SAUDIA Becomes 1st Airline to Fly to Red Sea International Airport

Saudi Arabian Airlines (SAUDIA) has become the first airline to operate flights to the Red Sea International Airport. SPA
Saudi Arabian Airlines (SAUDIA) has become the first airline to operate flights to the Red Sea International Airport. SPA
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SAUDIA Becomes 1st Airline to Fly to Red Sea International Airport

Saudi Arabian Airlines (SAUDIA) has become the first airline to operate flights to the Red Sea International Airport. SPA
Saudi Arabian Airlines (SAUDIA) has become the first airline to operate flights to the Red Sea International Airport. SPA

Saudi Arabian Airlines (SAUDIA) has achieved a significant milestone by becoming the first airline to operate flights to the Red Sea International Airport. This accomplishment has been made possible through a memorandum of understanding signed between the Red Sea International (RSI), SAUDIA, and daa International, the operator of Red Sea International Airport.

According to John Pagano, Group CEO of Red Sea Global, the development of Red Sea International Airport is progressing steadily, and it is expected to be launched this year alongside three resorts. Initially, the airport will cater to domestic flights from and to Riyadh and subsequently expand to include flights from Jeddah. By 2024, the airport aims to handle international flights as well.

Pagano further explained that SAUDIA, the national carrier of Saudi Arabia, will begin regular operations from and to Red Sea International Airport based on the memorandum of understanding.

The agreement also lays the foundation for collaborative research on the utilization of Lower Carbon Aviation Fuel and Sustainable Aviation Fuel (SAF) at the airport. This demonstrates a shared commitment towards reducing carbon emissions in the aviation industry.

In addition, the memorandum entails the evaluation of the implementation of electric vertical take-off and landing jets (eVTOL) as a means to further reduce emissions from air travel in the Red Sea region.

The landmark agreement between SAUDIA, Red Sea International, and daa International paves the way for sustainable aviation practices and is a sign on the progressive approach taken by all parties towards environmental preservation in the aviation sector.



Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Minister of Finance Mohammed Abdullah Al-Jadaan approved on Sunday the Annual Borrowing Plan for the fiscal year 2025, following its endorsement by the Board of Directors of the National Debt Management Center.

The plan highlights key developments in public debt for 2024, initiatives related to local debt markets, and the funding plan and its guiding principles for 2025, in addition to the 2025 issuances’ calendar for the Local Saudi Sukuk Issuance Program in Saudi Riyal.

According to the plan, the projected funding needs for 2025 are estimated at approximately SAR139 billion. The amount is intended to cover the anticipated budget deficit of SAR101 billion for the fiscal year 2025, as outlined in the Ministry of Finance’s Official Budget Statement, and the principals’ repayment of the debts maturing in the current year, 2025, amounting to approximately SAR38 billion.

To boost the sustainability of the Kingdom's access to various debt markets and broaden the investor base, Saudi Arabia aims in 2025 to continue diversifying local and international financing channels to efficiently meet funding needs.

This will be achieved through the issuance of sovereign debt instruments at fair pricing, guided by well-defined and robust risk management frameworks.

Additionally, the Kingdom plans to benefit from market opportunities by executing private transactions that can promote economic growth, such as export credit agency financing, infrastructure development project financing, capital expenditure (CAPEX) financing, and exploring tapping into new markets and currencies based on market conditions.