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Saudi Transport Minister Inaugurates First ACI Office for Asia-Pacific, Middle East

SPA
SPA
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Saudi Transport Minister Inaugurates First ACI Office for Asia-Pacific, Middle East

SPA
SPA

Saudi Minister of Transport and Logistics Services and Chairman of the Board of Directors of the General Authority of Civil Aviation (GACA), Eng. Saleh Al-Jasser, inaugurated in Riyadh the first office of the Airports Council International (ACI) for Asia-Pacific and the Middle East.
Several dignitaries, high-ranking officials, and members of the ACI Asia-Pacific and Middle East representing 49 countries attended the event.
During the inauguration ceremony, Eng. Al-Jasser emphasized that this achievement represents a culmination of the Kingdom's prominent standing in international organizations and its significant role in the aviation and air transport industry, SPA reported.
The minister highlighted the unlimited support provided by the transportation and logistics system under the custodianship of the Custodian of the Two Holy Mosques and the Crown Prince.
He pointed out that the opening of the ACI office in Riyadh is an extension of consecutive successes in aviation.
In this context, he referred to the Kingdom's membership in the International Civil Aviation Organization (ICAO) and its presidency of the Aviation Security Committee within the ICAO, reflecting the pivotal role of the Kingdom and its extensive efforts in supporting the aviation industry regionally and internationally.
It clearly underscores the prestigious international standing that the Kingdom holds on the global stage, the minister noted.
He said that the opening of the office would contribute to expanding opportunities in the aviation market and enhancing the interests of member airports in the global council, aligning with the ambitious goals of the National Transport and Logistics Strategy.
The minister added that the opening also aligns with the Aviation Strategy that is aimed at strengthening air connectivity with countries worldwide, reaching 250 international destinations, and transporting 330 million passengers annually by 2030.
The ACI for Asia-Pacific and the Middle East was established in 1991 to meet the needs of Asian airports. In 2006, the Asia office was merged with the Pacific office, and it was renamed as the ACI Asia-Pacific and Middle East office.
It currently boasts 131 members representing 49 countries and oversees 617 airports in Asia, the Pacific, and the Middle East.

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Business

Airbus Delivered Around 72 Aircraft in September

The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane Mahe
The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane Mahe
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Airbus Delivered Around 72 Aircraft in September

The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane Mahe
The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane Mahe

Airbus delivered around 72 aircraft in September, almost matching 73 a year earlier, industry sources said.

Airbus declined comment on the provisional delivery total ahead of a monthly industrial bulletin due ‌on October ‌8, said Reuters.

If confirmed, the ‌tally ⁠would be higher ⁠than the visible total of tracked deliveries estimated by analysts in the mid to high 60s. Jefferies analysts ⁠estimated 68 deliveries.

The pick-up ‌in ‌pace follows concerns about ‌the effect of delays in ‌the system including any impact from the latest industrial glitch involving parts for ‌the A321neo, as well as existing shortages of ⁠engines ⁠and other parts.

Commercial CEO Lars Wagner said this week that he was "very confident" of meeting the full-year target of around 870 jets, which Airbus has informally defined as 850 to 890.

Business

Saudi Arabia Heads Into 2027 With Strong Recovery, More Diverse Growth Drivers

Saudi Arabia’s financial district (SPA) 
Saudi Arabia’s financial district (SPA) 
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Saudi Arabia Heads Into 2027 With Strong Recovery, More Diverse Growth Drivers

Saudi Arabia’s financial district (SPA) 
Saudi Arabia’s financial district (SPA) 

Saudi Arabia enters 2027 with a markedly different fiscal outlook, forecasting a strong economic recovery after a contraction linked to lower oil production, while its expanding non-oil economy increasingly cushions the impact of oil-related shocks.

The preliminary budget statement projects real GDP growth of 12.8 percent in 2027, following an expected contraction of 3.6 percent in 2026, alongside a budget deficit estimated at 3.6 percent of GDP.

The government plans to maintain investment spending and diversify growth sources while gradually reducing the deficit in the coming years.

