Riyadh’s international airport tops Saudi aviation rankings
Riyadh’s international airport tops Saudi aviation rankings /node/2594673/business-economy
Riyadh’s international airport tops Saudi aviation rankings
The airport, handling over 15 million passengers annually, topped the Kingdom’s largest airport category with an 82 percent compliance rate, according to the General Authority of Civil Aviation’s latest report.
Riyadh’s international airport tops Saudi aviation rankings
Updated 24 March 2025
MOHAMMED AL-KINANI
JEDDAH: King Khalid International Airport in Riyadh led Saudi Arabia’s aviation performance rankings for February, driven by improved passenger services and faster processing times, official data showed.
The airport, handling over 15 million passengers annually, topped the Kingdom’s largest airport category with an 82 percent compliance rate, according to the General Authority of Civil Aviation’s latest report.
It narrowly outperformed King Abdulaziz International Airport in Jeddah, which scored the same but ranked second based on evaluation criteria.
The report assessed airports across five categories using 11 performance standards, including check-in, security, customs, and services for passengers with limited mobility. This is part of GACA’s efforts to improve transparency and service quality, aiming to enhance the travel experience across the Kingdom’s airports.
In the second category, for terminals handling 5 to 15 million passengers annually, King Fahd International Airport in Dammam led with a 91 percent compliance rate, followed by Prince Mohammed bin Abdulaziz International Airport in Madinah at 82 percent.
For airports handling 2 to 5 million passengers in the third category, King Abdullah bin Abdulaziz International Airport in Jazan and Abha International Airport both achieved a perfect 100 percent score.
Arar International Airport topped the fourth category — international airports with under 2 million passengers — also with 100 percent, standing out for its low wait times on arrivals and departures.
Gurayat led the fifth category for domestic airports with a 100 percent compliance rate, surpassing others in minimizing wait times.
Saudi Arabia’s air travel sector posted strong gains in 2024, with total passenger numbers hitting a record 128 million — a 15 percent increase from 2023 and a 25 percent jump from pre-pandemic levels.
Domestic flights carried 59 million passengers, while international routes accounted for 69 million.
Flights across the Kingdom’s airports rose 11 percent to 905,000, including 474,000 domestic and 431,000 international flights, according to GACA’s Air Traffic 2024 Report.
Air connectivity expanded 16 percent, linking Saudi Arabia to more than 170 global destinations, while cargo volumes surged 34 percent to over 1.2 million tonnes. Riyadh, Jeddah, Dammam, and Madinah airports handled 82 percent of total air traffic.
Saudi Arabia aims to enhance air connectivity to 250 destinations, serving 330 million passengers, and double air cargo capacity to 4.5 million tons by 2030 through its National Aviation Strategy.
Saudi Arabia fast-tracks shift to cashless economy on back of fintech boom
Updated 27 min 58 sec ago
Nadin Hassan
RIYADH: Saudi Arabia is accelerating its journey toward becoming a cashless society, propelled by a booming fintech sector, rising consumer adoption of digital services, and a proactive regulatory framework.
From Riyadh’s tech districts to small shops in remote towns, the Kingdom is swiftly shifting from coins and notes to codes and clicks.
With Vision 2030 as the blueprint, Saudi Arabia is leveraging its young, digitally connected population and progressive regulatory framework to fast-track its evolution into a cashless economy.
“The branch-based and cash-based banking model is transforming into a world of mobile banking, artificial intelligence-enabled services, open banking, and digital financing solutions,” Khalid Al-Sharif, CEO of Abdul Latif Jameel Finance, told Arab News, adding: “The Kingdom’s shift to a cashless economy offers a significant opportunity for financial institutions to rethink and embrace digital-first business models to remain competitive.”
Fintech revolution
As of 2023, the number of fintech companies in Saudi Arabia hit 216, surpassing the target of 150 by 44 percent. Direct jobs in the sector have crossed 6,500, more than double the initial projections.
Venture capital investment in Saudi fintechs surged sixfold in 2023 compared to the previous year, with companies raising SR2.5 billion ($666 million) across 10 funding rounds. The Kingdom’s fintech assets under management are projected to approach $64 billion in 2024, signaling substantial momentum.
