عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Expands Global Aviation Network with 17 New Agreements at ICAO Assembly

The ICAO Executive Council has renewed the Kingdom of Saudi Arabia’s membership for the 2026–2028 term - SPA
The ICAO Executive Council has renewed the Kingdom of Saudi Arabia’s membership for the 2026–2028 term - SPA
TT
TT

Saudi Arabia Expands Global Aviation Network with 17 New Agreements at ICAO Assembly

The ICAO Executive Council has renewed the Kingdom of Saudi Arabia’s membership for the 2026–2028 term - SPA
The ICAO Executive Council has renewed the Kingdom of Saudi Arabia’s membership for the 2026–2028 term - SPA

The Kingdom of Saudi Arabia, represented by the General Authority of Civil Aviation (GACA), concluded its participation in the 42nd General Assembly of the UN International Civil Aviation Organization (ICAO), held in Montreal, Canada, from September 23 to October 3.

The delegation’s participation resulted in the signing of 17 air transport agreements and memoranda of understanding and held 40 bilateral meetings to boost international cooperation in aviation.

These efforts underline the Kingdom’s commitment to expanding its global presence in air transport, establishing regulatory frameworks for air traffic, enhancing aviation safety and security standards, and broadening travel options for passengers, SPA reported.

Additionally, the Kingdom submitted 31 working papers covering a wide range of topics aligned with its leading role in civil aviation and air transport facilitation at both regional and international levels.

These papers addressed aviation safety and security, airport infrastructure development, passenger transport facilitation, sustainability initiatives, environmental stewardship, carbon emissions reduction, and investment in biofuels and clean technologies, all in line with Saudi Vision 2030, which aims to position the Kingdom as a global logistics hub.

The ICAO Executive Council has renewed the Kingdom of Saudi Arabia’s membership for the 2026–2028 term. The Kingdom received 175 out of 184 votes, maintaining its uninterrupted membership since 1986.

Minister of Transport and Logistic Services Saleh Al-Jasser announced a $1 million donation from Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to support the ICAO.

The contribution is dedicated to advancing the strategic objectives of the “No Country Left Behind” initiative during the 2025–2028 cycle, which aims to assist developing countries in implementing international standards and recommended practices to enhance civil aviation safety and security.

ICAO also honored Saudi Arabia, represented by Chairman of the Cooperative Aviation Security Program–Middle East (CASP-MID) Mohammed Alfozan, in recognition of his leadership and management of the program and his contributions to enhancing the aviation security capabilities of countries in the region.

The recognition reflects the Kingdom’s pioneering role in supporting ICAO programs and global initiatives to strengthen civil aviation security and its commitment to ensuring that “no country is left behind.”

Furthermore, Saudi Arabia hosted a reception attended by more than 450 participants from various countries, including representatives from the aviation sector, diplomats, and ICAO member states.

The event featured an exhibition showcasing participating entities, traditional handicrafts such as weaving and leatherwork, and performances of Saudi folk music and dance.

A documentary film was also screened, tracing the history and development of civil aviation in the Kingdom and its progress toward becoming a modern aviation powerhouse.

Most Viewed

 
 
Business

Amazon Confirms Drone Strikes Hit Data Centers in the Gulf

An Amazon office in Ireland in October 2025 (Reuters)
An Amazon office in Ireland in October 2025 (Reuters)
TT
TT

Amazon Confirms Drone Strikes Hit Data Centers in the Gulf

An Amazon office in Ireland in October 2025 (Reuters)
An Amazon office in Ireland in October 2025 (Reuters)

Amazon said Monday that two of its data centers in the United Arab Emirates were hit by drones, while a drone strike near one of its facilities in Bahrain “caused physical impacts to our infrastructure.”

The tech giant said on its website that the strikes have caused structural damage and gotten in the way of power getting to infrastructure.

“We are working to restore full service availability as quickly as possible, though we expect recovery to be prolonged given the nature of the physical damage involved,” Amazon said.

Iran has hit many countries in the Mideast in retaliation for the US and Israeli strikes.

Business

Strait of Hormuz Under Siege: A Double Shock to Global Energy Markets

People visit Hormuz Island in the Strait of Hormuz off the Iranian city of Bandar Abbas (File photo – AFP)
People visit Hormuz Island in the Strait of Hormuz off the Iranian city of Bandar Abbas (File photo – AFP)
TT
TT

Strait of Hormuz Under Siege: A Double Shock to Global Energy Markets

People visit Hormuz Island in the Strait of Hormuz off the Iranian city of Bandar Abbas (File photo – AFP)
People visit Hormuz Island in the Strait of Hormuz off the Iranian city of Bandar Abbas (File photo – AFP)

Global energy markets are on maximum alert following the military escalation in the Middle East. The outbreak of direct confrontation between the United States and Israel on one side and Iran on the other has effectively paralyzed shipping through the Strait of Hormuz - the vital artery that carries more than 20 percent of the world’s oil and gas supplies - fueling fears of a major supply shock.

