Abu Dhabi International Airport has been named the Best Airport for the Middle East region category of Airports Council International (ACI) ASQ Survey results. The ASQ (Airport Service Quality) Survey, which gauges passenger satisfaction, is a key benchmark for customer service in the global airports' industry.
The awards, announced by ACI in Montreal, Canada, showed that Abu Dhabi International Airport had the biggest overall improvement in ASQ satisfaction results in the region for 2012. The airport excelled in categories that measure operational efficiency and quality of service. The airport scored 4.40 in the ASQ indicators for 2012, up from 4.31 in 2011, to place the airport 1st in the Middle East. It was ranked 2nd last year.
ACI World Director General Angela Gittens said: "This is an exciting time for airports. As airports and their operators increasingly accept the positive correlation between passenger satisfaction and airport revenues, we see more and more airports striving to meet, and in some cases exceed, the levels of customer service that their passengers expect from their favored product and service providers. Airports that deliver superior customer service stand apart from the competition and superior customer service remains one of the most important differentiators in the increasingly competitive airport industry."
Gittens added: "I am delighted to see longstanding favorites take home ASQ awards as it is testament to the growing and accepted wisdom in the airport community that maintain customer service excellence, which is central to a winning business strategy.
I am equally excited to see other airports rank for the very first time this year, which stands to prove that it is never too late to adopt a winning customer service orientation to which the ASQ program is fundamental."
Chairman of Abu Dhabi Airports Company (ADAC) Ali Majed Al-Mansoori said: "ADAC is thrilled to be named the Best Airport in the Middle East' from the industry-leading Airport Council International (ACI). It is an honor to have achieved this ranking through the opinions of millions of visitors to Abu Dhabi International Airport, as their testaments to the quality of service is an accolade that ADAC has been striving to achieve. This award today crowns ADAC's continuous efforts to achieve its mission to become the world's leading airports' group, and it comes as a result of the team's relentless commitment to achieve excellence in quality service." Al-Mansoori added: "I would like to thank our customers and passengers for giving us these ratings and I want to salute our various teams from ADAC, and airlines and agencies at Abu Dhabi International Airport who together have realized this achievement with their collective and honest work. As ADAC celebrates this victory, it promises to continue developing and enhancing its products and services to deliver millions more of unique travel experiences in the years to come."
Since its creation in 2006, the ASQ Awards have become the world's leading airport passenger satisfaction benchmark, with over 275 participating airports. The ASQ Awards recognize and reward the best airports in the world based on ACI's ASQ passenger satisfaction survey and they represent an opportunity to celebrate the commitment of airports worldwide to continually improve the passenger experience.
Abu Dhabi airport ‘best in Middle East’
Abu Dhabi airport ‘best in Middle East’
Oil Updates — crude tumbles as OPEC+ accelerates output hikes, surplus looms
SINGAPORE: Oil prices fell more than $1 a barrel on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook, according to Reuters.
Brent crude futures dropped $1.34, or 2.19 percent, to $59.95 a barrel by 10:17 a.m. Saudi time while US West Texas Intermediate crude was at $56.87 a barrel, down $1.42, or 2.44 percent.
Both contracts touched their lowest since April 9 at Monday’s open after OPEC+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day.
The June increase from the eight producers in the OPEC+ group will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44 percent unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations.
“The May 3 OPEC+ decision to raise production quotas another 411,000 bpd for June adds to the market expectation that the global supply/demand balance is moving to a surplus,” Tim Evans, founder of Evans on Energy said in a note.
The premium between the front-month Brent contract and that for delivery in six months was 4 cents a barrel, narrowing from 47 cents in the previous session.
However, the spread flipped to a discount, known as a contango structure, of 11 cents a barrel earlier on Monday, for the first time since December 2023, reflecting expectations that the later-dated market is amply supplied or demand may drop.
Barclays and ING have also lowered their Brent crude forecasts following the OPEC+ decision.
Barclays reduced its Brent forecast by $4 to $66 a barrel for 2025 and by $2 to $60 for 2026, while ING expects Brent to average $65 this year, down from $70 previously.
“We now expect OPEC+ to phase out the additional voluntary adjustments by October 2025 but also expect slightly slower US oil output growth,” Barclays analyst Amarpreet Singh said in a note.
The net impact of the higher OPEC+ output and lower US output has increased Barclays’ estimate of supply in 2025 by 290,000 bpd for 2025 and 110,000 bpd for 2026, he said.
ING analysts led by Warren Patterson said the global oil balance is expected to move deeper into surplus throughout 2025.
“The oil market has been dealing with significant demand uncertainty amid tariff risks. This change in OPEC+ policy adds to uncertainty on the supply side,” they added.