“The fintech sector in the Kingdom is positioned for rapid growth in the coming years, driven by multiple factors, including increased digital banking adoption, a young and tech-savvy population, and the government’s push for diversification under Vision 2030,” Imad Kaddoura, partner at PwC Middle East, told Arab News.
He continued: “By collaborating on areas such as digital wallets, AI-driven financial services, and blockchain-based solutions, Saudi Arabia can position itself as a regional leader in fintech.”
Digital banking redefined
The Kingdom’s banking sector is undergoing a digital revolution. The emergence of digital-only banks and mobile-first services is reshaping how consumers engage with financial institutions.
With a youthful, connected population, the appetite for frictionless banking is surging. Saudi digital banks are tapping into AI, machine learning, and data analytics to deliver hyper-personalized services, breaking down traditional barriers to banking.
These innovations are streamlining operations while reaching underserved communities. Opening accounts, accessing loans, or managing personal finances is becoming faster, easier, and more inclusive.
“Achieving financial inclusion for everyone in a cashless society is imperative,” said Al-Sharif. “The advancement of alternative credit scoring, digital lending platforms, and mobile-based services is helping to bridge the gap.”
Mobile payments
The Saudi Central Bank has been working to strengthen the Kingdom’s digital payment infrastructure. File
The adoption of mobile payment solutions has skyrocketed, with services like stc pay, Apple Pay, and Mada Pay leading the charge. From groceries to utility bills, consumers are embracing contactless options for everyday transactions.
“In 2023, electronic payments engaged in 70 percent of all retail consumer transactions in Saudi Arabia, up from 62 percent in 2022,” Al-Sharif noted. “This signals a remarkable change in consumer preferences and a broader transition toward a fully digital economy.”
This shift is driven by both private sector innovation and regulatory support. The Saudi Central Bank, also known as SAMA, continues to strengthen the digital payment infrastructure and security, while aiming to achieve 80 percent non-cash transactions by 2030 — a goal now well within reach.
Retailers, restaurants, and service providers are rapidly embracing digital payments, integrating cashless solutions into daily business operations.
Blockchain and open banking
Saudi banks and fintech firms are also experimenting with blockchain in regulatory sandboxes launched by SAMA. These controlled environments enable firms to test innovations while ensuring regulatory compliance — a model that’s attracting global fintech players and investors alike.
“Saudi Arabia’s regulatory landscape has evolved rapidly to support a dynamic fintech ecosystem — but with innovation comes complexity,” Said Murad, senior partner at Global Ventures, told Arab News.
“What sets Saudi Arabia apart is its proactive, collaborative regulatory approach. Initiatives like the Regulatory Sandbox by Fintech Saudi and SAMA provide a critical runway for fintechs to test and iterate,” he added.
Open banking is further redefining financial services by enabling secure, consent-based data sharing between banks and third-party providers.
“Open banking is not a disruption — it’s a redefinition of how financial services are built, delivered, and experienced in Saudi Arabia,” Murad said. “By enabling secure, consent-based data sharing ... it’s reshaping the competitive landscape.”
The cashless transition is not just about convenience — it has deep social and economic ramifications.
By broadening access to banking services, Saudi Arabia is fostering financial inclusion, bringing unbanked and underbanked populations into the fold.
“Digital financial services can extend access to millions who have historically been underserved by traditional banking,” Murad noted. “Fintech innovation is already playing a central role. Hakbah, for example, is redefining savings in the digital era by modernizing Jameya — the traditional group savings model — into a platform that’s accessible, secure, and user-friendly.”
He added: “By digitizing familiar behaviors, Hakbah empowers individuals, particularly the underbanked, to build financial resilience and long-term security.”
Kaddoura went on to say: “Financial inclusion in a fully digital economy relies on a few key elements. It’s essential to increase mobile banking access and improve digital literacy, particularly for underserved populations.”
Digital payments and alternative lending platforms are also making it easier for entrepreneurs to access capital, manage transactions, and grow their businesses. Meanwhile, the growing fintech ecosystem is helping create jobs, attract tech talent, and position Saudi Arabia as a regional financial powerhouse.
Safeguarding the digital shift
Cybersecurity is more important than ever. Shutterstock
Despite this progress, challenges remain. As the financial system becomes more digitized, cybersecurity and consumer trust become critical.
