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Saudi Arabia Concludes Participation in 'Wings India 2024' Conference and Exhibition

The exhibition attracted around 100,000 visitors and is recognized as one of the most significant aviation exhibitions and conferences in Asia. (SPA)
The exhibition attracted around 100,000 visitors and is recognized as one of the most significant aviation exhibitions and conferences in Asia. (SPA)
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Saudi Arabia Concludes Participation in 'Wings India 2024' Conference and Exhibition

The exhibition attracted around 100,000 visitors and is recognized as one of the most significant aviation exhibitions and conferences in Asia. (SPA)
The exhibition attracted around 100,000 visitors and is recognized as one of the most significant aviation exhibitions and conferences in Asia. (SPA)

Saudi Arabia, represented by the General Authority of Civil Aviation, successfully concluded on Sunday its participation in the Wings India 2024 exhibition conference.

The event was organized by the Indian Ministry of Civil Aviation in cooperation with the Federation of Indian Chambers of Commerce and Industry (FICCI). Leaders and heads of global civil aviation organizations and bodies attended the event that was held from January 18 to 21 at Begumpet Airport, Hyderabad.

During Saudi Arabia's participation, a delegation led by the President of the General Authority of Civil Aviation (GACA), Abdulaziz Al-Duailej, highlighted the vital role of the civil aviation sector in the Kingdom's national economy.

He also emphasized the promising investment opportunities offered by this sector, aligning with the Saudi Aviation Strategy's objectives. Under this strategy, the General Authority of Civil Aviation (GACA) aims to position Saudi Arabia as a leading player in civil aviation in the Middle East. Their goals include doubling passenger capacity to 330 million annually, serving more than 250 destinations worldwide, and increasing cargo capacity to 5.4 million tons.

On the sidelines of the conference, Al-Duailej participated in a ministerial session with leaders of civil aviation from around the world. The session focused on reviewing the national aviation strategy's role in supporting economic development in Saudi Arabia.

It also discussed the various opportunities for global investors based on the objectives of Saudi Vision 2030. The aim is for Saudi Arabia to become a regional aviation hub and a global logistics platform connecting three continents.

The Saudi Aviation Strategy aims to emphasize the Kingdom's pioneering role in the in the field of civil aviation in the Middle East region. It aims to attract $100 billion in investments and create a world-class travel experience for more than 330 million passengers annually by 2030. It intends to target only 10% of these 330 million passengers as transit passengers, underscoring our focus on sustainable and integrated growth.

The Wings India 2024 conference and exhibition also facilitated bilateral and one on one meetings to enhance cooperation. Al-Duailej met with the Minister of Civil Aviation and Steel of the Republic of India, Jyotiraditya Scindia, to discuss topics of mutual interest.

Additionally, he met with Minister of Infrastructure of Sweden Johan Davidsson and discussed cooperation in the field of civil aviation.

Another significant meeting took place with the Minister of Civil Aviation of Cambodia Mao Havanal to explore opportunities for direct operations between the two countries in line with the Saudi Civil Aviation Strategy. The meeting culminated in the signing of a record of consultations between Saudi Arabia and Cambodia.

As part of the activities at Wings India 2024 conference and exhibition, Eng. Imtiaz Muhammad Manzari, the Director General of General Aviation, participated in a dialogue session on "The Helicopter Industry." He highlighted the potential and prospects of helicopters and stressed the importance of developing new and diverse modes of efficient transportation.

Manzari also emphasized the need for modern technologies and infrastructure, including approved airstrips and maintenance centers, to support the safe operation of modern helicopters.

GACA's participation aimed to strengthen relationships with major international airlines and stakeholders in the aviation industry, foster an investor-friendly environment, promote the development of new routes, and introduce promising opportunities in the Saudi aviation sector.

Discussions during the event covered the latest trends, innovations, and solutions in the aviation industry, with a particular focus on air mobility, sustainability, and advanced technologies.

The Wings India 2024 conference and exhibition showcased advanced air transport solutions and their potential to transform civil aviation and open new markets for air travel in the coming decades.

The event attracted over 5,000 participants, including civil aviation authorities from multiple countries, airlines, and companies related to the civil aviation sector.

The exhibition attracted around 100,000 visitors and is recognized as one of the most significant aviation exhibitions and conferences in Asia.

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Business

Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.

Business

India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.

Business

Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.