Trump says he wants a fair trade deal with China
ABOARD AIR FORCE ONE: US President Donald Trump on Sunday said the US was meeting with many countries, including China, on trade deals, and his main priority with China was to secure a fair trade deal.
Trump told reporters aboard Air Force One that he had no plans to speak with Chinese President Xi Jinping this week, but US officials were speaking with Chinese officials about a variety of different things.
Asked if any trade agreements would be announced this week, Trump said that could “very well be” but gave no details.
Trump’s top officials have engaged in a flurry of meetings with trading partners since the president on April 2 imposed a 10 percent tariff on most countries, along with higher tariff rates for many trading partners that were then suspended for 90 days.
He has also imposed 25 percent tariffs on autos, steel and aluminum, 25 percent tariffs on Canada and Mexico, and 145 percent tariffs on China.
He suggested that he did not expect to reach an agreement with some countries, but could instead be “setting a certain tariff” for those trading partners in the next two to three weeks. It was not immediately clear if he was referring to the reciprocal tariffs announced on April 2, which are due to kick in on July 8 after a 90-day pause.
Trump repeated his claim that China had been “ripping us for many years” on global trade, adding that former President Richard Nixon’s move to reach out and establish relations with China was “the worst thing” he ever did.
Trump sounded more upbeat about China and the prospects for reaching an agreement in an interview with NBC News that was taped on Friday and broadcast on Sunday.
In the interview, he acknowledged that he had been “very tough with China,” essentially cutting off trade between the world’s top two economies, but said Beijing now wanted to reach an agreement.
“We’ve gone cold turkey,” he said. “That means we’re not losing a trillion dollars ... because we’re not doing business with them right now. And they want to make a deal. They want to make a deal very badly. We’ll see how that all turns out, but it’s got to be a fair deal.”
Closing Bell: Saudi main index slips to close at 11,411
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 132.17 points, or 1.14 percent, to close at 11,411.50.
The total trading turnover of the benchmark index was SR3.5 billion ($944.3 million), as 41 stocks advanced and 198 retreated.
Similarly, the Kingdom’s parallel market Nomu lost 116.45 points, or 0.41 percent, to close at 28,013.32. This comes as 30 of the listed stocks advanced while 39 retreated.
The MSCI Tadawul Index lost 20.74 points, or 1.41 percent, to close at 1,451.17.
The best-performing stock of the day was Umm Al Qura for Development and Construction Co., whose share price surged 2.77 percent to SR25.95.
Other top performers included National Industrialization Co., which saw its share price rise 2.26 percent to SR9.49, and Arabian Contracting Services Co., whose share price increased 1.69 percent to SR132.00.
Zahrat Al Waha for Trading Co. recorded the most significant drop, falling 7.05 percent to SR27.70.
Saudi Automotive Services Co. saw its stock prices fall 5.67 percent to SR61.50.
Emaar The Economic City also saw its stock prices decline 4.50 percent to SR14.00.
On the announcements front, Dar Alarkan Real Estate Development Co. reported its interim financial results for the period ending March 31.
According to a Tadawul statement, the company posted a net profit of SR209.34 million in the first quarter of 2025, marking a 36.2 percent increase compared to the same quarter in 2024.
The rise in net income was primarily driven by higher property sales. Increased lease revenues, lower finance costs, and greater non-operating income from Islamic Murabaha deposits also contributed to the gains, though these were partially offset by higher operating expenses and reduced earnings from associates.
Dar Alarkan Real Estate Development Co. ended the session at SR21.04, down 1.05 percent.
Saudi Aramco Base Oil Co. – Luberef has announced its interim financial results for the first quarter of 2025. A bourse filing showed the company recorded a net profit of SR221.5 million for the period ending March 31, reflecting a 7.3 percent decline compared to the same quarter last year. The drop in earnings was mainly due to lower by-product crack margins, despite an increase in base oil crack margins.
Luberef’s shares closed the session at SR98.70, down 0.20 percent.
Dr. Sulaiman Al Habib Medical Services Group has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the firm posted a net profit of SR557.01 million in the first quarter of 2025, marking a 1.09 percent increase compared to the same quarter in 2024. The growth was primarily driven by higher revenue, although fixed operating costs from recent strategic expansions have temporarily weighed on profit margins. These expansions are still ramping up and are expected to gradually reach full operational efficiency.
The company’s shares closed at SR289.00, down 2.15 percent.
The National Agricultural Development Co. reported its consolidated financial results for the first quarter of 2025, posting a net profit of SR103.42 million for the period ending March 31 — a 2.06 percent rise compared to the year-earlier period.
The increase was supported by higher revenue, reduced general and administrative expenses, stronger operating profit, and increased treasury income. These gains were partially offset by higher cost of sales, increased impairment losses on trade and other receivables, and a decline in finance costs.