“While digital payments bring numerous advantages, they also introduce cybersecurity and fraud risks that must be carefully managed,” Al-Sharif warned.
“We implement robust security measures including advanced encryption, AI-driven fraud detection, and multi-factor authentication to protect our clients’ information.”
Murad echoed this concern: “As digital payments become the norm, cybersecurity and fraud prevention must become foundational pillars of the financial ecosystem. The same infrastructure that enables speed, scale, and convenience also introduces new vectors for cyberattacks.”
Beyond security, talent development is another key concern.
“Financial institutions need to focus on long-term digital strategies, invest in talent development, and collaborate with regulatory bodies to adopt disruptive technologies while maintaining financial sector stability,” Kaddoura said.
Financial literacy also plays a pivotal role. “Underserved communities still require financial solutions that accommodate their needs,” said Al-Sharif. “Educational programs are essential to empower consumers to make informed financial decisions.”
Digital-first economy
Saudi Arabia’s journey toward a cashless society is seen as being part of a societal and economic transformation.
“The shift toward a cashless economy is more than a technological evolution — it’s a catalyst for economic growth, operational efficiency, and financial inclusion,” Murad said. “A cashless Saudi Arabia is about building a digital-first economy that is more efficient, inclusive, and resilient.”
With Vision 2030 as the guiding force, fintech innovation as the engine, and an increasingly digital-savvy population as the driver, Saudi Arabia is redefining the future of finance and setting a regional benchmark along the way.
Oil Updates — prices up ahead of Sino-US trade meeting
Updated 09 May 2025
Reuters
NEW DELHI: Oil prices were up slightly on Friday, after rising about 3 percent in the previous session, as trade tensions between top oil consumers US and China showed signs of easing and Britain announced a “breakthrough” trade deal with the White House.
Brent crude rose 23 cents, or 0.37 percent, to $63.07 a barrel while US West Texas Intermediate crude was up 21 cents, or 0.35 percent, at $60.12 a barrel as of 8:07 a.m. Saudi time. On Thursday, both contracts settled nearly 3 percent up.
US Treasury Secretary Scott Bessent will meet China’s top economic official Vice Premier He Lifeng in Switzerland on May 10 to work toward resolving trade disputes that have threatened growth in the consumption of crude oil.
“If the two set a date to start formal trade negotiations and agree to ratchet down their current steep tariffs against each other while talks carry on, markets will get a breather and crude could stack on another $2-$3 per barrel,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
China’s exports rose faster than expected in April, while imports narrowed their declines, customs data showed on Friday, giving Beijing some relief ahead of ice-breaker tariff talks with the US this weekend.
Separately, US President Donald Trump and UK Prime Minister Keir Starmer announced Britain had agreed to lower tariffs on US imports to 1.8 percent from 5.1 percent.
The US cut duties on British cars but left a 10 percent tariff on most other goods.
“Any more US trade deals after the one with UK with other major trading partners would have only a marginal impact on oil sentiment,” Hari added.
Elsewhere, the Organization of the Petroleum Exporting Countries and allies — or OPEC+ — plan to increase output which could keep pressure on oil prices. A Reuters survey found OPEC oil output edged lower in April as production declines in Libya, Venezuela and Iraq outweighed a scheduled increase in output.
Tighter US sanctions on Iran could restrict supply and push prices higher. Sanctions on two small Chinese refiners for buying Iranian oil made it difficult for them to receive crude and led them to sell their product under alternative names, sources told Reuters on Thursday.
In the meantime, Pakistan’s armed forces launched “multiple attacks” along India’s entire western border on Thursday night and early Friday, the Indian army said, as conflict between the nuclear-armed neighbors intensified.
Rystad Energy analysts expected both countries to increase crude procurement and refinery activity amid mounting tensions.
“Diesel demand is likely to rise amid increased military mobilization, while airline fuel consumption declines as airspace closures lead to rerouted flights, cancelations and soaring airline ticket prices,” Rystad’s Rohan Goindi said in a note.
In terms of daily crude demand, India consumes 5.4 million barrels per day, compared to Pakistan’s 0.25 million bpd, according to Rystad Energy estimates.
Closing Bell: Saudi main index closes in red at 11,364
Updated 08 May 2025
Miguel Hadchity
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 34.63 points, or 0.3 percent, to close at 11,364.11.
