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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.

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Business

Asian Shares Rise, Tracking Wall Street Gains as Trump Backs Down on Greenland

Traders work in front of screens at Hana Bank in Seoul (EPA)
Traders work in front of screens at Hana Bank in Seoul (EPA)
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Asian Shares Rise, Tracking Wall Street Gains as Trump Backs Down on Greenland

Traders work in front of screens at Hana Bank in Seoul (EPA)
Traders work in front of screens at Hana Bank in Seoul (EPA)

Asian shares mostly advanced on Thursday, tracking Wall Street, after US President Donald Trump walked back from imposing tariffs on eight European countries over Greenland and ruled out using military force to take control of the territory.

The future for the S&P 500 gained less than 0.1% and that for the Dow Jones Industrial Average was virtually flat on Thursday, The Associated Press reported.

Tokyo’s Nikkei 225 climbed 1.7% to 53,688.89, with technology stocks leading gains. SoftBank Group jumped 11.6% and equipment maker Disco Corp. soared 17.1%. Advantest, which makes testing equipment for computer chips, surged 5%.

South Korea’s Kospi closed 0.9% higher at 4,952.44 after crossing the 5,000 mark for the first time, as traders cheered. Technology-related stocks drove the rally. Shares of chipmaker SK Hynix picked up 2%, while Samsung Electronics rose 1.9%.

Hong Kong’s Hang Seng edged less than 0.1% higher to 26,600.68. The Shanghai Composite index edged 0.1% higher to 4,122.58.

In Australia, the S&P/ASX 200 gained nearly 0.8% to 8,848.70.

Taiwan’s Taiex rose 1.6%, while India’s Sensex added 0.2%.

US markets logged their biggest losses since October on Tuesday as investors reacted to Trump’s threat over the weekend to slap tariffs of 10% on Denmark, Norway, Sweden, Germany, France, the United Kingdom, the Netherlands and Finland for opposing US control of Greenland, sparking concerns over worsening relationships between the US and its European allies.

But Trump, attending the World Economic Forum in Davos, Switzerland, backed down on Wednesday and said he would not use force to acquire Greenland. The US president also said in a post on his social media site that he had agreed with the head of NATO on a “framework of a future deal” on Greenland and on Arctic security.

The easing tensions drove Wall Street optimism. On Wednesday, the S&P 500 climbed 1.2% to 6,875. The Dow Jones Industrial Average gained 1.2% to 49,077.23, while the Nasdaq composite also rose 1.2%, to 23,224.82.

Halliburton, the oil field services company, jumped 4.1% following stronger-than-expected profits for the latest quarter. United Airlines rose 2.2% also after better-than-expected quarterly profits. Netflix fell 2.2% even as it reported a stronger profit than expected, as investors focused on factors including a slowing growth of subscribers.

The price of gold fell 0.2% to $4,828.70 per ounce, reflecting investors’ reduced worries, after passing the $4,800 mark ahead of Trump’s reversal of stance on Greenland as many flocked to safe-haven assets.

In the bond market, US Treasury yields also eased following lessened fear among investors as well as a calming of Japan’s bond market turmoil. The yield on the 10-year Treasury eased to 4.25% from 4.30% late Tuesday.

Japan’s long-term bond yields surged to records earlier this week after Prime Minister Sanae Takaichi’s decision to call a snap election in February. That sparked concerns over her pledges to cut taxes and increase spending, which could hinder efforts to rein in government debt.

The US dollar rose to 158.75 Japanese yen from 158.27 yen, prompting analysts to speculate that authorities might intervene if the yen falls any further.

The euro rose to $1.1692 from $1.1687.

US benchmark crude oil shed 16 cents to $60.46 per barrel. Brent crude, the international standard, fell 24 cents to $65.00 per barrel.

Business

Goldman Sachs Raises 2026-end Gold Price Forecast to $5,400/oz

A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
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Goldman Sachs Raises 2026-end Gold Price Forecast to $5,400/oz

A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)
A customer waits his turn to trade gold behind a glass window displaying gold prices at a gold shop in Bangkok (EPA)

Goldman Sachs has raised its end-2026 gold price forecast to $5,400 per ounce from $4,900/oz earlier, noting private-sector and emerging market central banks' diversification ​into gold.

Spot gold climbed to a peak of $4,887.82 per ounce on Wednesday. The safe-haven metal has climbed more than 11% so far in 2026, extending a blistering rally that saw it jump 64% last year.

