 4.2 percent growth in passenger numbers compared to the same quarter last year.

“The airport over the last few years has seen a very positive growth trend,” he indicated, adding that the airport expects a 6 to 8 percent growth this year. The airport served 9.8 million passengers last year.

"We are always studying the number of passengers and airport's capacity," stated the CEO and a new hall or section will be opened once needed.

As for smart technologies used for the enter and exit of travelers, Jawini revealed there is a full coordination with the authorities and boarding gates were installed and the technology will be used in all aspects that serve the passenger.

DACO has signed two strategic agreements with Vanderlande and Serco Middle East within the company's plan to enhance operational abilities of the airport.

The agreement with Vanderlande was signed to develop a new baggage-handling system at the airport that will help make travel procedures smoother for airport personnel, passengers and airlines. The deal with Serco Middle East to install fire and rescue services at the airport.



Saudi Arabia Among Top 10 Investors in Tunisia With Over $375 Mln

 Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Among Top 10 Investors in Tunisia With Over $375 Mln

 Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)

Saudi investments in Tunisia have gathered momentum over recent years, placing the kingdom among the country’s top 10 foreign investors, with cumulative investments surpassing $375 million by the end of 2024.

The figures were disclosed at the Saudi-Tunisian Business Forum, held in Riyadh on Monday on the sidelines of the 12th session of the Saudi-Tunisian Joint Committee, where officials and business leaders met to explore ways to deepen investment ties between the two countries.

The forum was attended by Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef and Tunisia’s Minister of Economy and Planning, Dr. Samir Abdelhafidh.

The forum was organized by the Ministry of Industry and Mineral Resources in cooperation with the Ministry of Investment and the Federation of Saudi Chambers, with the participation of official delegations and more than 300 representatives from the public and private sectors in both countries.

High-level visits

In his opening remarks, Alkhorayef emphasized the strength of long-standing Saudi-Tunisian relations, which are rooted in the shared vision of the two countries’ leaderships and reinforced by high-level reciprocal visits.

He said these visits had formed a cornerstone in supporting economic momentum and driving recent growth in bilateral trade.

Alkhorayef described the Saudi Tunisian Business Forum as an important milestone for enhancing investment partnerships and transforming promising opportunities into projects with tangible economic impact.

“We are betting today on investors, business leaders, and private sector champions in both countries to lead growth in promising sectors, including advanced industries, tourism, renewable energy, and mining,” he said.

“Our role as governments is to enable, legislate, and facilitate procedures, while the private sector’s role is to build, innovate, and turn these enablers into productive projects, job opportunities, and shared success stories that reflect the value and depth of the partnership, toward comprehensive economic integration based on the competitive advantages of both countries.”

Investment fundamentals

For his part, Abdelhafidh said the Saudi Tunisian Business Forum serves as a practical platform for strengthening investment partnerships, noting the steady rise in Saudi investments in Tunisia in recent years, with the kingdom among the top 10 investing countries and total investments exceeding $375 million by the end of 2024.

He said Tunisia offers competitive investment fundamentals, including a strong pool of engineering and technical talent, as well as the capacity to absorb large-scale projects, particularly in renewable energy, automotive and aerospace components manufacturing, pharmaceuticals, and the food industry.

Supply chains

In a related context, Saudi Tunisian Business Council Chairman Dr. Omar Al Ajaji highlighted the importance of the private sector’s role in strengthening economic cooperation between the two countries.

He said the forum helps business communities explore promising opportunities and opens broader horizons for integration in key sectors, particularly industry, technology, and supply chains.

Also speaking at the forum, Dr. Samir Majoul, President of the Tunisian Union of Industry, Trade, and Handicrafts, emphasized the need to create a regulatory environment conducive to investment and to establish sustainable strategic partnerships that foster trade and investment flows between the kingdom and Tunisia.

The Saudi-Tunisian Business Forum reflects the two countries’ shared vision of building effective investment partnerships that expand cooperation and economic integration, support growth in bilateral trade, align with the goals of Saudi Vision 2030, and advance comprehensive and sustainable development in both countries.


Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
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Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)

Iran's central bank chief, Mohammad Reza Farzin, has resigned, the semi-official ​Nournews agency reported on Monday, citing an official at the president's office, as the country battles a slump in its rial currency and high inflation.

The rial, which has been falling as the Iranian economy has suffered from the impact of Western sanctions, fell to a ‌new record low on ‌Monday at around 1,390,000 ‌to ⁠the ​dollar, according ‌to websites displaying open market rates.

Iranian media outlets reported there had been demonstrations in the capital Tehran, mainly by shop owners, against the economic situation.

Farzin has headed the central bank since December 2022. His resignation will be reviewed by President Masoud ⁠Pezeshkian, the official added, according to Nournews.

Iranian state media reported ‌later on Monday, citing the communications ‍and information deputy ‍at the Iranian president's office, that former Economy ‍Minister Abdolnaser Hemmati will be appointed as the new central bank chief.

Iranian media have said the government's recent economic liberalization policies have put pressure on the ​open-rate currency market.

The open-rate market is where ordinary Iranians buy foreign currency, whereas businesses typically ⁠use state-regulated rates.

The reimposition of US sanctions in 2018 during President Donald Trump's first term has harmed Iran's economy by limiting its oil exports and access to foreign currency.

The Iranian economy is at risk of recession, with the World Bank forecasting GDP will shrink by 1.7% in 2025 and 2.8% in 2026. The risk is compounded by rising inflation, which hit a 40-month high of ‌48.6% in October, according to Iran's Statistical Center.


Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
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Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh

Lebanon said Monday it plans to purchase natural gas from Egypt, seeking to reduce its reliance on fuel oil for its ageing power plants in a country hamstrung by regular electricity cuts.

The electricity sector has cost Lebanon more than $40 billion since the end of its 1975-1990 civil war, and successive governments have failed to reduce losses, repair crumbling infrastructure or even guarantee regular power bill collections.

Residents rely on expensive private generators and solar panels to supplement the unreliable state supply.

Prime Minister Nawaf Salam's office said in a statement that the memorandum of understanding between Lebanon and Egypt sought "to meet Lebanon's needs for natural gas allocated for electricity generation".

It was signed by Lebanese Energy Minister Joe Saddi and Egyptian Petroleum Minister Karim Badawi, according to AFP.

"Lebanon's strategy is first to transition to the use of natural gas, and second, to diversify gas sources," Saddi said, adding that "the process will take time because pipelines need rehabilitation".

Lebanon will "contact donor agencies to see how they can help finance the rehabilitation" of the Lebanese section of the gas pipelines, he said, adding that repair work would take several months.

President Joseph Aoun said the memorandum of understanding was "a practical and essential step that will enable Lebanon to increase its electricity production".

A statement from Cairo's petroleum and mineral resources ministry said that "Egypt is fulfilling its role in supplying Lebanon with natural gas, with the aim of supporting energy security for Arab countries".

In 2022, Lebanon signed a deal to import natural gas from Egypt and Jordan via Syria to boost power supply, but the contracts were never implemented due to financing issues and US sanctions on Syria.

Washington recently lifted it Syria measures following the fall of longtime ruler Bashar al-Assad last year.

In April, Lebanon signed a $250 million agreement with the World Bank to modernise its electricity sector.