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GACA Grants Air Operator Certificate to Riyadh Air, Paving the Way for Launch of Commercial Flights 

The issuance of the certificate follows Riyadh Air's successful fulfillment of all regulatory and operational requirements in accordance with the executive regulations of the Civil Aviation Law. (SPA)
The issuance of the certificate follows Riyadh Air's successful fulfillment of all regulatory and operational requirements in accordance with the executive regulations of the Civil Aviation Law. (SPA)
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GACA Grants Air Operator Certificate to Riyadh Air, Paving the Way for Launch of Commercial Flights 

The issuance of the certificate follows Riyadh Air's successful fulfillment of all regulatory and operational requirements in accordance with the executive regulations of the Civil Aviation Law. (SPA)
The issuance of the certificate follows Riyadh Air's successful fulfillment of all regulatory and operational requirements in accordance with the executive regulations of the Civil Aviation Law. (SPA)

President of Saudi Arabia's General Authority of Civil Aviation (GACA) Abdulaziz bin Abdullah Al-Duailej handed over on Sunday the Air Operator Certificate (AOC) to Chief Executive Officer of Riyadh Air Tony Douglas, officially authorizing the new national carrier to launch scheduled flights to and from airports across the Kingdom.

The ceremony was attended by Minister of Transport and Logistic Services and GACA Chairman of the Board of Directors Eng. Saleh bin Nasser Al-Jasser.

The issuance of the certificate follows Riyadh Air's successful fulfillment of all regulatory and operational requirements in accordance with the executive regulations of the Civil Aviation Law, particularly those related to safety, security, and operational quality standards, reported the Saudi Press Agency.

This milestone reflects GACA's commitment to upholding world-class regulatory practices. The updated AOC marks a significant step toward enhancing the passenger experience and maintaining the highest aviation safety standards.

It also supports GACA's broader efforts to create an attractive investment environment and to foster the growth and sustainability of the aviation sector, in line with the goals of the National Aviation Strategy and Saudi Vision 2030.

Al-Jasser emphasized that the issuance of the AOC to Riyadh Air represents a foundational pillar of the Kingdom's aviation strategy, which aims to position Saudi Arabia as the Middle East's leading aviation hub by 2030. The strategy includes transforming the Kingdom into a global logistics hub connecting three continents, supporting tourism objectives, and establishing Riyadh as a global gateway and central hub for transportation, trade, and tourism.

Riyadh Air plans to operate flights to over 100 international destinations by 2030. The airline has placed orders for more than 132 aircraft and is expected to generate over 200,000 direct and indirect jobs in the aviation sector, contributing an estimated SAR75 billion to the Kingdom's non-oil GDP.

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Business

Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
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Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo

Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington, according to Reuters.

The US and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

A foreign ministry spokesperson said: “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world's most-populous nation.

Although a US-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had “committed to stop directly or indirectly” importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said US officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

 

Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.