Saudi Arabia Launches First Aircraft Maintenance City in Jeddah

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah visits the forum in Jeddah. (Asharq Al-Awsat)
Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah visits the forum in Jeddah. (Asharq Al-Awsat)
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Saudi Arabia Launches First Aircraft Maintenance City in Jeddah

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah visits the forum in Jeddah. (Asharq Al-Awsat)
Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah visits the forum in Jeddah. (Asharq Al-Awsat)

Saudi Arabia inaugurated on Monday its first industrial city dedicated to aircraft manufacturing and maintenance in Jeddah, marking a significant step in the Kingdom’s aviation industry. The government also issued new licenses for aircraft maintenance, repair, and overhaul (MRO), reinforcing its commitment to developing the sector.

The launch took place during the Aviation Industry Forum in Jeddah, held under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef and organized by the National Industrial Development Center. The event gathered high-ranking officials, industry leaders, and decision-makers to discuss the latest developments in the aviation sector, both locally and globally, while exploring investment opportunities.

New industrial licenses were granted in collaboration with the General Authority of Civil Aviation (GACA) and the General Authority for Military Industries (GAMI). They cover various activities, including aircraft maintenance, unmanned aerial vehicles (UAVs), navigation systems, and electronic systems.

The Ministry of Industry and Mineral Resources emphasized that the new licenses will provide investors with significant benefits, including incentives and support programs, to help localize and grow the aviation sector.

As part of this effort, the first aircraft maintenance license was awarded to Middle East Propulsion Company (MEPC), while another was granted to Saudia Aerospace Engineering Industries (SAEI).

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah told Asharq Al-Awsat that the designated land will be exclusively used for aviation-related industries to achieve strategic goals.

The focus will be on manufacturing aircraft components, such as aluminum and titanium parts, landing gear, and modern transport aircraft, he explained.

Aircraft manufacturing is a core component of Saudi Arabia’s National Industrial Strategy, and its development involves identifying necessary investments and regulatory frameworks.

GACA is a strategic partner in this effort, working alongside the Ministry of Industry under the leadership of the National Industrial Development Center.

Moreover, global aerospace companies such as Embraer, Turkish Aerospace Industries (TAI), Boeing, and Airbus are actively seeking environments that provide reliable local suppliers for aircraft manufacturing, bin Salamah said.

With a growing demand for aircraft components and engines worldwide, Saudi Arabia is in a strong position to support the industry due to its abundant raw materials, he added.

Following the establishment of three major automotive factories in the Kingdom, around 30 Tier-1 and Tier-2 suppliers are in discussions about investment, while other automotive companies are also considering setting up production facilities.

Meanwhile, GACA President Abdulaziz Al-Duailej revealed to Asharq Al-Awsat that several companies have applied for air cargo service licenses in Saudi Arabia.

A new cargo license will soon be issued at Dammam airport, followed by an airline license in Madinah and Qassim in the coming years, he added.

GACA is overseeing the implementation of the National Aviation Strategy, which aims to double passenger numbers, increase air cargo capacity, and expand direct flight destinations to over 250.

Achieving these goals requires airport expansions, additional airlines, and larger aircraft fleets, as well as enhanced maintenance services.



Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
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Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)

Egypt's Ministry of Petroleum and Mineral Resources and US energy major Chevron announced Saturday positive results from drilling the Nargis-2 natural gas well in the Mediterranean Sea, which began in May in cooperation with Chevron, its partners and the Egyptian Natural Gas Holding Company (EGAS).

In a statement, the ministry said the results support ongoing efforts to appraise the Nargis discovery, made in 2022, and accelerate its commercial development as one of Egypt's undeveloped gas discoveries.

The Nargis-2 appraisal well confirmed the extension of gas-bearing reservoirs previously encountered at Nargis-1 and identified an additional gas-bearing reservoir with favorable characteristics, supporting efforts to assess the area's gas resources and potential development opportunities.

The ministry said drilling operations were designed to evaluate the extent of the Nargis discovery and test deeper geological formations as part of efforts to expand exploration activities and maximize the Mediterranean's promising potential, including high-pressure, high-temperature formations.

The well reached a total depth of more than 5,000 meters, with appraisal results indicating gas-bearing reservoirs containing up to 35 meters of net pay.

According to the statement, these findings provide a positive indication supporting further technical studies to determine the discovery's overall potential and assess development opportunities.