The total trading turnover of the benchmark index was SR4.71 billion ($1.25 billion), as only 65 stocks advanced, while 173 retreated.
The MSCI Tadawul Index decreased by 3.77 points, or 0.26 percent, to close at 1,452.01.
The Kingdom’s parallel market, Nomu, rose, gaining 153.78 points, or 0.55 percent, to close at 27,931.49. This comes as 40 stocks advanced, while 34 retreated.
The best-performing stock on the main market was Al Majed Oud Co., with its share price surging by 9.88 percent to SR129.
Other top performers included Saudi Arabian Cooperative Insurance Co., which saw its share price rise by 4.38 percent to SR15.24, and MBC Group Co., which saw a 3.79 percent increase to SR42.45.
Gulf General Cooperative Insurance Co. recorded the largest decline of the day, with its share price slipping 9.98 percent to SR7.76.
United Cooperative Assurance Co. saw its shares fall by 9.23 percent to SR8.06, while Middle East Healthcare Co. recorded a decline of 8.91 percent, closing at SR64.40.
On the announcements front, ACWA Power Co. reported its interim financial results for the first three months of the year, posting a net profit of SR427.1 million — a 14.9 percent decline compared to the previous quarter.
The company attributed the drop in net profit to an impairment recovery recognized in the prior quarter, higher financial charges, and a lower deferred tax credit.
ACWA Power Co.’s shares on the main market rose 0.54 percent in today’s trading session, closing at SR299.40.
In another announcement, Gas Arabian Services Co. also announced its financial results for the same period with its net profit rising by 46.9 percent to SR31.3 million compared to the same period last year.
The company credited the growth to substantial growth in revenue and savings in cost of revenue.
The GAS’s share price traded 0.89 percent higher to reach SR15.80.
During the first quarter of the year, Saudi Reinsurance Co.’s net profit after Zakat reached SR35.4 million, up by 11.3 percent compared to the same period in 2024.
This growth was attributed to an increase in reinsurance revenue by 56 percent, coupled with a rise in net profit of reinsurance results and net investment profit.
Moreover, the National Shipping Co. of Saudi Arabia and Bupa Arabia for Cooperative Insurance Co. also announced their financial results for the first quarter of 2025, with net profits reaching SR532.8 million and SR380.2 million, respectively.
Bahri’s shares on the main market declined by 3.55 percent to close at SR29.90, while Bupa Arabia’s shares fell 0.56 percent to SR178.20.
Saudi Arabia, France set to deepen industrial, mining ties
Updated 08 May 2025
MOHAMMED AL-KINANI
JEDDAH: Mining, critical minerals, aerospace, and manufacturing took center stage as Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef concluded a three-day visit to France aimed at enhancing bilateral cooperation and securing strategic investments.
Alkhorayef met with senior French officials and executives from leading companies such as Airbus, Safran, and Orano Mining to explore opportunities for collaboration, particularly in the areas of critical minerals, which are vital for clean energy, and advanced aerospace manufacturing, the Saudi Press Agency reported.
The discussions also aimed to strengthen ties in the broader industrial and manufacturing sectors, central to the Kingdom’s push for technological localization.
The visit, which began on May 5, underscores Saudi Arabia’s ongoing efforts to diversify its economy and align its industrial strategy with the ambitious goals of Vision 2030.
In a statement posted on X, Alkhorayef said: “I concluded my official visit to the French Republic, during which I held constructive meetings with leaders in the public and private sectors, aimed at enhancing industrial and mining cooperation, and discussing opportunities for technology transfer and attracting qualitative investments to localize several strategic industries in the Kingdom, in order to achieve the goals of Vision 2030.”
A key focus of the visit was on securing a stable supply of critical minerals, such as lithium and cobalt, essential for Saudi Arabia's green energy initiatives and the growing electric vehicle sector.
Alkhorayef met with France’s Interministerial Delegate for Strategic Minerals and Metals Supplies, Benjamin Gallezot, to discuss ways of ensuring global supply chain resilience and promoting sustainability within the mining sector.
“We also emphasized the importance of international partnerships in enhancing the sustainability of the global mining sector,” the minister added.