Economists told Asharq Al-Awsat that the figures reflect a gradual shift in growth and revenue sources. Oil remains central to public finances and exports, but the economy now has a broader range of activities capable of generating growth and income.

Saudi Arabia projects expenditure of SAR 1.392 trillion ($371 billion) in its 2027 budget, against revenue of SAR 1.202 trillion ($320.5 billion), leaving an anticipated deficit of SAR 190 billion ($50.5 billion).

Three Revenue Scenarios

The preliminary budget outlines three revenue scenarios for 2027-2029, with annual government spending held at approximately SAR 1.392 trillion.

Under the baseline projection, revenue is estimated at SAR 1.202 trillion, producing a deficit of around SAR 191 billion. The higher-revenue estimate puts receipts at SAR 1.261 trillion and the deficit at SAR 132 billion, while the lower-revenue projection assumes revenue of SAR 1.134 trillion and a shortfall of SAR 259 billion.

The estimates reflect a broad range of possible fiscal outcomes amid uncertainty surrounding oil markets and the global economy. They also illustrate the government’s ability to accommodate revenue fluctuations through changes in the deficit rather than tying expenditure entirely to short-term shifts in revenue.

Spending and Fiscal Sustainability

Abdullah Almeer, assistant professor of economics at King Fahd University of Petroleum and Minerals, said maintaining elevated spending despite the projected deficit reflects a policy of using public finances to support growth and fund structural economic transformation.

He described the anticipated deficit of 3.6 percent of GDP as part of an effort to balance economic stimulus with fiscal sustainability, emphasizing that its implications depend on the nature of the expenditure it finances.

Infrastructure and development investment could strengthen growth and expand non-oil activities, he explained, whereas higher unproductive recurrent spending could increase debt burdens, financing costs and pressure on reserves.

Almeer estimated Saudi public debt at 30-33 percent of GDP, noting the government’s continued use of domestic and international financing instruments, including sukuk and bonds.

Expanding Non-Oil Revenue

Almeer highlighted the growing contribution of non-oil revenue, which covered approximately 17 percent of total expenditure in 2015, compared with 36 percent in 2025.

He attributed the shift to economic expansion, private-sector growth and investment in infrastructure, tourism and digital transformation.

Investments associated with the National Investment Strategy, the expansion of the Public Investment Fund and the Regional Headquarters Program have also stimulated non-oil sectors, he noted, estimating that more than 700 international companies have established regional headquarters in Riyadh.

External Risks

Almeer identified regional and global geopolitical developments as major risks to the 2027 budget, particularly through their effects on oil and commodity markets and shipping.

A global slowdown accompanied by higher energy prices could weaken demand for Saudi oil and non-oil exports, while persistent inflation and elevated interest rates could increase private-sector financing costs.

Higher global commodity, service and shipping costs could also feed into domestic prices. Saudi inflation is projected at 2.1 percent in 2026.

Almeer identified real non-oil GDP growth as the key indicator to monitor in 2027, alongside inflation, non-oil revenue coverage of expenditure, Saudi unemployment, private-sector contributions to GDP and the debt-to-GDP ratio.

Economic Transformation

Financial and Economic adviser Hussein Alattas said the 2027 budget figures demonstrate a focus on sustaining economic growth alongside fiscal sustainability, rather than merely controlling expenditure or reducing the deficit.

He stressed that continued investment in economic transformation projects aims to strengthen the private sector and increase non-oil contributions while maintaining spending levels capable of supporting growth.

Alattas further highlighted the rise in non-oil revenue from approximately SAR 166 billion in 2015 to SAR 505 billion in 2025 as evidence of structural economic change rather than a temporary increase in receipts.

The expansion of private enterprise, tourism, services, industry, technology and investment has broadened the economy’s capacity to generate income, he underlined.

Oil Remains a Pillar

Alattas argued that nearly a decade after the launch of Vision 2030, economic diversification has moved beyond planning and initiatives to produce tangible results in the economy and public finances.

However, reduced sensitivity to oil-price fluctuations does not mean oil has lost its importance. Crude remains a major source of government revenue and exports, leaving public finances exposed to changes in prices and production.