"We assume private sector diversification buyers, whose purchases hedge ‌global policy ‌risks and have driven the ‌upside ⁠surprise ​to our ‌price forecast, don't liquidate their gold holdings in 2026, effectively lifting the starting point of our price forecast," the brokerage said in a note dated Wednesday.

The brokerage also expects central bank buying to average 60 tons in 2026 as ⁠emerging market central banks are likely to continue diversification of ‌their reserves into gold.

Commerzbank, last ‍week, raised its ‍gold price forecast to $4,900 by the end ‍of this year, citing increased safe-haven demand.

Business

Saudi Arabia’s National Insurance Strategy: A New Engine for Non-Oil GDP Growth

Riyadh, Saudi Arabia 
Riyadh, Saudi Arabia 
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Saudi Arabia’s National Insurance Strategy: A New Engine for Non-Oil GDP Growth

Riyadh, Saudi Arabia 
Riyadh, Saudi Arabia 

Saudi Arabia’s Cabinet approval of the National Insurance Strategy marks a major milestone for the Kingdom’s financial sector, with experts describing it as a transformative step that could reshape the role of insurance in the national economy.

Analysts say the strategy is designed to increase the insurance sector’s contribution to non-oil gross domestic product (GDP), shift the Saudi market from a largely consumer-based model to a regional insurance hub, and build a dynamic sector capable of generating economic and investment value. In this sense, insurance is positioned as a key pillar in achieving the objectives of Saudi Vision 2030.

The announcement has already had a positive impact on the Saudi stock market, where insurance companies recorded broad gains.

Fadl Al-Buainain, a member of the Saudi Shura Council and economic adviser, said the insurance sector is among the most important financial sectors due to its close links with all areas of the economy. He noted that the strategy will help unlock the sector’s potential, strengthen its foundations, and enhance the competitiveness, efficiency, and financial resilience of the Saudi insurance market, ultimately positioning it as a regional insurance center in line with Vision 2030.

Al-Buainain added that insurance is a key driver of development and economic growth, which explains the government’s focus on launching a strategy aligned with other sectoral plans. He emphasized that the initiative will improve market performance, product quality, and institutional solvency, while also prioritizing the development of national talent and the localization of insurance jobs to strengthen the sector’s contribution to national development goals.

From Regulation to Investment Powerhouse

Financial analyst Hussein Al-Raqeeb, founder and director of the ZAD Consulting Center, described the strategy as a qualitative shift in the role of insurance, from a limited regulatory function to a powerful economic and investment engine within Vision 2030.

He explained that the strategy seeks to modernize the regulatory and supervisory framework through the Insurance Authority, enhancing market efficiency, financial stability, and the protection of policyholders and beneficiaries. It also focuses on expanding insurance products for individuals, businesses, and specialized risks, moving beyond traditional offerings with limited impact.

Al-Raqeeb noted that raising public awareness of insurance remains a major challenge, as the strategy aims to reposition insurance as a tool for risk management rather than a financial burden. He added that clearer and more stable regulations will make the sector more attractive to domestic and foreign investors, boosting the regional competitiveness of the Saudi market.

The strategy also places strong emphasis on developing national capabilities through skills training, job localization, and integration with technology and innovation, particularly in the field of InsurTech. According to Al-Raqeeb, these measures will help create a more efficient and balanced insurance market that aligns profitability with consumer protection and long-term financial sustainability.

Strategic Goals and Key Targets

The National Insurance Strategy is built around three core objectives: strengthening insurance protection for individuals and businesses, developing a sustainable and efficient insurance market, and ensuring adequate coverage for national risks.

Implementation will be led by the Insurance Authority in partnership with stakeholders, through 11 strategic programs and 72 initiatives designed to deliver nine key outcomes aligned with Vision 2030 targets.

These programs cover health insurance, motor insurance, property and casualty insurance for individuals and companies, protection and savings products, reinsurance, market capacity and retention, uninsured risks, regulatory frameworks, technology and artificial intelligence, and human capital development.

Among the strategy’s most ambitious targets are expanding the size of the insurance market, increasing the sector’s contribution to GDP to 3.6 percent by 2030, doubling risk-based capital, and raising retention rates in property and casualty insurance.

The strategy also aims to increase the number of health insurance beneficiaries to 23 million, the number of insured vehicles to 16 million, and the number of jobs for national talent in the insurance sector to 38,500.

Ultimately, the strategy seeks to drive a comprehensive transformation of the Saudi insurance sector, moving it beyond a secondary service role to become a central pillar of economic growth, investment, and financial stability in the Kingdom.