How quickly oil tanker traffic resumes normal operations through the strait is now critical. Roughly one-fifth of global oil production and a similar share of liquefied natural gas transit the narrow waterway.

Estimates from JPMorgan suggest that a 25-day halt in tanker traffic would fill storage tanks in producing countries to capacity, forcing them to cut output.

On Monday, in the first trading session since Saturday’s attack, oil prices surged sharply. Brent crude, the international benchmark, jumped as much as 13 percent to trade above $82 a barrel, its highest level since January 2025.

At the same time, insurers announced the cancellation of some policies covering vessels operating in the region. Meanwhile, S&P Global Platts, a leading provider of oil price assessments, suspended bids and offers for Middle Eastern refined product benchmarks that pass through the Strait of Hormuz, citing shipping disruptions linked to the US-Iran conflict. The agency added that it is reviewing its pricing methodology for Middle Eastern crude.

Gas Crisis Deepens

The turmoil has not been limited to oil. Natural gas markets have also been jolted, with European prices jumping more than 30 percent after QatarEnergy announced a suspension of production and exports.

Qatar’s Ministry of Defense said an Iranian drone targeted an onshore gas processing facility in Ras Laffan Industrial City, forcing operations to halt.

The impact is particularly severe for Europe, which relies on Qatar as a strategic alternative to Russian gas. Ole Hvalbye, a commodities analyst at SEB, said disruption to flows through Hormuz, which account for about 20 percent of global LNG supplies, would spark fierce competition between Asian and European buyers for US cargoes, driving prices sharply higher across the Atlantic basin.

The direction of prices now depends largely on how long the conflict persists. Analysts say the base-case scenario hinges on political developments in Tehran, where the international community hopes for either a significant leadership shift or US diplomatic intervention to de-escalate tensions within one to two weeks.

However, if prices remain elevated for a prolonged period, the risk of a renewed global inflation surge looms, placing central banks in a historic bind between curbing inflation and supporting economic growth.

Asia at the Epicenter

Asia - widely regarded as the engine of global growth - now finds itself at the heart of the crisis. The region is the most exposed to the fallout from the Middle East conflict due to its heavy dependence on Gulf oil and gas supplies. This is not merely a trade disruption; it is a direct challenge to energy security across Asian capitals.

Countries such as Japan, South Korea and India rely heavily on Middle Eastern shipping lanes to secure their energy needs. In Japan, around 70 percent of imported oil passes through the Strait of Hormuz, leaving the country highly vulnerable to geopolitical tensions in the corridor. China, despite diversifying its suppliers, remains the largest buyer of Iranian crude and Qatari LNG, making the security of these flows critical to its industrial economy.

Asian governments are now scrambling to reassess their strategic reserves.

If the conflict turns into a prolonged war of attrition, countries such as Japan and South Korea could face an unenviable choice: draw down reserves that may prove difficult to replenish quickly, or accept soaring spot market prices.

With Qatari LNG supplies disrupted, Asia has already entered into intense competition with Europe for US and Australian cargoes. The scramble for alternative supplies is tightening global availability and sharply increasing energy costs across emerging Asian economies.

For India and several Southeast Asian nations, higher prices mean an immediate rise in import bills, placing heavy pressure on balance-of-payments positions and fueling imported inflation that could undermine growth targets for the year.

The strain extends beyond crude oil. Asia’s refineries - the largest in the world - depend heavily on medium and heavy Middle Eastern grades. A sustained disruption in these supplies could force refiners to cut processing rates, leading to shortages of diesel, gasoline and jet fuel within the region itself, with knock-on effects for transportation and logistics.

Business

Demand Remained Strong in Saudi Arabia's Non-oil Business in February, PMI Shows

A general view of the city of Riyadh (AFP)
A general view of the city of Riyadh (AFP)
TT
TT

Demand Remained Strong in Saudi Arabia's Non-oil Business in February, PMI Shows

A general view of the city of Riyadh (AFP)
A general view of the city of Riyadh (AFP)

Growth in Saudi Arabia's non-oil private sector slowed slightly in February, a survey showed on Tuesday, although demand remained strong.

The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) slipped to a reading of 56.1 in February from January's 56.3, but remained well above the 50.0 threshold that separates growth from contraction.

"This performance was driven by ⁠robust domestic demand ⁠and a steady flow of new project approvals," said Naif Al-Ghaith, Riyad Bank's chief economist.

In February's PMI survey, the new orders sub-index remained steady at 61.8, similar to the previous month, indicating strong demand with businesses continuing to report strong output growth and a sharp rise in employment.

The rate of ⁠employment ⁠growth accelerated to a four-month high, driven by increased sales and a build-up of backlogs, according to the survey. However, the rate of staff cost inflation hit its highest since the survey began in August 2009.