The visit included a tour of Airbus Helicopters’ Marignane facility and meetings with Airbus CEO Guillaume Faury where Alkhorayef explored advanced aircraft manufacturing technologies.
The minister also mentioned discussing mutual opportunities with the CEO “to exchange expertise and transfer knowledge and technology, which will enhance the localization of the aviation industry in the Kingdom.”
Alkhorayef met with leaders from Orano Mining, Bel Group, Sidel, and Safran to explore joint investment opportunities across multiple industries, including food production, satellite technologies, and high-tech manufacturing.
The focus was on leveraging Saudi Arabia’s favorable investment climate, which includes substantial capital support and long-term growth enablers, to attract foreign direct investment.
Alkhorayef’s visit also included discussions with Airbus executives in Toulouse, where the minister noted the rapid growth of Saudi Arabia’s aviation sector. He stated that Saudi Arabia’s aviation sector is witnessing rapid growth with the expansion of national airline fleets and supporting infrastructure. The Kingdom’s National Aviation Strategy aims to increase passenger traffic to 330 million annually and air cargo to 2.5 million tonnes by 2030.
As part of its industrial expansion, Saudi Arabia launched a SR10 billion ($2.67 billion) incentive program designed to attract investments in sectors including aerospace. The program offers up to 35 percent coverage for eligible capital expenditures, with a cap of SR50 million per project.
The Kingdom also unveiled its first aviation-focused industrial hub, covering 1.2 million sq. meters and offering direct access to seaports, airports, and railways to support global collaboration.
On the first day of his visit, Alkhorayef also participated in the “Industrial Day” event at Airbus Helicopters’ headquarters, where he emphasized the Kingdom’s strategy to localize technologies, enhance international partnerships, and leverage Saudi Arabia’s mineral resources to establish itself as a global industrial hub.
The visit concluded with the signing of a memorandum of understanding between Sidel and Saudi Arabia’s National Industrial Development Center. The MoU aims to establish a regional service hub, training center, and human capital development initiative in Saudi Arabia, further advancing the Kingdom’s industrial goals.
Saudi Arabia sees 13% rise in patent filing to reach 8,029 in 2024
Updated 08 May 2025
Nadin Hassan
RIYADH: Saudi Arabia’s intellectual property landscape continued its robust growth in 2024, with patent filings rising by 13.33 percent year on year to reach a record 8,029, according to the Saudi Authority for Intellectual Property.
The authority’s annual statistical report highlighted significant expansion across all key IP categories, underscoring the Kingdom’s ongoing transformation into a knowledge-based economy.
Patent applications from individuals surged by 62 percent, while filings by foreign applicants rose 15 percent to 4,921. The increase reflects rising global interest in protecting innovations within the Kingdom.
Trademark registrations totaled 31,834 in 2024, marking a 15.72 percent increase, while design filings grew by 8.75 percent. Voluntary copyright registration also saw a notable 63.15 percent jump, indicating greater public engagement with IP rights.
SAIP issued 4,355 patent certificates, 1,578 design registrations, and 1,504 copyright certificates throughout the year.
The report also noted that 96 percent of granted patents originated from institutions, highlighting the active role of universities and research centers in the innovation ecosystem. Individual inventors filed 2,139 patent applications — up from 1,320 in 2023—showing growing grassroots participation.
In terms of technical fields, information technology and software accounted for 25.77 percent of total patent filings. Library and document management comprised 57.16 percent, and applied technical inventions followed at 12.46 percent.
Public understanding of intellectual property also improved, with SAIP reporting an 8 percent rise in the national IP awareness index. This was attributed to expanded electronic services, streamlined procedures, and national initiatives aimed at safeguarding innovators’ rights.
Internationally, Saudi Arabia’s efforts have not gone unnoticed. The Kingdom recorded a 17.5 percent improvement in its score on the 2025 Global Intellectual Property Index, placing it among the top-performing countries out of 55 economies evaluated.
Saudi Arabia also ranked 24th globally in artificial intelligence patent output, with 1,189 AI-related patents filed—further cementing its commitment to technological advancement and innovation-led growth.
The Kingdom’s achievements are the result of sweeping reforms to its IP framework, including enhanced legal protections and enforcement strategies that aim to foster a more competitive, innovation-driven economy.