The results align with the ministry's strategy to accelerate the development of undeveloped discoveries, encourage investment partners to intensify exploration activities and convert discovered resources into reserves that can be developed and brought into production, helping increase domestic natural gas output.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi witnessed the start of drilling operations at Nargis-2 in May aboard the Stena Forth drillship.

At the time, he emphasized the importance of accelerating the appraisal and development of undeveloped gas discoveries and strengthening cooperation with international energy companies to capitalize on Egypt's promising oil and gas resources.

Chevron operates the Nargis Offshore Concession in partnership with Italy's Eni, the UAE's Mubadala and Egypt's Tharwa Petroleum Company.


Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
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Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

Global equity funds attracted inflows for a fifth consecutive week in the week through October 21, as easing Treasury yields and strong early corporate earnings lifted investor sentiment.

Global equity funds drew net inflows of $28.16 billion during the week, compared with $19.88 billion in the previous week, LSEG Lipper data showed.

The benchmark 10-year US Treasury yield fell about 15 basis points last week and dropped below the psychologically significant 5% level this week, Reuters reported.

Fund investors were encouraged by better-than-expected corporate earnings so far this reporting season.

Of the nearly 18% of MSCI All Country World Index constituents that have ⁠reported earnings to date, ⁠about 73% have exceeded the average analyst estimate, according to LSEG data.

The MSCI World Index, however, fell 1.31% on Thursday after Meta reported strong results on Wednesday but unveiled plans to issue non-voting stock, reviving concerns about its growing capital commitments.

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

By region, Asian equity funds attracted $11.53 billion, their largest weekly ⁠inflow since at least December 2022. Investors also added $9.14 billion to European equity funds and $5.07 billion to US equity funds.

Among sectoral funds, technology attracted $5.05 billion, reversing net sales of $4.77 billion in the previous week. Investors also bought $1.83 billion in healthcare sector funds but sold a notable $1.29 billion in consumer discretionary sector funds.

Global bond funds remained popular for a fifth consecutive week, attracting net inflows of $9.44 billion.

Swiss franc-denominated bond funds drew $6.8 billion, their largest weekly inflow since at least November 2024. ⁠Investors also added ⁠a significant $2.78 billion to short-term bond funds, while pulling $1.68 billion from high-yield bond funds and $550 million from government bond funds.

Money market funds attracted weekly net inflows of $15.86 billion, following net outflows of $47.51 billion the previous week.

Among commodities, gold and other precious metals funds attracted net inflows of $1.29 billion, marking their fifth week of net purchases in the past six weeks. Investors also added $41.5 million to energy funds.

Data covering 29,174 emerging market funds showed that investors bought $6.28 billion worth of equity funds — the largest weekly net purchase since August 5. However, they withdrew a marginal $48.72 million from bond funds.


UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The UK government on Saturday outlined plans to expand funding for artificial intelligence safety amid growing concerns over the cyber risks posed by the increasingly advanced technology.

"The economic opportunities from AI will only be realized if our critical infrastructure, public services and businesses are resilient to cyber, biological and emerging AI-enabled threats," the government said in a statement ahead of its annual budget update on Wednesday.

Concerns about AI safety have escalated in recent months after models developed by OpenAI and Anthropic were involved in security incidents during testing, piling pressure on governments to regulate the technology and protect against threats.

As part of a package of AI-related measures in the budget, the government will invest an additional £120 million ($161 million) in Britain's AI Security Institute, which tests the most powerful AI models before they are released.

According to AFP, it will also invest £100 million to establish a national AI Biosecurity Lab, which will use AI to detect and track biological threats.

"As AI becomes more powerful, Britain must have the capabilities to protect its people and shape its own future," said AI minister Kanishka Narayan.

"That means staying ahead of emerging threats, from cyberattacks to biological risks, while building more of the critical technology our security depends on," he added.

The plans include investment in AI tools to identify cyber vulnerabilities across critical infrastructure.

Governments and companies around the world shut down websites Thursday as they raced to protect themselves from hacks after AI models uncovered critical flaws in a widely used programming language called PHP.

Cybersecurity experts fear state-of-the-art AI technology could be used to hack banks, hospitals and government systems.

Last month it emerged that a rogue OpenAI model bypassed safeguards during training and hacked an Australian government health statistics website.