NADEC shares ended the session at SR22.20, down 1.54 percent.
Saudi Basic Industries Corp. announced a net loss of SR1.21 billion for the first quarter of 2025, compared to a net profit of SR250 million in the same period last year. The loss was primarily due to a SR1.05 billion decline in gross profit, driven by higher feedstock prices and increased operating expenses. These included non-recurring costs of SR1.07 billion linked to a strategic restructuring initiative aimed at improving long-term performance and reducing costs.
SABIC shares closed at SR60.70, down 2.77 percent.
Jeddah unveils 29 real estate projects across industrial, residential, retail sectors
RIYADH: Jeddah Municipality has announced 29 new investment opportunities across more than 1.4 million sq. meters, targeting sectors such as commercial, industrial, residential, and recreation.
Jeddah’s investment package includes 13 commercial opportunities featuring developing and operating retail shops and commercial complexes across various districts. The initiatives include the development of an integrated container city spanning 846,684 sq. meters and a second container park at 429,223 sq. meters.
This latest undertaking also follows a similar wave of investment opportunities recently launched in Riyadh, underscoring a nationwide push to diversify Saudi Arabia’s economy and enhance urban livability.
Jeddah’s additional projects feature a 145,472-sq.-meter barley milling and packaging facility, eight worker residential compounds, and eight public parks equipped with kindergartens and retail outlets.
A food truck zone under the municipal incubator program in South Obhur has also been introduced. In the education sector, a health college project has been announced.
The strategically distributed initiatives aim to meet neighborhood needs while ensuring synergy between activities.
The municipality has invited investors to submit proposals through the Furas Saudi investment portal. It noted that the bid submissions will be accepted from May 1 until July 8, as per the scheduled timeline. The Furas portal streamlines investor access, reflecting a unified approach to municipal investments.
This undertaking underscores Jeddah’s commitment to economic growth and urban development in alignment with national objectives.
Riyadh’s 2025 investment portfolio — spanning commercial, industrial, and leisure projects — mirrors the Kingdom’s strategic focus on private-sector-driven development under Vision 2030.
In March, the Riyadh Municipality unveiled 20 new investment prospects across 175,000 sq. meters, including mixed-use spaces, retail hubs, and industrial zones, with contracts ranging from five to 25 years.
Key districts like Jarir, Al-Rawdah, and Al-Qadisiyah are prioritized to ensure balanced growth. Complementing these efforts, the city has expanded its green infrastructure, adding 87 parks since 2022 to reach over 745,000 sq. meters of green space — transforming them into multifunctional community venues.
These parallel initiatives highlight Saudi cities’ commitment to sustainable urbanization, economic diversification, and elevated quality of life, cementing the Kingdom’s position as a regional leader in transformative urban development.
Saudi Arabia rolls out new guidelines for off-plan property deals
JEDDAH: Saudi Arabia has issued a detailed procedural guide to implement its previously approved off-plan real estate regulation, aiming to enhance transparency, protect buyers, and formalize developer obligations.
The new framework was formally approved by Real Estate General Authority CEO Abdullah bin Saud Al-Hammad on May 2 and took effect immediately, according to the official gazette Umm Al-Qura.
This guide is part of the regulatory rollout following the Cabinet’s 2023 decision to formalize off-plan real estate sales and leasing. It is designed to strengthen investor confidence in a sector that accounts for approximately 7 percent of Saudi Arabia’s gross domestic product and plays a crucial role in supporting related industries such as construction and finance.
In a post on its official X handle, REGA stated: “The Real Estate Authority issued the procedural guide for the sale and rent of real estate projects off-plan, with the aim of clarifying the requirements of the procedures that regulate and control the stages of licensing, marketing, selling, leasing, and managing real estate projects off-plan, including requests for amendments or changes, opening and managing an escrow account, and other regulatory procedures.”
The updated model outlines 55 defined scenarios, covering applications by legal and individual developers to register or update their status, improve evaluation scores, or request project modifications. It also details processes for certifying completion, changing contractors, switching project banks, and reallocating escrowed funds.
Refunds to buyers from escrow accounts are permitted in cases such as the cancellation of marketing permits, project delays exceeding 180 days, or failure to secure a sales license. The guide also addresses scenarios involving project restructuring, title transfers, license revocations, and developer substitutions for delayed projects.
The reforms are intended to provide legal clarity and investor assurance as off-plan development becomes an increasingly prominent feature of the Kingdom’s residential and commercial real estate landscape.
Legal entities and individuals seeking to develop off-plan properties must now comply with strict registration and reporting requirements, including updates to developer evaluations and the appointment of certified consultants and accountants.
The regulatory update underscores Saudi Arabia’s push to build a robust legal infrastructure for its real estate sector, positioning the Kingdom as a competitive and secure environment for local and foreign investors.
