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Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties

Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties
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Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties

Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties

UAE's Etihad Airways and and Henan Province Airport Group agreed to establish a strategic partnership to strengthen aviation ties between the UAE and China.

This follows the signing of a virtual Memorandum of Understanding (MOU) during the virtual "Zhengzhou Week" event hosted by Expo 2020 Dubai China Pavilion starting from 27 December 2021, state news agency WAM reported.

The MOU highlights Etihad’s plans for potential operation of regular cargo services between Abu Dhabi International Airport (AUH) and Zhengzhou Xinzheng International Airport (CGO) to create the "Air Silk Road" between Henan Province and the emirate of Abu Dhabi.

The MOU also outlines cooperation between the two parties to build the CGO airport into an air freight hub in the region, and to diversify product sales and cargo distribution channels at Zhengzhou Xinzheng International Airport.

Martin Drew, Senior Vice President Sales and Cargo, Etihad Airways said: "Etihad is very excited to see the potential to further expand its cargo footprint in China, and to create the ‘Air Silk Road’ between the emirate and Central China together with Henan Province Airport Group."

"This will greatly improve the diversification of product sales and cargo distribution channels in this region and strengthen economic and trade links between the UAE and China, and beyond"

For his part, Kang Xingzhen, Chairman of Henan Airport Group Co. Ltd. complimented the cooperation: "Today, we are very pleased to sign the MoU with Etihad Airways, a key airline player in the Middle East region with extensive network to Asia, the Middle East, Europe and Africa, to explore various opportunities under the ‘Air Silk Road’ aviation initiative inspired by the China-proposed ‘Belt and Road Initiative’.

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Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion
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Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's liquidity levels continued to grow strongly, reaching SAR2,825,715 million at the end of May 2024, marking an annual growth of approximately 8.6%, reported the Saudi Press Agency on Sunday.

This represented an increase of more than SAR222,928 billion compared to the same period in 2023, which stood at SAR2,602,786 million. These levels reflect the broad money supply (M3) as reported in the Saudi Central Bank (SAMA)'s monthly statistical bulletin for May 2024.

Since the beginning of the year, liquidity has grown by 4%, representing an increase of more than SAR104,757 billion. At the end of January, it stood at SAR2,720,957 million.

Liquidity levels also achieved a monthly growth of approximately 1.2%, with an increase of about SAR32,402 billion compared to the end of April of the same year when it stood at SAR2,793,313 million.

These liquidity levels strongly support economic and commercial activity, contributing effectively to the economic development process and enabling the achievement of the goals of Saudi Vision 2030. This reflects the strength and solidity of the banking and financial sector.

A breakdown of the four components of the broad money supply (M3) is as follows: Demand deposits, the largest contributor to the total money supply (M3) at 49.2%, recorded a level of SAR1,390,893 million at the end of May 2024.

Time and savings deposits, the second-largest contributor to the total money supply (M3) at 31.5%, recorded a level of SAR889,558 million.

Other quasi-money deposits amounted to SAR314,807 million, representing a contribution of approximately 11.1% to the total money supply (M3), making it the third-largest contributor. Lastly, "currency in circulation outside banks" amounted to SAR230,456 million, contributing approximately 8.2% to the total money supply (M3).

Quasi-money deposits consist of residents' deposits in foreign currencies, deposits against letters of credit, outstanding transfers, and repurchase agreements (repos) conducted by banks with the private sector.

Domestic liquidity includes M1, which comprises currency in circulation outside banks in addition to demand deposits only, and M2, which includes M1 plus time and savings deposits. The broad definition, M3, includes M2 plus other quasi-money deposits.