He explained that the difference lies in the expanding non-oil economy and its growing ability to generate income and growth.

The essence of Saudi Arabia’s economic transformation, Alattas concluded, is not abandoning oil but building an economy capable of continuing to grow and expand under varying oil-market conditions.

 

 

Business

EU Nations to Hold Emergency Meeting on Soaring Diesel Prices amid US Pressure

FILE -Diesel prices are displayed at a gas station Thursday, Sept. 10, 2026, in Carlsbad, Calif. (AP Photo/Gregory Bull, File)
FILE -Diesel prices are displayed at a gas station Thursday, Sept. 10, 2026, in Carlsbad, Calif. (AP Photo/Gregory Bull, File)
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EU Nations to Hold Emergency Meeting on Soaring Diesel Prices amid US Pressure

FILE -Diesel prices are displayed at a gas station Thursday, Sept. 10, 2026, in Carlsbad, Calif. (AP Photo/Gregory Bull, File)
FILE -Diesel prices are displayed at a gas station Thursday, Sept. 10, 2026, in Carlsbad, Calif. (AP Photo/Gregory Bull, File)

EU nations will meet Friday, aiming to develop a unified response to soaring diesel prices, a day after the US called on its European allies to release strategic reserves "immediately" to stem the crisis.

The emergency meeting between EU member states and the European Commission is scheduled for early in the day, a Commission spokesperson said late Thursday.

Washington is piling on pressure to get European help with fuel costs, with US President Donald Trump on Wednesday floating the possibility of banning diesel exports, said AFP.

EU trade chief Maros Sefcovic told reporters Thursday on the sidelines of the G20 trade ministers gathering in Milwaukee that any move by the US to ban diesel exports would be "unexpected for Europeans."

"It would have very dramatic consequences for our economic performance," Sefcovic said of any potential diesel export ban.

Sefcovic told reporters that he did not go into details with US Trade Representative Jamieson Greer on energy exports at the meeting, but the transatlantic partners "decided to stay in close touch to avoid any surprises here."

- 'Ongoing disruptions' -

Reports said the Trump administration wants France and Germany in particular to tap their stockpiles of diesel to try to curb prices sent soaring by the US war on Iran.

"Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions," US Treasury Secretary Scott Bessent said in a post on social media.

High energy costs loom as a threat to Trump's Republican party in next month's midterm elections.

"It is in Europe's best interest to work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers," a US official told AFP.

At G20 trade talks in Milwaukee, Greer struck a conciliatory tone, saying there was an "eagerness on both sides to work together" on the diesel issue.

And Trump told reporters in Texas on Thursday that he "may" ask European countries to release diesel reserves.

- 'Balanced solutions' -

France's minister delegate for international trade, Nicolas Forissier, told AFP in Milwaukee: "I can't imagine that there will be a ban."

He stressed the importance of diesel to the United States and European countries, adding both sides will "try to find solutions."

"In France, we'll try to find balanced solutions all over the world," Forissier added. "If not with the Americans, it will be with other countries."

Trump on Wednesday said he was still considering a possible ban on US diesel exports, while adding that he thought it could ultimately cause gasoline prices to rise.

"I'm thinking about it," Trump told reporters in the Oval Office.

Speaking alongside Trump, US Energy Secretary Chris Wright said Wednesday that the world would "hear announcements from our friends in Europe" to push diesel prices down.

Asked about a release from strategic reserves, the French presidency said no such demand had been made when Emmanuel Macron and Trump met on the sidelines of the UN General Assembly last week.

Macron would also soon convene a video meeting of G7 leaders "to make progress on the various levers that can be used to address the rising fuel prices... including coordination on releasing reserves."

Macron announced on September 18 a plan for such a meeting. The G7 gathering is expected in mid-October, according to Macron's press office.

Average US diesel prices have surged more than 70 percent to $6.39 a gallon since the start of the Iran war, according to AAA motor club data.

Fuel prices have caused living costs to soar, leaving Trump's Republican Party fearing it could lose control of Congress in November's midterm elections.