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Saudi Arabia's flynas Receives 2 Airbus A320neo

Nas Aircraft, the Saudi national economic carrier (Middle East)
Nas Aircraft, the Saudi national economic carrier (Middle East)
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Saudi Arabia's flynas Receives 2 Airbus A320neo

Nas Aircraft, the Saudi national economic carrier (Middle East)
Nas Aircraft, the Saudi national economic carrier (Middle East)

The Saudi budget airline flynas announced Monday that it had acquired two new Airbus A320neo aircraft, representing the third batch of 19 aircraft of the same model scheduled to be received this year.

Flynas signed an agreement with Airbus during the Paris Airshow to purchase 30 new A320neo aircraft as part of the national carrier's plans to increase its fleet.

Saudi Aviation announced that the size of the fleet has increased to 51 aircraft, up 96 percent in two years, compared to its size of 26 aircraft in the first quarter of 2021.

The two new A320neo aircraft arrived from Toulouse, France, and landed at King Khalid International Airport in Riyadh, bringing the number of aircraft delivered by flynas to seven; five are A320neo and two A330.

Flynas CEO Bander al-Mohanna announced that the airline received the second batch of A320neo aircraft in less than a month, within days of signing the agreement to purchase 30 new aircraft.

Mohanna affirmed that the purchase asserts the company's endeavor to support growth with modern and efficient operational capabilities, equipped with the latest technology as part of the strategy for growth and expansion under the slogan "We Connect the World to the Kingdom."

The CEO noted that the increase in the fleet size by adding more A320neo next-generation aircraft indicates the commitment to maintaining the position regionally and globally.

Skytrax, the international air transport rating organization, announced flynas as the 4th Best Low-Cost Airline in the World and kept its leading position as the Best LCC in the Middle East for 2023, for the sixth time in a row.

Last year, flynas' board of directors agreed to increase its orders to 250 new aircraft, making the Saudi carrier the largest budget carrier in the Middle East and North Africa.

The A320neo is a single-aisle aircraft popular with airlines for its fuel efficiency and low operating costs, reinforcing flynas' sustainability and environmental protection.

Flynas currently connects more than 70 domestic and international destinations, with more than 1,500 weekly flights.

Since its establishment in 2007, flynas has transported more than 60 million passengers and aims to reach 165 domestic and international destinations, in line with Vision 2030.

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IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
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IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)

The International Monetary Fund (IMF) warned on Tuesday that "tit-for-tat" tariffs could undermine Asia's economic prospects, raise costs and disrupt supply chains even as it expects the region to remain a key engine of growth for the global economy.

"The tit-for-tat retaliatory tariffs threaten to disrupt growth prospects across the region, leading to longer and less efficient supply chains," IMF Asia-Pacific Director Krishna Srinivasan said at a forum in Cebu on systemic risk.

Srinivasan's remarks come amid concerns over US President-elect Donald Trump's plan to impose a 60% tariff on Chinese goods and at least a 10% levy on all other imports.

Tariffs could impede global trade, hamper growth in exporting nations, and potentially raise inflation in the United States, forcing the US Federal Reserve to tighten monetary policy, despite a lackluster outlook for global growth.

In October, the European Union also decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3%, prompting retaliation from Beijing.

The IMF's latest World Economic Outlook forecasts global economic growth at 3.2% for both 2024 and 2025, weaker than its more optimistic projections for Asia, which stand at 4.6% for this year and 4.4% for next year.

Asia is "witnessing a period of important transition", creating greater uncertainty, including the "acute risk" of escalating trade tensions across major trading partners, Srinivasan said.

He added that uncertainty surrounding monetary policy in advanced economies and related market expectations could affect monetary decisions in Asia, influencing global capital flows, exchange rates, and other financial markets.